Sports economics

from Wikipedia, the free encyclopedia

Under Sportökonomie the application of economic and business management tools is understood to individual sports areas.

classification

The sports economics is a sub-discipline of sports science and work Sportökonomie eV organized the as a separate section in the German Association of Sports Science (dvs) acts. Sports economics is primarily based on the questions and methods of the social sciences and economics and applies these to the sports system . Other important links exist with general sociology and sport sociology , as well as sport ecology and sport ethics .

Methods and fields of work

Sports economics takes a descriptive and a normative approach.

  • The descriptive approach focuses on the scientific analysis of economic aspects of sport.
  • The normative approach tries to advise individual players in the sports system ( associations , clubs , coaches , athletes , etc.) on the basis of economic efficiency criteria.

With the help of business instruments it is possible to look at sport from a microeconomic point of view. The scarcity of resources and the distinction between sports services, consumer goods and capital goods play a central role here.

Furthermore, sport is analyzed with the help of economic instruments for the interplay of the markets and thus viewed from a macroeconomic perspective.

With the help of economic instruments, sport is analyzed for the interaction of the markets and thus the overall economy is considered here.

Macroeconomics examines the labor market and economic growth, among other things.

Microeconomics, on the other hand, deals with pricing in markets and the behavior of companies and households. In addition, the distribution and allocation of scarce resources is analyzed in this area.

In addition, the distribution and allocation of scarce resources must be considered here.

Types of goods in sports economics

Through public goods in the sport positive externalities that benefit all citizens arise. Active sport improves, among other things, one's own health, helps with integration and reduces the crime rate, since the actors are busy with sporting activities. However, not only active sport has its advantages, but also passive sport, because it strengthens cohesion and integration is promoted. Due to the positive external effect, the public sports property can serve as a basis for justifying subsidization. A public good is, for example, local identity or national prestige. Collective goods , on the other hand, only benefit a part of the population. An example of this is the sporting goods industry and the media that specialize in sport. Especially in team sports, free rider behavior is a major problem with this type of goods.

A club asset in sport is, for example, a sports facility or a club stadium. In the example of football, it becomes clear that a club asset can create both incentives and problems. An incentive for this good can, for example, be a full stadium, because a full stadium attracts more spectators than an empty one. However, this quickly leads to overcrowding, a problem that can be regulated, for example, via the price and the number of spectator tickets.

Public sports fields are commons. With this type of goods, the overuse of common goods by rationally acting, selfish people is a problem.

In sports economics, personal sports equipment is classified as private goods.

Merit goods can also be found in sport . This type of goods is not consumed by consumers to the extent desired, as the benefits are usually underestimated. An example of this is the underestimation of the health benefits that arise from long-term exercise. The state uses nudging to promote this health effect.

By externalities caused problems for the efficient functioning of the market, as no optimal resource allocation is possible. The problem here is that there is too much production of negative external effects and the production of positive external effects is too low. An example of negative externalities is pollution caused by congestion or damage. The increasing image of a place or the income from sports tourism are again examples of positive external effects that can arise from sporting events.

In sports economics, there is also a product association. The spectators watch the actors in the competition (club property) and local media also report on this competition (public property). Sponsors and advertisers are to be identified as private goods in a competition. If active athletes consume sport for fun, it is counted as a consumer good. However, if an actor does sport for health reasons, sport is seen as a good with potential. The sponsors represent a capital good because they advertise for buyers. Since there is a large number of types of goods and groups in a product association, the question arises of how much each person concerned has to pay.

Uncertainty and chance

A special feature of the sports economy is the desired uncertainty among consumers with regard to the sports result. This uncertainty is desired by the inquirers so that the tension is maintained and thus a characteristic of sporting competition. Passive sports consumers hope for a high level of competition for substitution, which is accompanied by an increase in uncertainty and tension. Because the higher the uncertainty, the greater the attractiveness of a competition. In addition, the tension of a competition is maintained if there is no manipulation in this competition.

