The business of sports plays an important role in the advancement of players’ careers, especially outside their sports activities. The sports business is a multibillion industry and the colossal amounts of revenues generated function both directly and indirectly to further a player’s career. According to Elberse and Golod, in 2003, the industry generated over 40 billion dollars in revenues, in the US alone, and 80 billion dollars worldwide. Therefore, individuals become more than just sports players as they double as images for different brands.
The major channels through which money from corporates flows to players are merchandising sponsorships and endorsements. Becoming a brand ambassador for given corporates comes with numerous benefits for players. For instance, in the 2003-2004 season, Tiger Woods’ total income was over 76 million dollars followed by other stars, such as basket players
Shaquille O’Neal and LeBron James. Endorsements and sponsorships significantly shape both the personal and professional growth of players on and off-field. First, at such levels of high-income generation, players access the best training services and coaches to further their career and expand their wealth net.
Therefore, professional players continually seek multiple channels of generating income apart from playing on the fields. In most cases, as brand ambassadors, players are required to portray a certain image to the public, which is consistent with the values of the sponsoring entities. Any form of a misdemeanor would cost such individuals dearly after the sponsorship, endorsements, and merchandise deals are withdrawn.
A good example of such a scenario involves the Tiger Woods scandal after rumors emerged that he had cheated on his wife. Nike withdrew its sponsorship and the player struggled to regain his reputation in the sports industry. His professional and personal life was shattered by the incident, which continues to shape his career even to date. Therefore, it suffices to say that the business of sports is a major driving force of players’ career progression.