Summary
Financial management in professional baseball
CPA Tim Buzard is the vice-president of finance for the professional baseball team the Chicago White Sox which is organized as a partnership. Financial planning for professional sports teams is never precise due to factors which cannot be anticipated in advance such as player performance, weather, and general economic conditions. Buzard keeps a close watch on finances through budgetary measures.See the full content of this document
Extract
Budgeting for curve balls.
For the Chicago White Sox, revenues are as unpredictable as next week's scores.
Every company's fortunes can be affected by a variety of unanticipated factors, such as weather, buying trends and national or international economic conditions. In professional sports, the variables can be particularly unpredictable. A winning player with a multiyear, multimillion-dollar contract might bring in sellout crowds one season and go into a slump the next, taking attendance figures with him. A team's revenues can surge or sag depending on how well it p...See the full content of this document
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