In turn , this can be commercialized and shared with advertising and marketing firms . These can be for the individuals or teams in a particular sport , for example , in athletics , Kenya ’ s Eliud Kipchoge remains a most recognizable face and individual for any media . He recently participated in an online auction for NFTs ( Non- Fungible Tokens ) - a form of digital asset selling his record-breaking images from 2019 for a little over KES . 3.94 million ( US $ 37,500 ).
Once the media partnership ( s ) are solidified , the next step is to optimize the content , amplifying it for sponsorship with appropriate brands . This will again look to cultivate the exploits of the individuals and teams borne in the respective sports . What would football be without Barcelona , Manchester United or Bayern Munich ? Imagine their impact too if they missed the UEFA Champions ’ League group stages ?
Financial and Risk Management
If ever there was time businesses and institutions have looked and relooked at their financial statements with a fine comb , this is it . From budget cuts , to lost revenues as well as constrained or diminished revenue streams - the financial department and data gurus have had a deeper appreciation of numbers .
Sports administrators have revisited media rights ownership and sales , sponsorship deals and renewal terms , distribution of content , hosting of major events by cities and countries among the many commercial interests .
Initially the stop-gap measures were thought to be for a few months , a few quarters and now seemingly a few years . The impact of postponements and outright cancellations have been immense and dramatically changed the sports landscape .
Internally scaling down the operations of massive sport organizations has fallen on the financial and top management . Pay cuts , job losses and at even extreme cases , declaring bankruptcy and shutting down organizations entirely .
Basic financial skills should become the minimum for the junior sports administrators . For those in middle and senior management , it ought to be a regular practice , with financial training by both advisory and financial advisory firms . This can be secured pre-season , midseason and post-season to ensure that the financial records and statements are wellmanaged and received by all stakeholders in a particular sport .
Investing in sport has largely been viewed as risky business by some critics . However , if the right risk and controls are in place , this can fool-proof sports from any major risk of corruption , bankruptcy , or collapse . With worthy risk structures , investors will know where to invest , divest and which sports provide a worthy return-oninvestment .
In 1992 , the major clubs in England formed the English Premier League as they sort to fool-proof their club investments and exploit more commercial interests in media rights , sponsorships , and fan attendance . Coming on the back of a 5 year suspension from the major European cups by UEFA following the tragedy at Heysel stadium , as well as investments in changing the stadiums and infrastructure , the Football Association and EPL honchos decided to turn the tide around on English football . This made it one of the most watched football leagues in the world with teams gaining world acclaim for their exploits at home and in Europe .
Adaptability
This needs no re-emphasis . The past 18 months have seen a most topsy-turvy time for sports . For those adept enough to adjust ; it has meant minimized interruptions . Where the changes have seemed more severe , it has taken a wider pool of stakeholders to ease the financial and economic pressures from the shocks of the suspended or cancelled season .
Sports such as football , rugby , martial arts have had a tough time adjusting . With the current vaccination drive in top gear , the sport disciplines have found it imperative to push the government to prioritise and get the sports men and women vaccinated . The example of the Ministry of Sports and Cultural Affairs in Kenya has been laudable given the short , yet busy calendar in the next few months for most sports disciplines .
Continual Review
Just like the financials above , monitoring and evaluation will need to be mainstreamed by all sports bodies . Various interests , both purist and commercial need to be checked to ensure the revival and sustenance of sport . Starting at the lower echelons of each sport , to the county , regional and national levels ; this can be done especially for those sports disciplines with regular international engagements .
For those with individuals and team engagements , this will be worth the while as they will bring their close to 100 % of what they need to adopt to achieve the success . Reviewing current coaching and training regimes will also mean quite a number of changes and adoptability will be required . We have seen what a pandemic can do , forcing adaptability into indoor training , personalized and flexible training techniques .
Sports organizations need to learn to be accountable to their stakeholders in terms of sponsorship monies , revenues raised from the different commercial interests and to their fans .
Return to Normalcy !
Finally , once the pandemic eases off , life will slowly start returning to normal . In the 1920s , it did not take long for the sports fans to return to the fields of play . It is in the same token that the current situation looks likely to give way to a few years of sustained growth .
Current measures may stick with us for a little longer , such as sanitising and temperature checks and mask wearing . It is expected that these will subside once the vaccine is received in the wider population and the pandemic is stemmed .
Every sports fan worth their salt is looking forward to the warm sunshine beating on their brow as they enjoy a lovely game of football , cricket , or tennis on the court . Who would not love the crowd atmosphere on match-day at the football pitch , rugby grounds and basketball court ? We cannot wait !
Richard Wanjohi is a marketing enthusiast with interest in research and sports . You can commune with him on this or related matters via mail at : RWanjohi @ gmail . com or check his tweets @ rwanjohi .