Sports Finance and Management: Real Estate, Media, and the New Business of Sport

Description

Redefining the sport business industry -- Ownership and the emergence of team sports -- Financial statements, revenues, and costs -- Placemaking, sport venues & the fan experience -- Financing sport venues -- Teams, venues, and real estate development -- Media, entertainment, and sport management -- What are teams worth? Team valuation -- Demand and the sport business: Customers' changing expectations -- Pricing strategies -- Capital budgeting and team investments -- League/Conference policies and taxes -- Facility management: Public authorities/Corporations and real estate -- Development -- From theory to practice: Case studies Cover Half Title Title Page Copyright Page Dedication Table of Contents List of Figures List of Tables Preface Chapter 1: Redefining the Sport Business Industry Introduction Sport Finance and Management in Real Time Notes References Chapter 2: Ownership and the Emergence of Team Sports Introduction Emergence of Team Sports Textbook Definitions of Ownership Observations on Individual Sports College Sports “Ownership” Ownership and Expansion Profit Maximizers and Welfare Maximizers Business Acumen and Sport: Changes in Team Operations Mergers, Acquisitions, and Integration Notes References Chapter 3: Financial Statements, Revenues, and Costs Financial Statements Balance Sheets Income Statements Statement of Retained Earnings Statement of Cash Flows Analyzing Financial Statements Ratio Analysis Revenues and Costs Stadium Revenue NFL In-Stadium Revenue NBA In-Facility Revenue Media Revenue Player Costs The Payoff from College Bowl Games Note References Chapter 4: Placemaking, Sport Venues, and the Fan Experience Introduction Facilities: The Early History The Constrained Supply of Franchises Placemaking and the Fan Experience Where Should a Facility Be Built? Design and the Competition for Discretionary Income and Time The Exterior Design of Facilities and Competing for Events Overbuilding Facilities and Market Saturation College Venues and the Student Section References Chapter 5: Financing Sport Venues Introduction Teams and Venues as Public Goods and Strategic Investments Facility Financing: The Team’s Share Facility Financing: A Public Sector Investment Facility Financing: Who Really Pays? Financing College Sports Venues Notes References Appendix 1 Chapter 6: Teams, Venues, and Real Estate Development Introduction The Increasing Value of Downtown Locations for Sport Facilities In-Facility Real Estate Real Estate Outside Facilities: Sport Venues as Anchors for Development References Chapter 7: Media, Entertainment, and Sport Management Introduction Sport and the Media: A Brief History Phase I: Media and Team Relationships Phase II: Large-Scale Revenue from the Sale of Media Rights Phase III: Vertical Integration of Teams and the Media Media, Sport, and the Future: Emerging Competition in the Delivery of Games Notes References Chapter 8: What Are Teams Worth? Team Valuation Introduction Team Valuation: Factors to Consider Valuation Models What Are Professional Teams Worth? Multiple Earnings Constant Growth Pricing Model Other Sport College Sport Notes References Chapter 9: Demand and the Sport Business: Customers’ Changing Expectations Introduction Defining Demand Long-Term Demand Factors Short-Term Demand Factors Notes References Chapter 10: Pricing Strategies Introduction Ticket Prices Are Ticket Prices Too High, Too Low, or Just Right? Why are Ticket Prices Inelastic? Price Discrimination Bulk and Group Discounts Product Bundling Variable Ticket Pricing Day of Game Pricing Dynamic Pricing Auction Pricing Personal Seat Licenses Condominium Seats Futures Options Pay What You Want Media Prices Merchandise Pricing Notes References Appendix 1 Appendix 2 Appendix 3 Chapter 11: Capital Budgeting and Team Investments Introduction Team Investments Facility Investments Player Investments Cost of Capital Notes References Chapter 12: League/Conference Policies and Taxes Introduction League Policies Player Drafts Revenue Sharing Luxury Taxes Salary Caps Promotion and Relegation Collective Bargaining League Specifics Competitive Balance Taxes Roster Depreciation Allowance Player Taxes State Taxes Ticket Taxes Tax Exempt Status for Universities Profits Leverage Notes References Further Suggested Reading on League Policies Appendix 1 Chapter 13: Facility Management: Public Authorities/Corporations and Real Estate Development Introduction The Need for Public Authorities for Sport Venues The Broad Use of Public Authorities Creating Authorities for Sport-Anchored Districts and Venues Conclusion Notes References Chapter 14: From Theory to Practice: Case Studies Introduction A $750 Million Public Sector Investment: The Raiders’ Relocation to Las Vegas Red Wings, Pistons, Little Caesars Arena, and The District: A New Future for Detroit The San Diego Padres, JMI Realty, and the San Diego Ballpark District9 The Staples Center, L.A. LIVE, and Downtown Los Angeles12 Notes References Index