An Analysis of the Economic and Cultural Impact of Corporate and City Funding for the NBA All-Star Weekend
This sports study will define the important economic impact of corporate and city funding of the BNA All-Star game weekend, which will be hosted in New York for 2015. Traditionally, the NBA All-Star game has provided cities with a vast array of corporate funding, which has been promoted private fanatical resources. However, the growing sense of urban funding for this event shows a determined change in the economics of cities, such as New Orleans, that are recovering from the economic recession. This type of urban funding defines the increased prosperity and economic improvement of the city through this sporting event. Certainly, the
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The legacy of this devastating event has seriously diminished the economic prosperity of New Orleans as a major urban city, which has had a slow recovery in an economic recession. In these difficult economic times, New York will be a positive place in which to show the rest of the country the importance of sporting events as a vehicle for economic improvement. The NBA provides a powerful influence in generating business at the local level, since it has a massive national appeal at this level of professional sports. New York will provide an already strong financial platform in which to promote basketball as a national pastime for audiences around the country. However, the arrival of the NBA All-Star game in the city provides a positive and encouraging infusion of financial funding that is set to improve these conditions. The funding being provided to the All-Star game weekend illustrates the massive financial resources that are being put into the city through private and public …show more content…
In 2014, the current example of the New Orleans defines the public funding apparatus of the NBA as an urban attraction, yet it is the contributions of large corporations that contribute to expanding the event throughout the city. These corporations provide additional funding, which goes into the city through the sponsorship of the NBA. Therefore, the City of New Orleans defines one example of how the NBA can bring massive financial improvement to cities in need of economic improvement through corporate funding and sponsorship. These private corporate institutions not only help to fund local businesses in the urban environment, they encourage large-scale profits from national exposure of the All-Star game as a major sporting event. Beverage companies, TV networks, and other corporate entities are allowed into the city so that they can purchase space in an effort to promote their products to the visitors and the citizens of the city:
Bud Light is sponsoring a 45,000-square-foot event space next to the arena called the Bud Light District. The space will host more than 2,000 guests Friday night for the NBA All-Star Host Committee Media Party. Turner Sports will host its annual party presented by Samsung Galaxy on Saturday (Tanklefsky, 2014,
The creation of the Oklahoma City Thunder has had huge economic effects on the local and state economies. According to the Oklahoma City Chamber of Commerce, each thunder home game puts $1.3 million dollars into the local economy, every season there are 41 home games, which equals around $53.3 million dollars per season. Jordan Wiley, general manager of Leon’s on Brookside, says “Thunder games have created a generous boost in sales…Thunder games held on weekends can double sales. A Thunder game held during the week can triple sales. (...
To explain the importance a sports team has on a city, a new avenue for future
Baseball remains today one of America’s most popular sports, and furthermore, baseball is one of America’s most successful forms of entertainment. As a result, Baseball is an economic being of its own. However, the sustainability of any professional sport organization depends directly on its economic capabilities. For example, in Baseball, all revenue is a product of the fans reaction to ticket prices, advertisements, television contracts, etc. During the devastating Great Depression in 1929, the fans of baseball experienced fiscal suffering. The appeal of baseball declined as more and more people were trying to make enough money to live. There was a significant drop in attention, attendance, and enjoyment. Although baseball’s vitality might have seemed threatened by the overwhelming Great Depression, the baseball community modernized their sport by implementing new changes that resulted in the game’s survival.
When looking into the history of our culture, there are many subtopics that fall under the word, “history.” Topics such as arts and literature, food, and media fall into place. Among these topics reside sports. Since the beginning of time, sports have persisted as an activity intertwined with the daily life of people. Whether it is a pick-up game of football in the backyard, or catching an evening game at the local stadium, sports have become the national pastime. According to Marcus Jansen of the Sign Post, more specifically, baseball is America’s national pastime, competing with other sports (Jansen 1). Providing the entertainment that Americans pay top dollar for, live the role models, superstars, and celebrities that put on a jersey as their job. As said in an article by Lucas Reilly, Americans spend close to $25.4 billion dollars on professional sports (Reilly 4). The people that many children want to be when they grow up are not the firefighters or astronauts told about in bed time stories. These dream jobs or fantasies have become swinging a bat or tossing a football in front of millions of screaming fans. When asked why so many dream of having such job, the majority will respond with a salary related answer. In today’s day and age, the average athlete is paid more than our own president. The cold hard facts show that in professional sports, the circulation of money is endless. Certain teams in professional baseball and football are worth over millions of dollars. Consequently, the teams who are worth more are able to spend more. The issue that arises with this philosophy is virtually how much more? League managers, team owners and other sports officials have sought out a solution to the surfacing problem. Is it fair to let...
