Analysis of Elite Wealth in Sports: A Sociology of Sports Perspective

Verified

Added on  2023/06/08

|29
|1512
|372
Essay
AI Summary
This essay examines the sociological aspects of sports, focusing on how economic elites accumulate and expand their wealth through strategic involvement in the sports industry. It highlights that elites, a small yet powerful social group, leverage their influence and capital to invest in lucrative sports-related ventures, including stadium construction, hosting major national and international events, and securing sponsorships. The essay analyzes the economic importance of sports, noting its transformation into a highly organized and marketed business, which significantly contributes to socio-economic development. It delves into the various avenues through which elites generate wealth, such as profiting from ticket sales, lotteries, and sponsorships, while also addressing unfair practices like the FIFA scam. The study concludes that sports represent a profitable investment area for elites, enabling them to generate substantial wealth through strategic engagement and manipulation of the sports economy. Desklib offers a range of resources, including similar essays and study tools, to further explore this topic.
Document Page
Sociology of
Sports, Rec and
PA
Name of the Student
Name of the University
Course ID
tabler-icon-diamond-filled.svg

Paraphrase This Document

Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
Document Page
Introduction
Different social class exits
Elites are small group
Upper income groups
Economic wealth gives additional edge to elite class
(Haggard & Kaufman, 2018).
Use their power to increase wealth
Current focus is on Sports
Document Page
Economy of Elite
Small but most powerful class in society
Owns a disproportionate share of wealth
Enjoy political power and privilege in the society
Power elites
Elites governing control in policy making (Aguiar &
Schneider, 2016).
Document Page
How elites raise wealth
Elites captures a significant share of economic wealth
Study confirms eighty two percent of wealth generated in 2017
went to only percent of richest population globally.
Do not depend on single source of income
Invest income in areas of higher return (Brezis & Temin, 2016).
Income thus increases by manifold
Investment in national and international sports events.
tabler-icon-diamond-filled.svg

Paraphrase This Document

Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
Document Page
Economic importance of
Sports
Important components of socio-economic development
Today’s sports events are different from that in the past
Sports not has become more organized
Events are now marketed and administered for business interest
Execution of a major sport event benefits the economy in several ways
Development of infrastructure, generates employment, attract foreign
investment and generates players and athletes (Guerra, 2016).
Document Page
Sport and Wealth of Elites
Sports
Economic and social importance
Important source of wealth generation
Private investors take interest in investing in Sport (Yang
et al., 2017)
Invest in sports
National and international sports
Document Page
Stadium Construction
Important for hosting sports event
Place or venue for outdoor sports
Designed to accommodate spectators
Ideal place for sport lovers want to enjoy live sports
Presence of large stadiums
Generate million of dollar to the investors
Investors are attracted to invest in stadium construction (Bernstein,
2018).
tabler-icon-diamond-filled.svg

Paraphrase This Document

Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
Document Page
Stadium Construction
Growing interest to invest in Stadium.
Total value of stadium construction projects recorded as US$ 130.8 billion
The largest share accounted by US and Russia
Sports leagues such as National Football League (MFL) and Major League
Soccer drive investment in this arena (construction-ic.com, 2018).
Restructuring or building new stadium
During special sports events such as World cup, Olympics and other global
or national sport events.
Document Page
Stadium Construction
Recent event of Fifa World Cup
Driving program for new stadium construction.
Funding mostly tend to private sector.
Larger stadiums
Capacity accommodate large spectators
Earning from selling of tickets
Return to shareholders (Bernstein, 2018).
Document Page
Stadium Construction
Immense importance in sports
Funding stadium construction
Generate huge revenue
Higher return to investors
Help to increase wealth.
tabler-icon-diamond-filled.svg

Paraphrase This Document

Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
Document Page
Hosting Major Events
Major sport events
Attracts large spectators
Sports events at national and international scale
Olympic games, commonwealth games, Asian games, Cricket
World Cup, Fifa World Cup and others.
Carry significant prestige (cnbc.com, 2018)
Honor to the host nation that shapes legacy of the country or city
Document Page
Hosting Major Events
National symbolisms
Come with several benefits
Global spotlight
Stimulates regeneration
Investment and long-term benefits
World class events
Attract millions of interest in this duration
chevron_up_icon
1 out of 29
circle_padding
hide_on_mobile
zoom_out_icon
[object Object]