Verfügbarkeit: Sports finance and management

Sports finance and management: real estate, entertainment, and the remaking of the business

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Bibliographische Detailangaben
Hauptverfasser:	Winfree, Jason (VerfasserIn), Rosentraub, Mark S. (VerfasserIn)
Format:	Buch
Sprache:	English
Veröffentlicht:	Boca Raton [u.a.] CRC Press 2012
Schlagworte:	Sport Management Finanzierung Branche USA
Online-Zugang:	Inhaltsverzeichnis
Beschreibung:	Includes bibliographical references and index
Beschreibung:	XVIII, 481 S.
ISBN:	9781439844717

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Datensatz im Suchindex

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adam_text	Contents Preface .........................................................................................................xiii Acknowledgments .........................................................................................xv About the Authors .......................................................................................xvii 1 The Redefinition of the Sports Business .................................................1 Introduction ................................................................................................1 Change Number 1: Ownership Structure, Entertainment Complexes, and Real Estate Development ..........................................3 Change Number 2: A New Media World .........................................11 Change Number 3: The Real Estate Management Issues within New Sports Facilities and Luxury Seating ........................................14 Change Number 4: League Policies ..................................................25 Sports Finance and Management in Real Time .........................................32 References ..................................................................................................33 2 The Structures of Ownership ................................................................35 Introduction ..............................................................................................35 The Emergence of Team Sports and Profitable Markets .............................37 Ownership and Expansion: From Individual Entrepreneurs to Large- Scale Entertainment, Real Estate, and Media Firms .................................42 Ownership Patterns Today. ........................................................................ Al Ownership Structures ................................................................................53 Sole Proprietorship ............................................................................53 Partnerships and the Single-Entity Ownership Model ......................55 Corporation Ownership ...................................................................55 Community Ownership ...................................................................56 College Sports ...................................................................................58 Horizontal and Vertical Integration ...........................................................59 Horizontal Integration ......................................................................60 Vertical Integration ...........................................................................61 The Integration of Real Estate Development, the Media, Entertainment, and Team Ownership .......................................................63 References .................................................................................................66 vii viii ■ Contents 3 Financial Statements, Revenues, and Costs ..........................................67 Financial Statements ..................................................................................67 Balance Sheets ...........................................................................................69 Income Statements .....................................................................................75 Statement of Retained Earnings .................................................................81 Statement of Cash Flows ............................................................................81 Analyzing Financial Statements .................................................................88 Ratio Analysis ............................................................................................89 Revenues and Costs ...................................................................................93 Stadium Revenue .......................................................................................93 NFLIn-Stadium Revenue ..........................................................................98 NBA In-Facility Revenue .........................................................................100 Naming Rights ........................................................................................100 Media Revenue ........................................................................................100 Player Costs .............................................................................................109 4 Facilities: Disneyfication and Design ............................................ Ill Introduction ............................................................................................ Ill Facilities: The Early History .....................................................................113 The Constrained Supply of Sports Franchises ..........................................116 Disneyfication and the Location of Facilities ...........................................120 What Does Disneyfication Mean for the Design of Sports Facilities? ........................................................................................121 Where Should a Facility Be Built? ............................................................123 Design and the Competition for Discretionary Income ...........................125 The Exterior Design of Facilities and Intrafacility Competition ...............133 Franchise Faces ...............................................................................133 Facilities as Anchors for Real Estate Development ..........................134 Overbuilding of Facilities and Market Saturation ...........................134 References ................................................................................................138 5 Stadiom Financing .............................................................................139 Introduction ............................................................................................139 Financing Tools .......................................................................................140 Financing Facilities: Who Really Pays? ....................................................147 Facility Financing: The Team s Share .......................................................155 Facility Financing: A Public Sector Investment ........................................158 Ticket Tax ......................................................................................158 Parking Taxes .................................................................................159 In-Facility Sales ..............................................................................159 Sales Taxes ......................................................................................159 Property Taxes ................................................................................160 Income Tax .....................................................................................161 Contents ■ ¡χ Tax Increment Financing ................................................................161 Sports District Taxes .......................................................................162 Sin (or Excise) Tax ..........................................................................162 Gaming Taxes and Lotteries ...........................................................163 Tourist Taxes ..................................................................................163 Food and Beverage Taxes ................................................................163 References ................................................................................................164 