In sporting competition, it is possible to differentiate between different uncertainties. On the one hand there is the short-term uncertainty, this relates to the result of a single competition. The medium-term uncertainty exists when it comes to the position of an actor or a team in a tournament or league. The long-term uncertainty relates to successive competitions.

But the success factor of chance also makes a competition exciting. Chance can either have no influence on the competition result or the differences in results are increased. Because of this factor, competition results cannot be predicted with certainty. In sport, such as football, chance is made up of the daily form of the players and luck. An open result is possible through this factor, even if there are financial differences between the clubs.

Range of sports

Cooperation between competitors is important in sporting activities so that a competition and, above all, the desired (result) uncertainty can be guaranteed. Clubs cooperate with each other, but are still competitors in competition. This phenomenon is also called cooperation . This behavior is important in order for all actors in a competition to be able to maximize their utility. However, the athletes' scope of decisions is limited by limited resources.

The aim of the sports clubs is their own to maximize benefits and the ability to pay to maintain. However, a high return is required to maximize victory, as victory can only be maximized by investing in your own athletes. Associations pay the actors through their marginal value product so that they have an incentive. In addition, clubs are supported by patrons so that the money can be invested in their own athletes.

costs

Since the main costs of a sports club represent the personnel costs and the rules of the competition limit the minimization of the input, the used sports facility should be used to the maximum. This can happen, for example, through low admission prices or through price differentiation. However, this can lead to ruinous competition for small and service companies. If the goal of one of these companies is to secure income and prices fall, then the offer must inevitably be expanded. However, a co-creation is also possible with the clubs , which means that services can be centrally marketed in competitions.

Demand for sport

Since sport is usually consumed in groups, this active or passive activity is usually a social consumption. Because of this, the emotional and altruistic behavior becomes visible.

The economic determinants of demand for sports are the price and availability of the respective good, the opportunity costs, the income of the consumer and the price of substitute goods.

The demand for sport is also limited by the factors of time and money, which is why sport can only be substituted to a limited extent and is mostly complementary. In households with a low income, the substitution effect predominantly works and in the case of a high income level there is an income effect, since leisure time is a normal or superior good.

Active sport can, among other things, be seen as consumer capital, since sport is an investment in one's own health. This means that even if there are high opportunity costs, the investment in health is profitable because the active athlete can earn longer money or enjoy his leisure time longer. An optimal level of needs is also aimed for in the demand for sport. In the event of under- or overstrain, new needs arise. If you are under-challenged, you get bored because you are looking for a certain effort. This is possible in active as well as passive sport.

With the help of sport, an attempt is made, among other things, to find one's own identity or to identify with a sporting actor. Identity assurance and emotions play an essential role in sport. A peculiarity of the sport economics compared to the economy is the unsaturation and the increasing marginal utility. This is possible through an increased ability to consume, since the consumption of fun in the next sporting activity is increased and therefore there is no saturation.

Prices

Inelastic and inverse inquiries are further peculiarities that characterize sports economics. There is an inelastic demand for tickets in professional sports. In contrast, prestige sports are an inverse demand function, since these sports are not intended for the general public, but always only for certain groups of people. But not only prices of the requested sport play an important role in sports economics, prices of complementary and substitute goods must also be taken into account. Often the sport can be combined with other leisure activities. An example of this is the joint consumption of stimulants after sporting activity. But other complementary goods are also important for sport. This includes, among other things, the right sportswear and equipment as well as facilities. This creates a compound price. The amount of the fixed costs determines whether the desired sport is carried out at all; and the variable costs determine the frequency with which this sport is played. Substitute goods prices need to be taken into account, as sport is often used as a means to an end to achieve other goals. If the goals can be achieved by other substitute goods and the price of the substitute good is lower than the price of sport, then the consumer decides against sport.

preferences

Preferences play a crucial role in determining the demand for sport. These are also formed by past consumption, among other things. That means, positive or negative experiences can decide about future sport consumption. The preferences can also depend on gender, age, origin or education, among other things. In addition, these can justify government intervention if an individual's preferences are not stable. This means that the individual is limited in his choice because of his social environment.

