Publications Provide Solid Template for Business of Sports Coverage

The theory that there is a business angle to every story is an understatement when it comes to money and sports. Lucrative player contracts, million-dollar stadium deals and rising costs for fans represent the tip of the iceberg in the business of sports.

Serving such a niche audience throughout the country is the Sports Business Daily, a trade publication which celebrated its 10th anniversary this September with an ever-growing readership, a greater emphasis on content and a dedication to in-depth analysis.

The Charlotte, N.C.-based organization is also home to Street & Smith's Sports Business Journal, a trade magazine published weekly. Executive Editor Abraham Madkour has witnessed the growth of the sports business market over the years.

"It's certainly progressed quite dramatically, there's more sophistication in terms of coverage," Madkour says. "Editors are able to see more stories on the business side. A lot of reporters are doing it much better with eyes on sources that can break down the dollar signs."

In its own publication, the Sports Business Daily observes hundreds of media outlets each morning and afternoon to bring home the most relevant news to its readers. A strong understanding of its core audience is a key component to its success.

Business executives and top decision makers in sports want a deeper understanding of how stories related to sports finance affect their overall bottom lines.

"We have a very high-end premium product and our readers rely on us to do the work for them," Madkour notes.

Such dedication has resulted in an 84 percent renewal and circulations of 18,000 for Sports Business Journal and 25,000 for Sports Business Daily. And it's not without a cost. Daily subscribers pay $1,300 a year for subscriptions; Journal users pay $229 annually.

Although he operates a staff that some would consider relatively small, Madkour says the knowledge of his young reporters is invaluable.

"What we're able to do with a small operation is create a publication that combs through hundreds of resources and summarizes it for our readers," he says.

He suggests that national newspapers know their audience and make the most of the staff they employ to bring business of sports coverage to light. Perhaps have business reporters work side by side with sports staff to bring effective business sidebars to an otherwise straight-up sports contract piece.

In the Reynolds Center's first cycle of workshops Jodi Schneider, economics editor at Congressional Quarterly, recommended that reporters (scroll down to 'Sports') look into sports facilities, which are usually financed by public funds, to get a better idea of the cash flow of athletic organizations in their community. She noted that the economic and employment impact a sports team brings to a city is often ignored.

Madkour had noticed an increase in the number of sports business stories in newspapers in the mid- to late-90s. But space tightening and budget constraints have since scaled back that proliferation. He emphasized that all journalists must meet the challenge in covering the business of sports with knowledge and expertise.

"Good reporters need to educate themselves," he says. "You need to be able to read the numbers to figure it all out. And there is a demand on sports teams to make financial data more available."

The ability to cover the business of sports, and cover it well, does exist. It means tapping into local sources and pressing top management to provide the real numbers to take your business coverage to the next level.

For more about the Sports Business Journal and Sports Business Daily, visit the links below:

http://www.sportsbusinessjournal.com/

http://www.sportsbusinessdaily.com/