For this assignment I choose to attend a Los Angeles Clippers game even though I am a big Lakers fan; mainly because it better fit into my budget and the appeal of watching this young high flying team made it seem like it was going to be a good night. Going into the game it was being dubbed as the “battle of the double-doubles” as the Minnesota Timberwolves led by Kevin Love and his 28 straight double doubles took on Blake Griffin and his 26 straight double doubles.
Noll, Roger, and Zimbalist, Andrew. Sports, Jobs, and Taxes: The Economic Impact of Sports Teams and Stadiums. Brooking institutions press, Summer 1997. Vol. 15 No. 3.
New entrants into this industry are unusual since NBA League approval and a sharp franchise fee stand in the way of potential new team owners. Moreover, attempting to deceive the NBA would put the following difficulties into an entrepreneur’s path are: massive capital costs, lack of brand reputation, lack of TV revenue, and steep competition for talent. Extension teams occasionally do get approval, like the Charlotte Bobcats founded in 2004. Though, the competition that so many different industries face from new entrants is practically non-existent in professional basketball.
Over the past twenty years, many things have changed and evolved to impact our economy. From cell phones to music to media, we are all constantly affected. The most influential aspect though, in my opinion, has been America’s biggest game, the Super Bowl. The Super Bowl by all means effects our economies in every way, shape, and form. The sport is one of the most complex social institutions in American Society. Sports effect major institutions of society, including: the mass media, politics, religion, education, and family. The Super Bowl gathers thousands of viewer’s attentions including those who do not usually watch the regular season games.
Opportunity Untapped market segments in the US – Caucasians, middle-aged people. No other adequate substitutes for professional basketball. Pool of international players. Ability to explore new markets. Emerging technology to engage the fans (TV, Media, smartphones, etc.... ...
I quickly became aware of the corporate influence over sport on Tuesday, when I had my first experience navigating Minneapolis on foot. My destination was the Target Center, but long before reaching the Timberwolves basketball arena, I became aware of the omnipresent corporate influence that Target has on the city. I parked about 12 blocks away from the arena and around every turn was a sign directing me to the Target Center. I still managed to get lost both before and after the game, walking all the way to St. Paul for all I know, but that can be credited to my inability to follow directions rather than a lack of “advertising” for the Target Center.
Sports are one of the most profitable industries in the world. Everyone wants to get their hands on a piece of the action. Those individuals and industries that spend hundreds of millions of dollars on these sports teams are hoping to make a profit, but it may be an indirect profit. It could be a profit for the sports club, or it could be a promotion for another organization (i.e. Rupert Murdoch, FOX). The economics involved with sports have drastically changed over the last ten years.
Means, J., & Nauright, J. (2007). Going global: the NBA sets its sights on Africa. International Journal of Sports Marketing & Sponsorship, 40-49.
...sponsible for assisting thousands of players reach different levels of basketball that has helped build the game of basketball. This in turn has spurred an economic impact in the sense that it has led to the construction of infrastructure like stadiums and eventually other amenities like hotels, roads, and security. In addition, it generates revenue through ticket sales, and advertising. It has also helped in providing employment opportunities (Impact Basketball Camp Programs).
Sports stadiums are one of the most exciting additions to a city. Everyone loves for their team to get a new stadium. However, a new stadium may appear to bring new jobs to a city however it just reallocates them. Typically this means that workers will be only gaining temporary, low paying jobs. As fans go to a new sports arena for a game this draws customers away from local restaurants and venues. This cuts into the revenues and profits of these businesses and eventually causes them to cut employees. These employees. So as employees are hired at the new sports venue other workers are losing their jobs with local businesses. Moreover, people are drawn from surrounding areas to
Attractive stadiums and higher revenues increase the market value of teams. Games attract people to the place where the home team plays, generating customers for all kinds of business. This all comes from everywhere to watch games. Direct economic benefits include rent on an arena or stadium, income from suites and other preferred seating, parking fees, concession sales, jobs with teams, local purchases by teams, and tax revenues. The Indirect benefits, which typically account for a substantially larger share of the overall economic benefits, encompass general economic activity such as spending on food, lodging and transport. Studies rest heavily on assumptions with lots of guesstimates; further muddying the waters is the fact that most of the guesstimates are made by or for interested parties. Estimates of economic impact vary considerably among places and sports. Building stadiums are drawing visitors to spend money on local hospitality, food, and shopping outlets. Landing a national conference in the city can mean millions of dollars dropped into the local economic pot within a few