Economic characteristics of sporting competition

properties

A characteristic of sporting competition is relative strength , that is, if one actor improves his performance, then other actors in the same competition are put in a worse position, unless they have also improved their performance. With a ranking effect , at least one other actor is displaced from his or her rank as an athlete's performance improves. This effect occurs when there can only be one actor in a rank. Since the demand of the athletes for the front ranks is greater than for the rear ranks, this characteristic of the sporting competition is also called the superstar effect.

Individual sports

In individual sports, all players are competitors with each other and marginal productivity is only dependent on one's own performance. Since the spectators of individual sports have a preference for high-class players, they are always striving for a victory and are therefore very committed. The preferences can be formed from the demand, here it can be seen that an important factor of the demand is the performance and effort of the participating actors.

An organization or a club would like to maximize its profit, this is also possible by taking into account viewer preferences. The organizer's profits consist of the tickets sold, the merchandising and the income from the television broadcasting rights. It is possible for the organizer to achieve the highest expected value by behaving in a risk-neutral manner. Another criterion for increasing the organiser's profit is the increase in the quality of the competition. This increase in quality can be achieved through increasing effort. In order for the organizer to be able to guarantee an increasing effort by the actors, he can make use of certain incentive mechanisms.

Incentive mechanisms

A systematic incentive mechanism is the winner-takes-all competition . The following assumptions apply to this incentive mechanism: actors have identical skills and they have individual rationality. It is also assumed that organizers want to maximize their profit and that incentives are compatible. The level of effort on the part of the players increases when the prize money is increased or when the athlete has a chance of winning. Increasing the number of participants increases the aggregate effort, but not the effort level of an individual actor. Therefore, with this mechanism, the maximum effort is only achieved when two actors are in competition with each other. An additional reward for achieving a certain level of performance is also possible here.

Competition with several actors is an asymmetrical incentive mechanism . The problem with this incentive mechanism is that there will be no performance maximization. The weaker athletes will not make full use of their performance, as they have no chance of winning, and then the stronger players will not use all of their performance. An increase in the performance level of the weaker participants could be achieved by rewarding second place. With the help of screening , the organizer can rule out asymmetrical competition, as the organizers set up a homogeneous field of participants. By differently structuring the prize money, it is possible to increase the level of effort of the actors. If there is a similar level of performance in a competition, it makes sense to award different prizes. However, if the participants have different levels of performance, the prices should be similar.

Team sport

In team sports there is cooperation within your own team and competition with other teams. Here, marginal productivity depends on all actors in a team. The free rider behavior turns out to be a disadvantage, since in this type of sport the individual marginal productivity cannot be measured. The performance of the individual individual can only be derived with great difficulty or not at all from the team result.

Problems

The problem of information asymmetry in a team sport is that it is not visible whether the actor is maximizing his performance. The actor's club is the principal and the athlete is identified as the agent.

There is also the moral hazard problem, as the athlete strives for the highest possible salary and the club wants to achieve maximum success.

The adverse selection is a problem with external newcomers, because it is possible for the external to keep negative characteristics or lower performance options as expected until the contract is concluded. The problem here is that the association takes the external actor under contract, but he cannot or does not want to provide the expected services.

Possible solutions

It is helpful for the association to use control mechanisms so that the information asymmetry can be eliminated or at least reduced.

The free rider behavior as well as the moral hazard problem can be reduced with the help of incentive mechanisms by the association. If a higher incentive for performance is created, better performance and greater cooperation behavior can be expected.

In order to reduce the adverse selection, the respective association can conduct screening. This means observing the external actor at competitions and / or requesting medical examination results before the start of the contract. In addition, it is advantageous for the association to promote its own offspring, because these achievements are easier to observe for the association. But the external actors can also operate signaling or self-selection.

league

Sports leagues are natural monopolies as there are market entry barriers in this market. For this reason, access to the relevant market is not so easy. A league can also be referred to as a cartel. Because it has properties such as the delimitation of goods from other goods, it is partially substitutable and can compete with other leagues. There is little or no technical progress here. In addition, the league acts, among other things, as a price cartel on the television rights market and determines the rules of the game and the schedule, i.e. it acts here as a market sharing cartel. By determining the number of participants, the league also owns the volume cartel. However, by cheating it is possible to collapse the cartel market.

