ABSTRACT
Over the last 30 years the professional sport industry has undergone rapid commercialization and overseen large increases in revenues, particularly from broadcasting. This has led to an increasing focus on the business of professional sports. However, there are particular features of the professional sport industry that distinguish it from conventional business. In particular, the seminal work of Neale (1964) outlined the peculiar economic characteristics of professional sports leagues and teams, demonstrating that the analysis of professional sports is distinct from conventional industry analysis. Neale identified three distinct features that distinguish the way that sports operate; these features have implications for the way that sport leagues are regulated.