Appendix 1..............................................................................................165 6 Sports Teams and Real Estate Development, or Real Estate Development Companies with Sports Teams? ....................................171 Introduction ............................................................................................171 Increasing Value of Downtown Locations for Sports Facilities .................172 Rise of Horizontal Integration, Residential Real Estate, and Entertainment Venues ..............................................................................173 Managing the Real Estate Inside a Facility ..............................................175 Luxury Seating ...............................................................................176 The Seating Deck ............................................................................190 Scoreboard and Electronic Displays ................................................192 Concourses and Entrances ..............................................................194 Playing Surfaces ..............................................................................194 Naming Rights ...............................................................................195 Uniforms or Kits .........................................................................201 Value of Internal Real Estate Management .....,...............................202 Managing the Real Estate Outside the Facility: The Increasing Value of Sports Venues as Anchors for Development .........................................202 Case Study 1...................................................................................205 The San Diego Padres, JMI Realty, and the Ballpark District ..................................................................................205 Case Study 2...................................................................................211 The STAPLES Center, LA LIVE, and Downtown Los Angeles ..................................................................................211 References ................................................................................................216 7 Media and Sports Management ..........................................................217 Introduction ............................................................................................217 Sports and the Media: Brief History ........................................................218 Phase 1: Media and Team Relationships ..................................................219 Phase 2: Large Scale Revenue from the Sale of Media Rights ..................221 Impact of Phase 2: The Profitability and Revenue Power of Television, the NFL, and Revenue Sharing. ...............................................................224 Phase 3: The Vertical Integration of Teams and the Media ......................235 Phase 3 Continues: College Conference Networks ..................................240 Contents Media, Sports, and the Future: Emerging Competition in the Delivery of Games to Fans and Advanced (Internet) Media .....................245 References ................................................................................................248 8 What Are Teams Worth? Team Valuation ..........................................251 Introduction ............................................................................................251 Establishing a Team s Market Value: Basic Observations .........................252 Valuation Models .....................................................................................253 Multiple Earnings ...........................................................................254 Zero Growth Model .......................................................................255 Constant Growth Model ................................................................256 Capital Asset Pricing Model (CAPM) .............................................257 Free Cash Flow Model ....................................................................258 Other Factors Affecting Value ..................................................................259 What Is the Value of NFL, MLB, NBA, and NHL Franchises? ..............260 Sale Prices .......................................................................................261 Financial World and Forbes Data .....................................................275 Multiple Earnings ...................................................................................286 Constant Growth Pricing Model .............................................................288 Other Sports ............................................................................................290 College Sports ..........................................................................................290 Conclusion ...............................................................................................292 References ................................................................................................292 9 Demand and the Sports Business: What Does the Customer Want and How Does a Team Owner Provide It? ................................295 Introduction ............................................................................................295 Defining Demand ....................................................................................297 Long Run Demand for Sports .................................................................298 Regional Wealth .............................................................................298 Economic Competition ..................................................................315 New Sports Facilities ......................................................................325 Short Run Issues in the Demand for Tickets ...........................................329 Attendance .....................................................................................329 Winning .........................................................................................333 Attendance: Other Factors ..............................................................338 Game-Specific Determinants of Attendance and Other Factors .... 340 Competitive Balance .......................................................................341 Television, Attendance, and Demand ............................................342 Reference ................................................................................................344 10 Pricing Strategies ................................................................................347 Introduction ............................................................................................347 Ticket Prices ...........................................................................................348 Contents ■ xi Are Ticket Prices Too High, Too Low, or Just Right? ..............................352 Why Are Ticket Prices Inelastic? ..............................................................354 More Fans at the Game Mean Increased Concession Sales .............354 More Fans at the Game Increase Advertising and Sponsorship Sales ................................................................................................355 More Fans at the Game Lead to a Larger Fan Base .........................356 More Fans at the Game Increase Television Audiences ...................356 Lower Prices Help a Team s Image and Reputation ........................357 Lower Prices Produce Goodwill ......................................................357 Teams Actually Are Pricing in the Elastic Part of Demand .............357 Price Discrimination ................................................................................358 Luxury Seats and the Grandstand (Or Deck) .................................359 Bulk and Group Discounts ......................................................................359 Product Bundling ...................................................................................360 Variable Ticket Pricing ............................................................................361 Day of