In the realm of global sports - where the competition is fierce, the stakes are high and the playing field constantly evolves - the business of sport has become a powerhouse industry.
With massive budgets, superstar athletes and passionate fan bases, the dynamics of this sector have transformed the way we perceive sports. As a result, a new breed of professionals is required - equipped with the knowledge and skills to navigate this complex and ever-changing field.
For those who aspire to make their mark in the business of sport - or advance their existing careers - executive education programs offered by business schools present a unique opportunity for growth and specialization.
Business schools have recognized the demand for specialized education in the sports industry and have developed programs that provide participants with a unique set of skills tailored to this niche.
A number of exciting options exist, with the newest coming from three of Europe’s top business schools: ESSEC Business School in France, WHU – Otto Beisheim School of Management in Germany and the Stockholm School of Economics in Sweden.
The European Sports Business Program (ESBP)
The trio of institutions late last year announced the creation of the European Sports Business Program (ESBP), a new executive education offering for leaders interested in the European sports industry.
The schools created the new ESBP program because the sector is becoming more digital, more international and needs strategies and experts capable of rising to the challenges posed by the modern era.
“As the sports industry continues to evolve in a digital, globalized landscape, there’s an increasing demand for leaders with strategic acumen and strong leadership capabilities,” says Professor Karoline Strauss, ESSEC Sports Chair based in Paris. “Through this program, we aim to nurture future leaders who can not only adapt to this ever-changing landscape, but also drive it forward.”
“We aim to provide our participants with a forward-thinking perspective that prepares them to seize opportunities and manage risks in the changing sports industry,” adds Professor Sascha Schmidt, Director at WHU’s Center for Sports and Management in Düsseldorf.
Profound economic, social and cultural impacts
Sports no longer simply mean entertainment: they have become a global industry with profound economic, social and cultural impacts. As a consequence, managing the business side of sports has become a specialized endeavor.
Whether it’s negotiating multimillion-dollar player contracts, strategizing sponsorship deals, or ensuring the operational success of stadiums and events, professionals in this industry need a deep understanding of finance, marketing, management and law. That’s where executive education programs in sports business come into play.
These programs cover a wide range of topics, including sports marketing, finance, law, analytics and management. Participants delve into subjects like sports sponsorship, branding, athlete management and sports venue-operations.
One of the most significant advantages of enrolling in such an executive education program is the access to industry experts. Many programs feature guest lectures, field visits to sports organizations, and hands-on projects with real sports companies.
The sports industry thrives on relationships and connections. These programs often bring together like-minded professionals, providing a valuable network of peers, mentors and potential employers.
Building a valuable network
For example, the Isenberg School of Management at the University of Massachusetts Amherst offers a range of executive education programs focused on the business of sport through the McCormack Department of Sport Management.
“Our network of over 3,000 alumni working in sports and entertainment helps support student outcomes,” says Will Norton, senior lecturer in the Department of Sport Management at the Isenberg School. “It also helps students identify and prepare for a wide variety of careers in sports and entertainment. We conduct a macro-level scan of the industry and help students find their sweet spot.”
The school's executive courses provide participants with the practical training and skills needed to work across any and all sports management sectors and functions, such as marketing, sales, agency, corporate sponsorship, college athletics administration, business intelligence and analytics, market research and more.
“Sports and entertainment is a vast, multi-billion dollar industry that spans the globe and relies on collaborative leadership, strategic thinking and data-driven insights,” says Norton.
As the business of sport continues to expand and evolve, the need for specialized knowledge and skills becomes increasingly evident. Executive education programs at these business schools offer a tailored pathway for professionals to gain the expertise needed to thrive in this dynamic industry.
For those with a passion for sports and a desire to succeed in this exciting field, enrolling in an executive education program might just be the game-changing move that takes their career to the next level.