Whenever a sports stadium undergoes renovations, owners are keen to expand luxury suites that make it possible to increase corporate hospitality. The same is true when sports such as golf and racing look for ways to extend their reach. As a sports hospitality provider, we know this first-hand. We also know why hospitality is so often the focus of growth and expansion efforts.
Corporate hospitality makes a big difference in sports because it brings in the revenues that teams and venues need to remain financially viable. When revenues are not there, those involved do not have the money necessary to stage expensive sporting events. Take the USA Pro Challenge cycling race as an example.
This American race may be one you never heard of for obvious reasons. It was first established in Colorado in 2011 thanks to organisers and investors willing to provide the funding. However, race CEO Shawn Hunter recently confirmed that the USA Pro Challenge would not be continuing after the 2016 race. The event's two principal investors have pulled out, and Hunter was unable to secure that lost revenue through corporate hospitality and advertising revenues.
Sports Hospitality Keeps It Running
Imagine an English football team like Chelsea or Arsenal having to cut back due to insufficient revenue streams. Imagine major sponsors pulling out because the team is not generating enough revenues at the gate to make investment profitable. Just thinking about it is a scary proposition.
The reality is that sports hospitality is now a major component of any professional league's budget considerations. Likewise, for the venues and the teams. Furthermore, athletes would not be able to earn what they now earn without the revenues generated by sports hospitality promoters and clients. And without those financial incentives, the quality of competition declines.
Rest assured that when you book a sports hospitality event through DTB, you are doing more than just catering to your guests. You are also contributing to the sports industry, the local economies of cities and towns where events are hosted, and the greater economy of the United Kingdom as a whole. You are participating in something that affects the lives of millions of people employed by the sports industry.
Yes, corporate hospitality makes that big a difference in sports. We would not enjoy the quality or variety of sporting opportunities we now do without it.
1.Cycling News – http://www.cyclingnews.com/news/usa-pro-challenge-will-not-return-in-2017/
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