Labor market for athletes

A ruinous salary competition is especially visible among the successful professional athletes, since they are the key resource for success and thus also the most important resource for spectator sports.

Demand for athletes

The sporting actors have the opportunity to negotiate their salaries with the respective clubs themselves. However, the lower the salary of an athlete, the larger the club's squad can be. But technological progress can downsize the squad, as this progress minimizes the risk of injury and the frequency of injury and thus enables the actors to demand a higher prohibitive wage.

Range of athletes

If the substitution effect exceeds the income effect, the salary will also rise, which leads to an increased supply of the actors. However, there is a reduction in supply when the opportunity cost increases. If the performance level of the athlete increases, either the squad is reduced and the wages lowered, or the squad is enlarged and the wages also rise. However, this depends on whether it is an indirect or direct productivity effect. With a direct increase in productivity, fewer athletes are required for the same result. This is different with an indirect increase in productivity, because here the marginal yield drops, whereupon the price is also reduced. The consequence of the price reduction is an increased demand for competition and this increases the demand for actors.

Salary of the sporting actors

Since clubs mostly behave as monopsony, they can pay low salaries to the athletes due to contractual regulations. Player loyalty instruments include the Reserve Clause, Draft System, Negotiation List, Salary Caps, Final Offer Arbitration and the transfer system with transfer fee. Since these loyalty instruments promote the market power of the clubs, a competitive league has positive effects on the salaries of the actors if they are paid below the marginal productivity. Since an equilibrium is established due to the competitive league, the athletes are paid according to their marginal productivity. As a result of the shift in the equilibrium, the number of actors and wages are increased. But a union of athletes can also lead to more advantageous wage setting through market power and negotiating skills. When a union exists, there is a monopoly on the supply side and a monopsony on the demand side.

The Coase Theorem and Sport Economics

If all the conditions of the Coase theorem are met, the actor will always choose the club with which his value limit productivity is greatest. However, the allocation of the athletes is changed as soon as all conditions are not met. However, from the point of view of the actors, clubs are not homogeneous, but heterogeneous. This means that the athlete might forego a higher salary if it prioritizes other influences. Such influences can represent other team partners or reputations.

Remuneration system

The remuneration system is intended to increase the level of performance of a player and for this reason also be incentive-compatible and transparent so that no manipulation is possible afterwards. Quick reactions to requirements and economic efficiency, i.e. minimizing costs, are further important factors for a functioning remuneration system.

Bonuses

The point bonus rewards the cooperation in the team, as this depends on the points achieved by the team. Each participant of the team receives this bonus in the same amount.

The internal competition and the incentive are increased by the cumulative bonus, as this bonus is negotiated individually and is dependent on the number of competitions that a single actor performs.

The annual performance bonus is negotiated before the start of the season and, like the accrual bonus, is independent of the team.

The goal bonus is an individual bonus, especially in football, which is intended to reward individual performance.

Training and courses of study

In Germany there are various vocational training programs and courses of study that offer training in the field of sports economics and the thematically related field of sports management . Degree programs are offered by state and private technical colleges and universities. In 2016, there were 27 Bachelor's and 24 Master's degrees at German universities.

