Sports Finance and Management

ISBN-10: 1439844712
ISBN-13: 9781439844717
Edition: 2011
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Book details

List price: $51.99
Copyright year: 2011
Publisher: CRC Press LLC
Publication date: 8/29/2011
Binding: Hardcover
Pages: 500
Size: 6.50" wide x 9.50" long x 1.00" tall
Weight: 1.738
Language: English

Jason Winfree, Ph.D ., is Associate Professor, Sport Management in the School of Kinesiology's Department of Sports Management at the University of Michigan. Dr. Winfree is a sports economist, whose primary research focuses on professional and collegiate athletics.Mark S. Rosentraub, Ph.D . holds the Bickner Chair in the School of Kinesiology's Department of Sports Management at the University of Michigan. Previously, he was dean and professor at the Levin College of Urban Affairs at Cleveland State University and an associate dean and professor in the School of Public and Environmental Affairs, Indiana University.

Preface
Acknowledgments
About the Authors
The Redefinition of the Sports Business
Introduction
Change Number 1: Ownership Structure, Entertainment Complexes, and Real Estate Development
Change Number 2: A New Media World
Change Number 3: The Real Estate Management Issues within New Sports Facilities and Luxury Seating
Change Number 4: League Policies
Sports Finance and Management in Real Time
References
The Structures of Ownership..
Introduction
The Emergence of Team Sports and Profitable Markets
Ownership and Expansion: From Individual Entrepreneurs to Large-Scale Entertainment, Real Estate, and Media Firms
Ownership Patterns Today
Ownership Structures
Sole Proprietorship
Partnerships and the Single-Entity Ownership Model
Corporation Ownership
Community Ownership
College Sports
Horizontal and Vertical Integration
Horizontal Integration
Vertical Integration
The Integration of Real Estate Development, the Media, Entertainment, and Team Ownership
References
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
Naming Rights
Media Revenue
Player Costs
Facilities: "Disneyfication" and Design
Introduction
Facilities: The Early History
The Constrained Supply of Sports Franchises
Disneyfication and the Location of Facilities
What Does Disneyfication Mean for the Design of Sports Facilities?
Where Should a Facility Be Built?
Design and the Competition for Discretionary Income
The Exterior Design of Facilities and Intrafacility Competition
Franchise Faces
Facilities as Anchors for Real Estate Development
Overbuilding of Facilities and Market Saturation
References
Stadium Financing
Introduction
Financing Tools
Financing Facilities: Who Really Pays?
Facility Financing: The Team's Share
Facility Financing: A Public Sector Investment
Ticket Tax
Parking Taxes
In-Facility Sales
Sales Taxes
Property Taxes
Income Tax
Tax Increment Financing
Sports District Taxes
Sin (or Excise) Tax
Gaming Taxes and Lotteries
Tourist Taxes
Food and Beverage Taxes
References
Appendix 1
Sports Teams and Real Estate Development, or Real Estate Development Companies with Sports Teams?
Introduction
Increasing Value of Downtown Locations for Sports Facilities
Rise of Horizontal Integration, Residential Real Estate, and Entertainment Venues
Managing the Real Estate Inside a facility
Luxury Seating
The Seating Deck
Scoreboard and Electronic Displays
Concourses and Entrances
Playing Surfaces
Naming Rights
Uniforms or "Kits"
Value of Internal Real Estate Management
Managing the Real Estate Outside the Facility: The Increasing Value of Sports Venues as Anchors for Development
Case Study 1
The San Diego Padres, JMI Realty, and the Ballpark District
Case Study 2
The STAPLES Center, LA LIVE, and Downtown Los Angeles
References
Media and Sports Management
Introduction
Sports and the Media: Brief History
Phase 1: Media and Team Relationships
Phase 2: Large Scale Revenue from the Sale of Media Rights
Impact of Phase 2: The Profitability and Revenue Power of Television, the NFL, and Revenue Sharing
Phase 3: The Vertical Integration of Teams-and the Media
Phase 3 Continues: College Conference Networks
Media, Sports, and the Future: Emerging Competition in the Delivery of Games to Fans and Advanced (Internet) Media
References
What Are Teams Worth? Team Valuation
Introduction
Establishing a Team's Market Value: Basic Observations
Valuation Models
Multiple Earnings
Zero Growth Model
Constant Growth Model
Capital Asset Pricing Model (CAPM)
Free Cash Flow Model
Other Factors Affecting Value
What Is the Value of NFL, MLB, NBA, and NHL Franchises?
Sale Prices
Financial World and Forbes Data
Multiple Earnings
Constant Growth Pricing Model
Other Sports
College Sports
Conclusion
References
Demand and the Sports Business: What Does the Customer Want and How Does a Team Owner Provide It?
Introduction
Defining Demand
Long Run Demand for Sports
Regional Wealth
Economic Competition
New Sports Facilities
Short Run Issues in the Demand for Tickets
Attendance
Winning
Attendance: Other Factors
Game-Specific Determinants of Attendance and Other Factors
Competitive Balance
Television, Attendance, and Demand
Reference
Pricing Strategies
Introduction
Ticket Prices
Are Ticket Prices Too High, Too Low, or Just Right?
Why Are Ticket Prices Inelastic?
More Fans at the Game Mean Increased Concession Sales
More Fans at the Game Increase Advertising and Sponsorship Sales
More Fans at the Game Lead to a Larger Fan Base
More Fans at the Game Increase Television Audiences
Lower Prices Help a Team's Image and Reputation
Lower Prices Produce Goodwill
Teams Actually Are Pricing in the Elastic Part of Demand
Price Discrimination
Luxury Seats and the Grandstand (Or Deck)
Bulk and Group Discounts
Product Bundling
Variable Ticket Pricing
Day of Game Pricing
Dynamic Pricing
Personal Seat Licenses
Condominium Seats
Futures Options
Pay What You Want
Media Prices
Merchandise Pricing
References
Appendix 1
Appendix 2
Appendix 3
Capital Budgeting and Team Investments
Introduction
Team Investments
Risk
Diversification and Correlation
Facility Investments
Player Investments
Value of a Player
Correlation of Players
Option Value for Players
Why Do Teams Take Risks with Players?
Player Contracts
Incentives in Contracts
Opportunity Costs
Sunk Costs
Players and Capital Budgeting
Is the Market for Players Efficient?
Cost of Capital
References
League Policies, Taxes, and Profits
Introduction
League Policies
Player Drafts
Revenue Sharing
Luxury Taxes
Salary Caps
Promotion and Relegation
Collective Bargaining
League Specifics
NFL
MLB
NBA
NHL
Competitive Balance
Taxes
Roster Depreciation Allowance
Player Taxes
State Taxes
Ticket Taxes
Tax Exempt Status for Universities
Profits
Leverage
References
Further Reading on League Policies
Appendix 1
Salary Cap
Revenue Sharing
Revenue Sharing and Player Salaries
Revenue Sharing and Profits
The Effects of a Luxury Tax
Luxury Tax, Player Salaries, and Competitive Balance
The Luxury Tax and Team Profits
References
Index

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