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Sport Economics - Essay Example

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Name Institution Course Instructor Date Sport Economics Professional team sport generates income to the society in the like manner as other commercial sectors. Many professional team sports employ principles in economics to compete favorable in order to win the attention of their audiences…
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Sport Economics Essay
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Sport Economics

Download file to see previous pages... On the contrary, commercial industry competes for market share. It is evident that the best performing clubs attract many fans, which translates to the team’s revenue. This occurs through matches played against a rival team. In essence, best performing club has to triumph other clubs to win large number of fans. Profit is the reward in business enterprises, in like manner professional team sports strive to lure large number of fans in order to achieve the same (Preuss, 2004:2). This argument has influenced the decisions made by club owners and franchise on regulations and structuring of many leagues around the world. This paper seeks to identify and evaluate different approaches adopted by club owners and the general effects that these decisions have to the sports industry. Competition in the sporting industry is very crucial for the establishment and growth of the sport club (Downward & Dawson, 2002:13). This is unlike the commercial sector where monopoly of the business is the ultimate desire. Participation of more than one club in the Champions league is necessary because it influences the number of fans that would watch the football (Stefan, 2007:145). Many fans argue that the competitive arena between various teams influence their taste for sports (Rodney, 2004:116). Predictability of win against a certain team influences the number of fans who would watch the game. ...
The aim of the governing bodies is to increase optimum production in the sports industry (Kesenne, 2007: 6). Sports leagues are competitive and are some of the most paying enterprises around the globe. Some of well-paid personalities are sports men. For instance, English Premier League, Champions League, and La-liga are some of the promising sports leagues that command a lot of profit in the globe. The income that these leagues earn contributes to the GDP of various countries. Rugby, Athletics, Golf, Baseball, Cricket etc are some examples of sports organization that contributes to the economy. The following graphical representation illustrates increase in revenue in the sporting industry. Retrieved from http://www.econweb.com/MacroWelcome/sandd/D-Shift_New_Equilibrium.gif Economists believe the future of the sporting industry has a bright future because the industry does not practice monopoly, which is responsible for poor quality products and high prices witnessed in other commercial sectors. Sports industry promotes a free market where competitiveness of the products influences the quality and prices. Analysts argue that competition in the sports industry is not healthy because of its impact in the labor market (Masteralexis & Hums, 2011:121). In this regard, the rich clubs use high wages to maintain top players in the club, thus gripping top positions in the league. This phenomenon makes favorable competition difficult for the less wealthy clubs, which are not able to buy top players at high market prices. This opportunity makes the wealthy clubs to source for the top players thereby hampering healthy competition in the industry. Sports economists further contends that this approach promotes oligopolistic cartels ...Download file to see next pagesRead More
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