See also

literature

  • Frank Daumann: Basics of Sports Economics . 1st edition, UTB Stuttgart 2011, ISBN 978-3-8252-3184-2 .
  • Peter Röthig u. a. (Ed.): Sports science lexicon . Hofmann, Schorndorf 2003, ISBN 3-7780-4497-4 .
  • Frank Daumann: Basics of Sports Economics. 2nd, revised and expanded edition, UVK Verlagsgesellschaft mbH, Konstanz and Munich 2015
  • Heinz-Dieter Horch, Manfred Schubert, Stefan Walzel: Special features of sports management, Springer Gabler; Springer-Verlag Berlin Heidelberg 2014
  • Martin-Peter Büch: Sports economic approaches to the explanation of sporting facts, BISp yearbook 1999, pp. 63–69, 2000
  • Jörn Quitzau, Success factor chance in professional football: quantification with the help of information-efficient betting markets, discussion paper / University of the Federal Armed Forces Hamburg, subject group economics; No. 20, 2003
  • Michael Drewes (2002): Efficiency Problems in European Sports Leagues?, Wirtschaftsdienst, ISSN  0043-6275 , Vol. 82, Iss. 2, pp. 114-120

Web links

Individual evidence

  1. ↑ Frank Daumann: Fundamentals of sports economics . 2nd, revised and expanded edition. UVK Verlagsgesellschaft mbH, Konstanz and Munich 2015, p. 21 .
  2. ↑ Frank Daumann: Fundamentals of sports economics . 2nd, revised and expanded edition. UVK Verlagsgesellschaft mbH, Konstanz and Munich 2015, p. 23 .
  3. ↑ Frank Daumann: Fundamentals of sports economics . 2nd, revised and expanded edition. UVK Verlagsgesellschaft mbH, Konstanz and Munich 2015, p. 24 .
  4. ^ Heinz-Dieter Horch, Manfred Schubert, Stefan Walzel: Special features of the sports business theory . Springer Gabler, Springer-Verlag, Berlin and Heidelberg 2014, p. 65 f .
  5. ^ Heinz-Dieter Horch, Manfred Schubert, Stefan Walzel: Special features of the sports business theory . Springer Gabler; Springer-Verlag, Berlin and Heidelberg 2014, p. 67 .
  6. ^ A b c Heinz-Dieter Horch, Manfred Schubert, Stefan Walzel: Special features of the sports business theory . Springer Gabler; Springer-Verlag, Berlin and Heidelberg 2014, p. 65 .
  7. ^ Heinz-Dieter Horch, Manfred Schubert, Stefan Walzel: Special features of the sports business theory . Springer Gabler; Springer-Verlag, Berlin and Heidelberg 2014, p. 69 .
  8. ^ Heinz-Dieter Horch, Manfred Schubert, Stefan Walzel: Special features of the sports business theory . Springer Gabler; Springer-Verlag, Berlin and Heidelberg 2014, p. 69 f .
  9. ^ Heinz-Dieter Horch, Manfred Schubert, Stefan Walzel: Special features of the sports business theory . Springer Gabler; Springer-Verlag, Berlin and Heidelberg 2014, p. 68 f .
  10. ^ Heinz-Dieter Horch, Manfred Schubert, Stefan Walzel: Special features of the sports business theory . Springer Gabler; Springer-Verlag, Berlin and Heidelberg 2014, p. 68 .
  11. ^ Heinz-Dieter Horch, Manfred Schubert, Stefan Walzel: Special features of the sports business theory . Springer Gabler; Springer-Verlag, Berlin and Heidelberg 2014, p. 84 .
  12. ^ Heinz-Dieter Horch, Manfred Schubert, Stefan Walzel: Special features of the sports business theory . Springer Gabler; Springer-Verlag, Berlin and Heidelberg 2014, p. 70 f .
  13. ↑ Frank Daumann: Fundamentals of sports economics . 2nd, revised and expanded edition. UVK Verlagsgesellschaft mbH ,, Konstanz and Munich 2015, p. 29 .
