Assess corporate value of sports businesses

Assess corporate value of sports businesses
Overview
This chapter provides an introduction to the use of financial management techniques
within sports organisations, broadly defined to include all organisations involved in
the provision of participant and spectator sports. The chapter begins with a definition
of the subject matter of sports finance leading on to the notion of sports organisations
as engaged in the creation of value. The concept of financial value as the present value
of expected future cash flows is introduced. The structure of financial statements is
explained with the emphasis on how to use company accounts to analyse the financial
performance of sports organisations. Attention then focuses on two particular valu-
ation problems: how sports organisations should use DCF analysis to value potential
investment projects; and how corporate valuation techniques can be applied to deter-
mine the value of sports businesses. This is followed by an examination of the factors
influencing the optimal mix of long-term financing for sports businesses. This leads on
to a discussion of how stock markets determine the values of publicly-traded sports
Upon completion of this chapter the reader should be able to:
■ interpret the behaviour of sports organisations as value creators;
■ understand the relevance of the study of financial management for sports
organisations;
■ calculate financial value as the present value of expected future cash flows;
■ use company accounts to analyse the financial performance of sports
organisations;
■ apply discounted cash flow (DCF) analysis to investment decisions in sports
organisations;
■ estimate the corporate value of sports businesses;
■ determine the appropriate mix of debt and equity for the long-term financing of
sports businesses;
■ understand the key drivers of share prices of publicly-traded sports businesses
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