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The sports business will also often have number of ties in the community, and these will also need to be unwound. In particular, breaking relationships with charitable organizations is something that will be a challenge for management. However, the business will soon need to move onto the business of liquidating the assets, which could include stadiums.
If there are fixed assets involved in either an unwinding of a business or restructuring of the business, the company needs to take into account the disposal of these assets. Sometimes, a fixed asset like an arena or stadium can be sold. This is likely to be the case if there was any government funding for constructing the building. However, it is not responsible to leave such a fixed asset unsold, even if it is a challenge to find a buyer. A sports business that owns such assets should have a contingency plan at all times for the disposal of that asset in the event of unwinding or restructuring.
For the finance professional, restructuring or unwinding a sports business is not much different than for any other corporation. The objectives must be determined, and then steps taken to control the finances of the process and thereby ensure that the change is done in the most efficient manner. It is important especially when a business is being unwound that the financial manager understands what obligations the organization has to the creditors, and that it takes steps to protect the value of its assets. This is important because people within the organization...
The choice of the different options will depend on the objectives that the organization has. The role of the financial manager in the process is to protect the business' assets and ensure that shareholders and creditors get full value for the investment. This role is complex, and it demands that the financial manager work carefully with a number of different stakeholders in the organization, including senior management, the human resources department and also whatever external stakeholders there are as well. By undertaking the process carefully the business can unwind in a responsible manner that protects the organization's assets, reduces legal liability and ensure that all stakeholder needs are being met.
Works Cited
Banbury, C. & Mitchell, W. (1995). The effect of introducing important innovations on market share and business survival. Strategic Management Journal. Vol. 16 (S1) 161-182.
DeMeuse, K., Vanderheiden, P. & Bergmann, T. (2006). Announced layoffs: Their effect on corporate financial performance. Human Resource Management. Vol. 33 (4) 509-530.
Dutton, J. & Duncan, R. (1987). The creation of momentum for change through the process of strategic issue diagnosis. Strategic Management Journal. Vol. 8 (3) 279-295.
Works Cited
Banbury, C. & Mitchell, W. (1995). The effect of introducing important innovations on market share and business survival. Strategic Management Journal. Vol. 16 (S1) 161-182.
DeMeuse, K., Vanderheiden, P. & Bergmann, T. (2006). Announced layoffs: Their effect on corporate financial performance. Human Resource Management. Vol. 33 (4) 509-530.
Dutton, J. & Duncan, R. (1987). The creation of momentum for change through the process of strategic issue diagnosis. Strategic Management Journal. Vol. 8 (3) 279-295.
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