  14. ↑ Frank Daumann: Fundamentals of sports economics . 2nd, revised and expanded edition. UVK Verlagsgesellschaft mbH, Konstanz and Munich 2015, p. 34 .
  15. ↑ Frank Daumann: Fundamentals of sports economics . 2nd, revised and expanded edition. UVK Verlagsgesellschaft mbH, Konstanz and Munich 2015, p. 114 f .
  16. ↑ Frank Daumann: Fundamentals of sports economics . 2nd, revised and expanded edition. UVK Verlagsgesellschaft mbH, Konstanz and Munich 2015, p. 101 f .
  17. ↑ Jörn Quitzau: Success factor chance in professional football: quantification with the help of information-efficient betting markets . In: University of the Federal Armed Forces Hamburg, Subject Group Economics (Ed.): Discussion Paper No. 20 . 2003, p. 7th f .
  18. ↑ Jörn Quitzau: Success factor chance in professional football: quantification with the help of information-efficient betting markets . In: University of the Federal Armed Forces Hamburg, Subject Group Economics (Ed.): Discussion Paper No. 20 . 2003, p. 21 .
  19. ^ Heinz-Dieter Horch, Manfred Schubert, Stefan Walzel: Special features of the sports business theory . Springer Gabler; Springer-Verlag, Berlin and Heidelberg 2014, p. 82 f .
  20. ↑ Martin-Peter Büch: Sports economic approaches to explain sporting facts . Ed .: BISp yearbook 1999. 2000, p. 64 .
  21. ↑ Martin-Peter Büch: Sports economic approaches to explain sporting facts . Ed .: BISp yearbook 1999. 2000, p. 63 .
  22. ^ Heinz-Dieter Horch, Manfred Schubert, Stefan Walzel: Special features of the sports business theory . Springer Gabler; Springer-Verlag, Berlin and Heidelberg 2014, p. 85 .
  23. ^ Heinz-Dieter Horch, Manfred Schubert, Stefan Walzel: Special features of the sports business theory . Springer Gabler; Springer-Verlag, Berlin and Heidelberg 2014, p. 86 ff .
  24. ^ Heinz-Dieter Horch, Manfred Schubert, Stefan Walzel: Special features of the sports business theory . Springer Gabler; Springer-Verlag, Berlin and Heidelberg 2014, p. 72 .
  25. ↑ Frank Daumann: Fundamentals of sports economics . 2nd, revised and expanded edition. UVK Verlagsgesellschaft mbH, Konstanz and Munich 2015, p. 99 .
  26. ^ Heinz-Dieter Horch, Manfred Schubert, Stefan Walzel: Special features of the sports business theory . Springer Gabler; Springer-Verlag, Berlin and Heidelberg 2014, p. 99 .
  27. ^ Heinz-Dieter Horch, Manfred Schubert, Stefan Walzel: Special features of the sports business theory . Springer Gabler; Springer-Verlag, Berlin and Heidelberg 2014, p. 76 f .
  28. ^ Heinz-Dieter Horch, Manfred Schubert, Stefan Walzel: Special features of the sports business theory . Springer Gabler; Springer-Verlag, Berlin and Heidelberg 2014, p. 77 f .
  29. ^ Heinz-Dieter Horch, Manfred Schubert, Stefan Walzel: Special features of the sports business theory . Springer Gabler; Springer-Verlag, Berlin and Heidelberg 2014, p. 79 ff .
  30. ↑ Frank Daumann: Fundamentals of sports economics . 2nd, revised and expanded edition. UVK Verlagsgesellschaft mbH, Konstanz and Munich 2015, p. 144 f .
  31. ↑ Frank Daumann: Fundamentals of sports economics . 2nd, revised and expanded edition. UVK Verlagsgesellschaft mbH, Konstanz and Munich 2015, p. 115 ff .
  32. ↑ Frank Daumann: Fundamentals of sports economics . 2nd, revised and expanded edition. UVK Verlagsgesellschaft mbH, Konstanz and Munich 2015, p. 117 f .
  33. ↑ Frank Daumann: Fundamentals of sports economics . 2nd, revised and expanded edition. UVK Verlagsgesellschaft mbH, Konstanz and Munich 2015, p. 199 .
