Irish sport sponsorship to reach €67m
Friday, 28 May 2004A summit has heard that the sports industry could account for up to 1.8% of GDP and generates over €2 billion in consumer spending each year.
Eoin MacNeill, Head of Sports Law at A&L Goodbody, at the Business of Sport 2004, estimated that sponsorship of Irish sport will reach €67m in this year and allocations under the Sports Council Programme since 1998 are in the region of €321m. Linked to this is the recognition of the economic importance of sports tourism to Ireland and the potential for Ireland to position itself as a major sports tourism location in coming years.
The shift in Irish sport from amateur to professional means that sport has emerged as a major investment opportunity. The €267m investment in capital projects over the past five years, including the National Aquatic Centre, is symptomatic of the route Irish sport is taking.
MacNeill said: "Like other businesses, sports are operating in a more complex and regulated environment."
Conal Hooper, Director of the Centre for Sports Studies, UCD said: "Irish sport should harness all available skills through the strengthening and diversification of partnerships between the sporting, business and academic communities in order to ensure its ongoing development, to optimise opportunities for participation at all levels and to improve the chances of success for its elite performers."
