Consider the importance of money in sports
There is a saying that money makes the world go round. This could not have been more true for the sports industry. Some of the most successful sporting franchises are backed by owners with seemingly unlimited financial resources. Their financial backing has been used to develop the sport and publicise it around the world, which results in a successful sport supported by fans worldwide. Therefore, it is easily said that money is crucial to sports, in several, if not all aspects of it.
A large amount of financial backing is needed to develop a sporting franchise and sustain its successful status. With a large financial resource, training ...view middle of the document...
This shows that world- class training facilities, a result of vast amount financial backing, is capable of producing champions. The team with the better training facilities and methods will always have an edge over the poorer rivals, whom cannot match the difference in class and standard. Therefore, money, especially lots of it, is crucial in developing a sporting franchise and keeping it successful.
Success on the playing field however, has to go hang in hang with the publicity of the sport, which again, requires money to back it up. Worldwide publicity comes like a complimentary good for a sporting franchise or major sporting event. Without publicity and worldwide recognition, there would be little success in the sport which requires a fan base. Major sporting events also require publicity, to attract people to such events and increase revenue. Such publicity is usually obtained through expensive commercials that reach out to the worldwide audience. For example, to provide the publicity for the Beijing Olympic Games 2008,a lot of money were put into a design team tasked with coming up with an Olympic symbol. The symbol, a mixed of different coloured lines portraying the five Olympic rings, made its appearance in a commercial which was viewed worldwide. Through this, people knew more about the Olympics and events related to it. Although this goes to show that publicity is important, it just serves to underline the importance of money in ensuring the success of a sport. Publicity campaigns are never cheap, especially if it involves a successful sportsperson taking part in the commercial as part of his endorsement deal, which usually requires a large amount of money to be paid to the person. Therefore, it is hard to deny the importance
of money to the publicity of a sport, as without the proper financial backing, it will lead to the absence of an effective advertising campaign.
Money is also important in attracting the best players to a certain team, In an age where the amount of money a sportsman received for his services takes precedence over his loyalty to the team, money is certainly crucial in retaining and recruiting the best talents in the respective sports. The soccer industry in Europe is a very good example where money matters. Players choose their clubs based on the amount of wages being offered, with very few players turning down more lucrative offers and remaining loyal to their...