Book Review – Sport Finance
Phyllis A. Love and Darlene A. Kluka
Grambling State University of Louisiana, USA |
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Fried, G., Shapiro, S. T., & De Schriner, T. D.
(2003). Sport finance. Champaign, IL: Human Kinetics. ISBN:
0-7360-0183-2. $59.00 USD
Sport Finance, a much-needed book for the beginning of the new Millennium
because of the huge push to build new sport facilities and multimillion
dollar professional sport deals, combines basic principles of business
with case studies in contemporary sport. The authors skillfully use
four models to connect theory with practice: (1) a young couple recently
graduated from a university in the USA and who desire to open their
own fitness center/gift shop/juice bar; (2) a sporting goods company
that makes tennis rackets and golf clubs; (3) the University of Houston,
a large U. S. university that has had fluctuating budgetary concerns;
and (4) The Boston Celtics, a professional men’s basketball
team in the front office.
The authors have successfully organized the text’s contents
to meet or exceed that which is required by organizations representing
a North American perspective, NASPE/NASSM (National Association of
Sport and Physical Education/North American Society for Sport Management),
for a sport finance course offered at the university level. Required
content includes basic accounting principles, financial statements;
sources of revenue for financing; principles of budgeting, budget
as a method of control, organization and reallocation; budget development;
spreadsheet utilization; and financial aspects of facilities management.
Additional content is offered to complete the accreditation standards
as well as the area of focus: present financial status of the sport
industry; concessions and merchandising; for-profit and not-for-profit
budgeting, development and fund raising principles and methods; and
financing facilities. Also included is a glossary of sport financial
terms, suggested resources, time value of money tables, and excellent
samples of research topics, appropriate for upper division or master’s
level students.
The text is logically divided into six parts. In Part I, the authors
present several issues that are beneficial to the sport finance discussion.
Because basic accounting principles are vital to the discussion, a
brief, yet meaningful, semblance of information is included. Factors
that impact finance, such as financial markets, business structures,
and government entities are also included. Part II includes information
relative to case studies. Factors that impact each of those scenarios
are brought forward for analysis, synthesis, and action. Finding the
capital needed to function as a sport business is examined in Part
III. The authors, in Part IV, discuss the outlay of money, including
typical expenditures, budgeting, short- and long-term planning, and
an overview of inventory management and production control. Part V
focuses upon the process of profit distribution, which includes dividends,
company acquisition growth, and retained earnings. Finally, Part VI
provides an overview of accounting techniques and the tracking of
finances that leads to successful auditing.
This text is vital to those who are eager to learn more about sport
finance from a North American perspective. It is appropriate for adoption
in upper division undergraduate sport management curricula as well
as master’s degree sport administration/management programs
in North America. Professors need only supplement the text with perspectives
of Olympic Movement sport to gain an international perspective. For
those in other parts of the world, the text provides a unique North
American perspective in entrepreneurial sport business as well as
professional sport.

http://www.icsspe.org/portal/bulletin-january2004.htm
Book Review – Sport Finance
Phyllis A. Love and Darlene A. Kluka, USA
|