Professionalization of modern sport For Profit or Glory Essay - 1

Professionalization of modern sport For Profit or Glory - Essay Example The twenty-first century has been characterised by numerous transformations that have seen football and in particular the English Premier League being commercialised and turned into a multi-billion business investment from which the owners and investors are reaping billions of pounds in revenues (Roster and Shropshire, 2011). For this reason, the last decade saw the three top-flight league clubs Chelsea, Manchester United, and Manchester City being auctioned and sold out to investors – a move that significantly changed the operations and impacted the management of the clubs. However, some opponents argue that the multi-billion takeovers were healthy for the clubs since the investors have vast amounts of disposable incomes to hire and attract world class players from across the globe as well as be able to maintain their huge wages. Although, this has not been the situation because many of these clubs, currently face various challenges that have become threats to their future competitiveness (Ferguson, 2013). The Manchester United faces a number of governance issues that have their roots in the 2005 take over and the recent challenges of corporate governance practices. The moment the Glazers announced their planned takeover of Manchester United, the news elicited mixed reactions from the loyal and die-hard supporters of the club. A significant number of them were opposed to the move since they wanted Manchester United to remain a community club with no designated owner because they feared a single investor would take over ownership and impose his will on the management of the organisation, which would be against their wish. For this reason, the supporters organised peaceful demonstrations that were coupled with a number of petitions to the ministry of culture to bare and nullify the deal from being procured. Unfortunately, the contract was sealed, and the Glazers obtained a seventy percent stake in