SPORTS ECONOMICS: THE IMPACT OF FOOTBALL RUNNING COST ON AN ECONOMY

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 Emy1010   29 min   28  

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SPORTS ECONOMICS: THE IMPACT OF FOOTBALL RUNNING COST  ON AN ECONOMY.

The game of football and other major sports are of considerable economic, social and cultural significance. The primary role of any  Football/Soccer League is to organise the football competition between the Clubs that make up the league. Each League match is watched by millions of fans and supporters all over the world. They travel round the country to follow their team, and millions miles away hook up through media and the internet. This interest helps to generate a wide range of revenues; through ticketing, merchandise, souvenirs, and sales of broadcasting rights. In particular, the sales of broadcasting rights have been one of the most significant revenue streams for the football association and clubs. The huge advert deals from top corporate firms with clubs, and broadcast organisations all add up to the local economy thereby directly or indirectly impacting on the Gross Domestic Product. These firms also go as far as negotiating with notable players to endorse and promote their brands; all equally add up to GDP and GNP (Gross National Product) making the economy vibrant. When the economy is vibrant, the vicious cycle of poverty is broken and  standard of living increases. 

The growing interest in football/soccer from within and outside, reflects continuous investment in the clubs, stadiums, infrastructures, players, training facilities, and across media outlets. These, in turn, generates significant economic activity, supporting jobs across a wide range of sectors and generating tax revenues to the government. There are also other economies that emerge or spring up as a result of a particular game at hand; customize souvenirs  and temporary structures to accommodate eateries offering takeaways. These also include hospitality and drinks. These are just the major economic activities that spring up on match days. There are other minor miscellaneous economic activities too including the unseen ones both within and around the stadium; also via the internet.

The football league and clubs have been able to contribute to reduction in unemployment by providing jobs, and creating new ones either directly or indirectly. Additional economic transactions emanate from employee spending in diverse areas including for personal use and extended family needs. These shows the significance of football/soccer leagues and its Clubs’ contributions in supporting a large number of its own creations. The volume of transaction adds up. The expansion of the league and emergence of new clubs; increases volume of running cost, contracts, deals and jobs that eventually add up to the overall economic activities.

The overall huge impact of these mega deals and volumes of transactions has led to the growth of interest in areas like Sports Medicine, Football agents and divergence of some professions. For example, in law firms, you find some lawyers concentrating on sports law. The coaching aspect has not been left out in the need for specialties. Every department of the game is no longer handled by one man; now there is the goalkeeper trainer, physical trainer, technical adviser, chief coach and team manager. All these is to ensure that every opportunity is maximised for the growth of the game and more earnings from mega deals. 

One major fact currently, is that, the lacklustre attitude towards football/soccer and other sports as a profession in general is virtually none existence anymore. Before now, sports was seen as a mere recreational activity and exercise. In those days, for example, you will be too scared to approach your parents with your intention of becoming a footballer or sports personality. The reverse is the case today. Now parents practically berate their children for not engaging in one form of sports or the other. They encourage and preach it loud and clear. Mostly fathers buy club jerseys for their sons, just to influence  them early enough towards that line.  The girls are not left out, with the recent growth of female football.

The financial impact on leagues and its exigencies activates series of investment portfolios from stakeholders that leads to multipliers effect on other sectors of the economy.  

Written by

emy1010.

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