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The Evolution Of Sports Commercialization
Commercialized sport was one of the growth points of economy at the phase of industrial revolution in the late Victorian era. This Era came with the introduction and development of numerous modern sports including cricket, cycling, horse-riding, and water activities (Cunningham, H. 2016). Modern sports links to commerce are highly visible. Stadiums and arenas bear the names of businesses, while sponsors’ logos appear on athletes’ clothing, equipment, and event titles. Media companies pay vast sums for the rights to broadcast while advertisers pay a premium to promote screened products, star athletes are transferred for multi-million fees and professional sport franchises sold for sums higher than the gross domestic products of some countries. (Hans, W. 2013).
The increase in commercial operations of sport has primarily been caused by a growth in the number of professional sports and sporting teams. The strong linkages between modern sport and commercial enterprises are amply visible. The extent of expansion of sports is evidenced by the present growth of arenas and stadiums that bear the names of businesses that invest into them in exchange for naming rights. To witness the degree of commercialization, one has just to make oneself present in any sports complex and observe commercial sponsors flashing on the jerseys of players or teams (Yeravdekar, A. 2015). Sporting organizations have established brands and brand loyalty. People are becoming emotionally attracted to teams especially teams with long and proud history and the teams ultimately generate or convert, a new generation of loyal fans. These translate to a powerful mix which in turn attracts communication companies to sport leading to an increase of mass media coverage (Hans, W. 2013).
Strong growth in broadcasting rights values across European footballs biggest domestic and continental competitions drove total European football market revenue to twenty five point five billion Euros in 2016/17 a four percent increase compared to 2015/16 season. The phenomenal growth of the english premier league (EPL) capped by its financial record breaking 2016/17 season revenue of Four point Five billion pounds fully affirms the English Premier Leagues position as the market leader (Jone, D. 2018).
In Asia, there has been a remarkable interest by Chinese stakeholders towards investment in football recently. According to Delloite, Annual Review of Football Finance (2018) this has been driven largely by the Chinese governments explicit commitment to football. Xi Jinping, the Chinese president, is an ardent football fan and the launch of a fifty point plan for the development of Chinese football has accelerated domestic interest in the game. This commitment to football triggered investment of two hundred million pounds in playing talent by Chinese super league clubs (CSL) in the 2016 winter transfer window, highlighting the scale of intent of Chinese Super League Clubs owners to develop the domestic league. As at the end of 2017, football club owners net worth for the largest nine clubs in the country exceeded seventy five billion sterling pounds. According to Delloites annual review of football finance (2018) in the united states of America the richest club owners have a net worth of more than thirty four Billion Euros. Major sports events bring with them large crowds of fans and media. The super bowl and Major League Baseball’s (MLB’s) among others, generate huge burst of economic activity resulting to multiplier effect of subsequent spending attesting to the economic impact of the sports events (Blair, R. 2013).
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