The Responsible Ways to Finance a Stadium: Management Essay

Future of Sports Stadium
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Future of Sports Stadium.
The Responsible Ways to Finance a Stadium
Going forward, stadiums should be financed by the public-private partnerships (PPP). This is because stadiums which have been financed by the public have brought a huge financial burden to the tax payers due to inflated operational and construction costs. On the other hand, stadiums financed by private sector means they will pocket 100 percent profits. By involving PPPs, the financial risks incurred in building stadiums will be divided between the public and private sectors. Through the public, there will be thorough tendering process and only the private companies with advanced technology and good managements would be awarded the tender. The PPPs will also aim at strengthening public participation thereby eliminating the monopoly of key decision makers working for the government (Yisheng 2015). In overall, the PPPs have more advantages compared to public and private financing and should be embraced as the way forward for construction of stadiums.
The Reasonable Maximum Size and Cost of a Stadium
In the future, the maximum seating capacity for stadiums should be 40,000 people modernized stadiums. The lower parts of the stadium will be having fans and the upper parts containing a ring of shops, restaurants, and transit centers. Such stadiums will mostly be funded by PPPs thus creating jobs for the community. They will cost approximately $1 billion. The modernized stadiums will act as social and get-together places. This will lead to a massive generation of income not only from the sports fanatics but also through the shops and social activities. Though the stadiums with a capacity of 20,000 to 30,000 can be built at a cost of less than $1 billion, the modernized ones will have an edge since they won't rely on sports activities alone.
Influence of COVID-19 pandemic on future of stadium.
The COVID-19 Pandemic sent shockwave across the world, leading to a public health emergency and plunging the global economy. The pandemic also disrupted the sporting calendar. Major professional league games globally suspended their activities to limit the spread of the virus. Before covid-19, the global value of the sports industry was on an upward trajectory. However, with the pandemic impact on the leagues, athletics, and media broadcast on this trajectory is likely to be affected. Currently, in most parts of the world, the situation appears to be improving as governments are easing restrictions and organizations finding the best ways to comply with the public safety measure, this has led to the resumption of most major leagues. Looking to the long term, the pandemic has increased dependence on TV broadcasting with limited or no sit-in fans during the game in compliance with social distance safety measures. The future of sports and stadiums depends on the ongoing medical research and human trials to develop a vaccine for the Covid-19, and with a first possible approved vaccine in 2021. Sporting activities are likely to resume normal operations, whereby fans will resume full capacity attendance of games, which means the future of stadiums; in terms of capacity may not be affected by the pandemic, sho...