Determinants of the managerial and economic efficiency of sports events

Abstract

Introduction. The management of sports events does not stand still and dynamically develops, offering society new approaches and solutions for the preparation and conduct of competitions. This requires highly trained personnel with innovative knowledge and successful implementation. Sport management has an impact not only on the sports sector itself, but also on economic, social and environmental aspects, so a comprehensive approach is required to improve results. In other words, good management of sports events plays a crucial role in the development of modern sport as an industry, ensuring its accessibility, professionalism and mass. Purpose. The study is aimed at identifying key factors of successful management of sports events, assessing their impact on the economy, social sphere and development of the sports industry, as well as studying best practices and innovative technologies used in this field. Achievement of this goal will determine the optimal strategies for managing sports events, increase their efficiency and profitability, as well as develop recommendations to improve the organization process taking into account modern requirements and global experience. Methods. The study is based on general scientific methods: comparative analysis, statistical analysis, and contextual analysis, as well as the scientific works of Russian scientists on the topic of management in the field of physical culture and sports. Both theoretical and practical research tools are used as methodological basis. Results. Based on comparative, statistical, and contextual analysis, a theoretical approach has been developed to determine the determinants of the managerial and economic efficiency of sports events in a complex geopolitical environment. This approach focuses not only on financial indicators, but also on social, image, and environmental factors. Sports events management is one of the most complex and popular areas of modern managerial activity, combining in its content elements of strategic planning, organizational administration, marketing, resource management and communications. With the rapid growth of sport as a cultural and socio-economic phenomenon, management of sporting events is becoming not only an important branch of professional activity, but also an essential factor in territorial development, Formation of mass interest in healthy lifestyle and strengthening the image of countries and regions on the international scene. Conclusions. Currently, we are witnessing a set of contradictions related to the discrepancy between the growing complexity of modern physical culture and sports management and the lack of comprehensive management practices that would likely ensure efficiency, profitability, and positive impact on society. Firstly, there is a contradiction between the scale of influence and the level of risk. The article demonstrates that hosting major sporting events has a significant impact on the economy, social sphere, imagine, and development of the sports industry. Therefore, as the scale of the event increases, so do the risks of budget overspending, negative environmental impact, and the fear of losing the demand for heritage sites. The rapid digitalization of life presents challenges that organizers struggle to address due to a lack of knowledge. The sports management training system is not keeping up with the changes, which creates a gap between potential and actual performance. Thirdly, there is a contradiction between commercial goals and sustainable development objectives. We have a trade-term profitability and long-term positive legacy. The Sochi Olympics are a clear example of this. This article alms to identify key success factors that can help minimize the risks associated with these contradictions.