Game Pricing ...............................................................................362 Dynamic Pricing ......................................................................................363 Personal Seat Licenses ..............................................................................363 Condominium Seats ...............................................................................366 Futures Options ......................................................................................366 Pay What You Want ................................................................................367 Media Prices ............................................................................................368 Merchandise Pricing ................................................................................370 References ................................................................................................370 Appendix 1..............................................................................................372 Appendix 2..............................................................................................375 Appendix 3..............................................................................................376 11 Capital Budgeting and Team Investments .........................................377 Introduction ............................................................................................377 Team Investments ....................................................................................378 Risk ................................................................................................380 Diversification and Correlation .......................................................384 Facility Investments .................................................................................387 Player Investments ...................................................................,...............391 Value of a Player .............................................................................391 Correlation of Players .....................................................................393 Option Value for Players .................................................................394 Why Do Teams Take Risks with Players? .......................................395 Player Contracts ..............................................................................396 Incentives in Contracts ...................................................................397 Opportunity Costs .........................................................................399 Sunk Costs .....................................................................................399 xii ■ Contents Players and Capital Budgeting .......................................................400 Is the Market for Players Efficient? .................................................404 Cost of Capitai .........................................................................................405 References ................................................................................................407 12 League Policies, Taxes, and Profits ....................................................409 Introduction ...........................................................................................409 League Policies ........................................................................................409 Player Drafts ............................................................................................411 Revenue Sharing ......................................................................................413 Luxury Taxes ...........................................................................................415 Salary Caps ..............................................................................................416 Promotion and Relegation .......................................................................417 Collective Bargaining ..............................................................................419 League Specifics ......................................................................................420 NFL ...............................................................................................420 MLB ..............................................................................................420 NBA ...............................................................................................421 NHL ..............................................................................................422 Competitive Balance ...............................................................................422 Taxes .......................................................................................................426 Roster Depreciation Allowance ...............................................................428 Player Taxes ............................................................................................430 State Taxes ...............................................................................................432 Ticket Taxes .............................................................................................433 Tax Exempt Status for Universities ..........................................................435 Profits ......................................................................................................436 Leverage ...................................................................................................437 References ...............................................................................................440 Further Reading on League Policies ........................................................440 Appendix 1.............................................................................................442 Salary Cap .....................................................................................443 Revenue Sharing ............................................................................444 Revenue Sharing and Player Salaries ...............................................445 Revenue Sharing and Profits ..........................................................446 The Effects of a Luxury Tax ............................................................447 Luxury Tax, Player Salaries, and Competitive Balance ...................447 The Luxury Tax and Team Profits .................................................448 References ...................................................................................................449 Index ...........................................................................................................457
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spellingShingle	Winfree, Jason Rosentraub, Mark S. Sports finance and management real estate, entertainment, and the remaking of the business Sport (DE-588)4056366-2 gnd Management (DE-588)4037278-9 gnd Finanzierung (DE-588)4017182-6 gnd Branche (DE-588)4208974-8 gnd
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title	Sports finance and management real estate, entertainment, and the remaking of the business
title_auth	Sports finance and management real estate, entertainment, and the remaking of the business
title_exact_search	Sports finance and management real estate, entertainment, and the remaking of the business
title_full	Sports finance and management real estate, entertainment, and the remaking of the business Jason Winfree and Mark S. Rosentraub
title_fullStr	Sports finance and management real estate, entertainment, and the remaking of the business Jason Winfree and Mark S. Rosentraub
title_full_unstemmed	Sports finance and management real estate, entertainment, and the remaking of the business Jason Winfree and Mark S. Rosentraub
title_short	Sports finance and management
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title_sub	real estate, entertainment, and the remaking of the business
topic	Sport (DE-588)4056366-2 gnd Management (DE-588)4037278-9 gnd Finanzierung (DE-588)4017182-6 gnd Branche (DE-588)4208974-8 gnd
topic_facet	Sport Management Finanzierung Branche USA
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