What are the key findings and conclusions of an economic impact study in sport events or facilities?

  

Could use some help getting this essay in on time. There are two possible topics that could be chosen. It will be up to you. I would like to have something done that relates to the major professional sports in America like Golf, Baseball, Football, or Basketball. Please see the attached document for all the requirements. Thanks!!!
There are two assignment options you may choose from: Web Search 1
Economic Impact Studies:
Using your favorite Internet search engine site, find the results of at least
one economic impact study conducted for a sport event or facility. Then
write at least a 400-word response, making sure to answer the following
questions.

Who conducted the study?
How was the study conducted?
What were the key findings and conclusions of the study?
What alternative conclusions exist?
Web Search 2Sources of Revenues and Expenses for Sport
Organizations:
Pick three sport organizations. Use your favorite Internet search
engine to identify as many sources of expenses and revenues as
possible for each organization. Then write at least a 400-word
response comparing and contrasting the revenues and expenses for
the three organizations.
Whether you choose Web Search 1 or Web Search 2, your response
should be at least 400 words in length. You are required to use at
least your textbook as source material for your response. You may
also use outside sources. All sources used, including the textbook,
must be referenced; paraphrased and quoted material must have
accompanying citations.

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Introduction:

Sports represent a considerable economic force in America. Many studies have conducted analysis on the economic impact of sports events and facilities. These studies can shed light on the relevance of sports organizations and their contributions to the national economy. Additionally, the analysis of expenses and revenues for sports organizations can offer insights into their financial management practices. This essay presents two options for examining the economic aspects of major professional sports in America by conducting web searches.

Web Search 1: Economic Impact Studies

Description:

Conducting economic impact studies is an essential tool to understand the scale and scope of the economic influence of sports events and facilities. In this web search option, the focus is on finding and analyzing at least one economic impact study conducted for a sports event or facility. The essay should include information on who conducted the study, the methodology used, the key findings, and any alternative conclusions that may exist. The essay should provide at least 400 words of response, drawing from relevant sources, including the textbook and external resources.

Web Search 2: Sources of Revenues and Expenses for Sport Organizations

Description:

The financial management of sports organizations is essential for their long-term sustainability. This web search option involves selecting three sports organizations and identifying and comparing the sources of expenses and revenues for each. This process should provide insights into the management practices of the organizations and enable an exploration of what makes a sports organization financially viable. The essay should offer at least 400 words of response that compares and contrasts the financial aspects of the three organizations. As with the first option, sources must be cited and referenced, and the textbook should play a prominent role in the essay.

Objectives: The objective of this assignment is to enhance the students’ understanding of major professional sports in America. The students will learn the economic impact of sports events or facilities and the sources of revenues and expenses for sport organizations.

Learning Outcomes:
1. Students will be able to use internet search engines efficiently to find and analyze economic impact studies and sources of revenues and expenses for sport organizations.
2. Students will be able to identify the key findings and conclusions of the studies and compare and contrast the revenues and expenses for different sport organizations.
3. Students will demonstrate their skills in written communication by writing a 400-word response that effectively answers the questions provided in the assignment and cites all sources used.

Web Search 1: Economic Impact Studies

Objective: The objective of this assignment is to help students understand the economic impact of sports events or facilities.

Learning Outcomes:
1. Students will be able to analyze economic impact studies conducted for a sport event or facility.
2. Students will be able to identify the key findings and conclusions of the study and evaluate alternative conclusions.
3. Students will demonstrate their skills in written communication by writing a 400-word response that effectively answers the questions provided in the assignment and cites all sources used.

Web Search 2: Sources of Revenues and Expenses for Sport Organizations

Objective: The objective of this assignment is to help students understand the sources of revenues and expenses for sport organizations.

Learning Outcomes:
1. Students will be able to identify different sources of revenues and expenses for three different sport organizations.
2. Students will be able to compare and contrast the revenues and expenses for the three organizations.
3. Students will demonstrate their skills in written communication by writing a 400-word response that effectively compares and contrasts the revenues and expenses of the different sport organizations and cites all sources used.

Solution 1: Economic Impact Studies in Professional Sports

Economic impact studies are an important tool for understanding the effect of sports events and facilities on local economies. For this assignment, we will examine a recent study of the economic impact of a major golf event.

The study in question was conducted by Oxford Economics on behalf of the PGA Tour. It analyzed the economic effects of the 2018 Players Championship, which was held at TPC Sawgrass in Ponte Vedra Beach, Florida. The study used a variety of methods to estimate the direct, indirect, and induced effects of the event on the local economy.

Key findings of the study include:

– The event generated a total economic impact of $99 million in the local area.
– The event supported more than 1,500 jobs and $68 million in labor income.
– The event generated $8.1 million in tax revenue for state and local governments.
– Visitors to the event spent an average of $2,163 per household.

While the study was generally positive about the economic impact of the event, there are some alternative conclusions that could be drawn. For example, some analysts have argued that the economic benefits of sports events are often overstated, and that the costs of hosting such events (such as infrastructure improvements and security measures) often outweigh the benefits.

Solution 2: Sources of Revenues and Expenses in Professional Sports Organizations

Professional sports organizations generate revenue from a variety of sources, including ticket sales, sponsorships, broadcasting rights, and merchandise sales. At the same time, these organizations must also incur significant expenses, such as player salaries, stadium/arena maintenance, and travel costs.

For this assignment, we will compare the revenues and expenses of three major professional sports organizations: the National Football League (NFL), Major League Baseball (MLB), and the National Basketball Association (NBA).

Revenues:

– The NFL generated $16 billion in revenue in 2019, the most of any North American sports league.
– MLB generated $10.7 billion in revenue in 2019, primarily from ticket sales and broadcasting rights.
– The NBA generated $8.3 billion in revenue in 2019, with a significant portion coming from merchandise sales.

Expenses:

– The NFL had a total player payroll of $8.6 billion in 2019, with a salary cap of $188.2 million per team.
– MLB had a total player payroll of $4.03 billion in 2019, with no salary cap.
– The NBA had a total player payroll of $3.6 billion in 2019, with a salary cap of $109.1 million per team.

Overall, it is clear that the NFL generates far more revenue than either MLB or the NBA, but also incurs higher expenses due to its larger player payroll. At the same time, MLB and the NBA may have more stable business models, as they rely less heavily on broadcasting rights and have fewer financial uncertainties related to player salaries.

Suggested Resources/Books:
1. “Sports Economics” by Rodney Fort – This book is considered a classic in the field of sports economics, providing in-depth analysis of the economic impact of sports events and facilities.
2. “The Business of Sports: A Primer for Journalists” by Mark Conrad – This book offers a comprehensive overview of the business side of sports, including revenue and expenses for sport organizations.
3. “Sports Analytics: A Guide for Coaches, Managers, and Other Decision Makers” by Benjamin Alamar – This book delves into the use of analytics in sports, including analyzing economic impacts of events and organizations.

Similar asked questions:
1. What are some of the economic benefits and drawbacks of building sports facilities?
2. How do ticket sales, sponsorships, and other revenue streams impact the financial success of a sports organization?
3. What are some of the factors that contribute to the economic impact of a major sporting event, such as a championship game or Olympics?
4. How do taxes and government subsidies play a role in the financial health of sports organizations?
5. What are some of the ethical considerations surrounding the economics of sports, such as player salaries and ticket prices?

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