ABSTRACT
As the previous chapters have demonstrated, sport is now a sophisticated institution with an often complex legal and fi nancial structure. It is in many respects a fusion of business and entertainment where the consumers are the fans and the players, the producers are the clubs, associations and leagues, and the distribution channels are the sport arenas and sport stadia (Carter 2011; Foster et al. 2006; Gómez et al. 2010; Quinn 2009; Shropshire and Davis 2008; Smit 2007; Stewart 2007b). Like all forms of business, sport organizations require a strong system of fi nancial management to ensure their long-term sustainability. However, this has not always been the case, and sport around the world has gone through four phases of commercial and fi nancial development over the last 50 years.