  34. ↑ Frank Daumann: Fundamentals of sports economics . 2nd, revised and expanded edition. UVK Verlagsgesellschaft mbH, Konstanz and Munich 2015, p. 117 .
  35. ↑ Frank Daumann: Fundamentals of sports economics . 2nd, revised and expanded edition. UVK Verlagsgesellschaft mbH, Konstanz and Munich 2015, p. 120 f .
  36. ↑ Frank Daumann: Fundamentals of sports economics . 2nd, revised and expanded edition. UVK Verlagsgesellschaft mbH, Konstanz and Munich 2015, p. 115 .
  37. ↑ Frank Daumann: Fundamentals of sports economics . 2nd, revised and expanded edition. UVK Verlagsgesellschaft mbH, Konstanz and Munich 2015, p. 128 .
  38. ↑ Frank Daumann: Fundamentals of sports economics . 2nd, revised and expanded edition. UVK Verlagsgesellschaft mbH, Konstanz and Munich 2015, p. 128 .
  39. ↑ Frank Daumann: Fundamentals of sports economics . 2nd, revised and expanded edition. UVK Verlagsgesellschaft mbH, Konstanz and Munich 2015, p. 136 .
  40. ↑ Frank Daumann: Fundamentals of sports economics . 2nd, revised and expanded edition. UVK Verlagsgesellschaft mbH, Konstanz and Munich 2015, p. 129 .
  41. ↑ Frank Daumann: Fundamentals of sports economics . 2nd, revised and expanded edition. UVK Verlagsgesellschaft mbH, Konstanz and Munich 2015, p. 131 .
  42. ↑ Frank Daumann: Fundamentals of sports economics . 2nd, revised and expanded edition. UVK Verlagsgesellschaft mbH, Konstanz and Munich 2015, p. 137 .
  43. ↑ Michael Drewes: Efficiency Problems in European Sports Leagues? Ed .: Business Service. Vol. 82, Iss. 2, 2002, p. 115 f .
  44. ^ Heinz-Dieter Horch, Manfred Schubert, Stefan Walzel: Special features of the sports business theory . Springer Gabler; Springer-Verlag, Berlin and Heidelberg 2014, p. 90 .
  45. ↑ Frank Daumann: Fundamentals of sports economics . 2nd, revised and expanded edition. UVK Verlagsgesellschaft mbH, Konstanz and Munich 2015, p. 196 .
  46. ↑ Frank Daumann: Fundamentals of sports economics . 2nd, revised and expanded edition. UVK Verlagsgesellschaft mbH, Konstanz and Munich 2015, p. 200 .
  47. ^ Heinz-Dieter Horch, Manfred Schubert, Stefan Walzel: Special features of the sports business theory . Springer Gabler; Springer-Verlag, Berlin and Heidelberg 2014, p. 86 .
  48. ↑ Frank Daumann: Fundamentals of sports economics . 2nd, revised and expanded edition. UVK Verlagsgesellschaft mbH, Konstanz and Munich 2015, p. 213 .
  49. ↑ Frank Daumann: Fundamentals of sports economics . 2nd, revised and expanded edition. UVK Verlagsgesellschaft mbH, Konstanz and Munich 2015, p. 215 f .
  50. ↑ Frank Daumann: Fundamentals of sports economics . 2nd, revised and expanded edition. UVK Verlagsgesellschaft mbH, Konstanz and Munich 2015, p. 219 ff .
  51. ↑ Frank Daumann: Fundamentals of sports economics . 2nd, revised and expanded edition. UVK Verlagsgesellschaft mbH, Konstanz and Munich 2015, p. 231 ff .
  52. ↑ Frank Daumann: Fundamentals of sports economics . 2nd, revised and expanded edition. UVK Verlagsgesellschaft mbH, Konstanz and Munich 2015, p. 230 .
  53. ↑ Frank Daumann: Fundamentals of sports economics . 2nd, revised and expanded edition. UVK Verlagsgesellschaft mbH, Konstanz and Munich 2015, p. 131 .
  54. ↑ Frank Daumann: Fundamentals of sports economics . 2nd, revised and expanded edition. UVK Verlagsgesellschaft mbH, Konstanz and Munich 2015, p. 132 ff .