Overcoming global recession in sport through sport economic regeneration activities

Abstract

The economic importance of sport in the World today cannot be overemphasized. According to International Platform on Sport Development (2007) sport can contribute to economic development by creating additional source of income, such as manufacturing of Sporting goods, the development of Sport-related services, infrastructure or sport events. Even in this time of global economic recession, the business of professional sports is not only able' to withstand the current global economic downturn, according to Gillett (2009), it can find opportunity amid the tough times. However lese opportunities may not materialized in Nigeria except certain measures are taking, hence the reason for this study was on Sport economic regeneration and Global economic Recession. Nine hundred and sixty (960) respondents were selected for this study through purposeful and convenient sampling techniques. The study tested three variables (private funding initiative, concessional management and foreig direct investment) and the data collected were coded and analyzed with both descriptive and inferential statistics. Descriptive statistics of frequency counts and percentages were used to analyse the demographic data of the respondents while inferential statistics f multiple regression was used to analyse the tested variables at 0.05 alpha level. The study reveal that all the three variables were significant, based on this, conclusions were drawn and recommendation made on how sport could contribute to coping with economic recession in Nigeria