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Budget and sponsorship - Assignment Example

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Budget preparation is an important aspect of event management. Arguably, the Event Directors should be able to predict with reasonable accuracy…
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Budget and Sponsorship of the al Affiliation Budget Event An event is a projection of income and expenditure that a given event will incur based on the scheduled plans and information gathered. Budget preparation is an important aspect of event management. Arguably, the Event Directors should be able to predict with reasonable accuracy whether the event will result in a profit, a break-even or a loss. Once the budget has been constructed, the Event Director has a way to exercise control of the event finances. As always, budget preparation requires one to have a realistic plan and have a contingency plan just in case things does not go as planned.
Manchester United is one of the most famous world’s soccer teams. Established in 1878 in Manchester, it has found it ways to stock market in 1991. It chief source of revenue originates from sponsorship agreement that amounts to 31.4 % of the total revenue (Statista, 2015). Some of the Manchester United sponsors include ION, AIG, Chevrolet and Adidas. This is done by placing the logos of the sponsors on the sporting clothes. The second largest source of income for Manchester United is revenue obtained from broadcasting deals Manchester United signs with the Internet and cable companies as MUTV and BSkyB. The broadcasting revenue amounts to 31. 3 % of the total revenue. Thirdly, the primary source of income comes from match day revenue that amounts to 25% of the total revenue (Statista, 2015).
The club expenditure mainly comes from money used to service contracts that the company has entered with the players they have signed. Besides, there is the recurrent expenditures such as payment of staffs and maintenance of the assets owned by the club (Garcia‐del‐Barrio & Pujol, 2009). In case of writing a proposal, the key aspects that should be included are how the sponsors will benefit from the investment they have made through sponsoring the club.
References
Statista. (2015, June 23). Total revenue of Manchester United from 2005/06 to 2013/14 (in million euros). Retrieved from The Statistic Portal: http://www.statista.com/statistics/271665/revenue-of-manchester-united/
Szymanski, S. (2008). Why is Manchester United so successful?. Business Strategy Review, 9(4), 47-54.
Garcia‐del‐Barrio, P., & Pujol, F. (2009). The Rationality of Under‐employing the Best‐ performing Soccer Players. Labour, 23(3), 397-419. Read More
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