globalEDGE Blog - By Tag: sports

Here at Michigan State University, basketball is not simply a sport; it has its own culture. Spartan basketball is a way of life. If you disagree, you need only watch the Izzone student section for a few minutes to understand the passion for MSU basketball. This season, though, has been somewhat different for the stars of the basketball team.

The team got a facelift in technology when they were given new software for free that enables head coach Izzo to almost instantly send recaps of plays with a detailed analysis to the players on any one of their devices. This sort of coaching technology has skyrocketed recently and is starting to make its debut in foreign countries.

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The 2012 Summer Olympics will undoubtedly have a major impact on the British Economy. Prime Minister David Cameron has already stated that the Olympic Games will give Britain a 13 billion pound economic boost. With the 2012 Olympics in London shaping up to be the most expensive games in history, much is expected from the Olympics in terms of economic growth for the United Kingdom. However with all this talk about its impact on Britain, the Summer Olympics may have an even greater impact on the global business world.

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In the business world, sports may be best recognized for the many benefits they offer to individual businesses such as sponsorships, brand building, venues for advertisement, and marketing opportunities. However, sports also have major impacts on economies all around the world. It’s no surprise that international sporting events like the World Cup and the Olympics greatly affect the economies of host countries. These economic effects can be positive or negative and can have implications not only on a regional level but a global level as well.

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Sponsorships are a huge part of both sports and business. Each depend on the other to gain the benefits sponsorships provide to each party. Businesses look forward to the increased publicity and sales, and athletes, teams, and sporting events count on sponsorships for funding. Still, for businesses, the monetary benefits of a sponsorship can be somewhat difficult to quantify. Yet, countless businesses still participate in sponsorship deals to increase publicity and get their name and logo out there as much as possible.

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The world of sports is closely intertwined with the world of business.  Sports franchises and leagues function to create an economically-viable product for profit.  Businesses in many industries utilize sports entertainment for its unmatched marketing opportunities.  Global athletic events bring tourism, trade, and international attention to host cities and countries.  Businesses could not function without sports and sports could not function without business.  This week, the globalEDGE blog will take a closer look at business and economic impacts of sports around the world. 

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We’ve heard a lot this week about how people worldwide are changing how and where they travel. It seems a fitting end to the series, then, to discuss what the future may hold for global tourism. One of the ways to do this is to examine sports tourism, one of the hottest new trends in the global tourism industry.

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So we've heard about a lot of the positives about what a World Cup can bring a country, but is it really all gravy for South Africa?

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With the excitement of the World Cup evident in South Africa, there is also great pride and unity among locals.  The energy of the World Cup has spread all over the country, and has even hit the poorest areas.  This energy has provided harmony among citizens and although many areas in South Africa are still suffering, right now everything is about football.  Problems such as poverty stricken homes and jobless citizens still exist, but they are being put on hold for a very important event for South Africa.  During the game between Mexico and South Africa, over 3,000 locals gathered in a park to enthusiastically watch the game. The World Cup has greatly improved the moral of South African citizens. 

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As the 2010 World Cup kicks off, there are a lot of interesting stories not only on the pitch, but on the business side of things as well. They include fake goods and counterfeit products, local food vendors being pushed out, extra investments, 'green' jerseys and huge sponsorship deals. This week we will be writing about the impact that the World Cup has on South Africa, sponsorships, copyrights and the economics of running an event such as a World Cup. We hope that you'll join us this week!

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Senegal is one of the world's poorest countries (17th to be exact), where the average annual income is $980 according to the World Bank's latest figures. This is increasingly concerning as their major industry, fishing, is declining due to over-fishing and intense competition from Asia. But there is a booming industry which is primed for growth and provides investment opportunities in Senegal, and I would say most people wouldn't be able to guess what it is. That industry is wrestling, and it is starting to grow much more popular than football (soccer) in the country. It used to be a pastime of the farmers in the region, who could only work on farming during the rainy season. When they came to the cities to work, they found there was quite an audience ready to watch them wrestle, a traditional African sport which has transformed to take on elements of martial arts and boxing. Now, a winner of a big Lutte (as the Senegalese call it) match can make up to 100 million West African CFA francs ($205,000)! Some bigger names will even make a lot just by participating.

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For years, Cricket has been India’s most popular sport, with millions of people following and supporting the teams. In India, Cricket has a value of over $1 billion! However, football fans, and value, are growing in numbers as well. Football is valued at roughly $65 million. The sport still has quite a ways to go to catch up with Cricket, but the die hard fans in the northeast part of India are trying to make that happen.

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The 2010 FIFA World Cup is coming to South Africa. Along with it are several business opportunities! As the most popular sport in the world, football brings countless opportunities for many industries to take advantage of. The World Cup in particular attracts business people from all over the world because of its expansive publicity and popularity.

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Many sporting events have seen a decline in fan attendance or have had to lower admission prices as more people are losing their jobs and consider attending sporting events a luxury. Furthermore, major companies have cut their sponsorship budgets. However, more and more sports are finding a solution to finance problems by advertising and investing in Asia.

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One of the most well-known soccer teams in the world is the Spanish team Real Madrid. It is mostly famous for being able to afford the best players worldwide – Beckham, Di Stefano, and Zidane in the past and Kaka and Ronaldo in the near future. Recently it offered a world record amount (over $100 million) to Manchester United for their most recognized player – Cristiano Ronaldo. A few months ago some European teams were faced with the possibility of bankruptcy but this has never been the case with Real Madrid. Many wonder where Real is getting all this money from when the world is in a recession?

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Football, or soccer as the Americans call it, especially in England is the second most important thing after family in life; it is like a religion. Europeans follow it closely because it is part of their lifestyle. But what happens when t-shirt sponsors go bankrupt? When team sponsors suffer huge financial setbacks because they hold stakes in Icelandic banks?

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