프로스포츠振興을 위한 資金調達方案

• 영문명: Developing Financial Structures for the Promotion of Professional Sports in Korea
• 발행기관: 한국스포츠엔터테인먼트법학회
• 저자명: 박훤일(Park, Whon-il)
• 간행물 정보: 『스포츠엔터테인먼트와 법』제8권, 133~162쪽, 전체 30쪽
• 주제분류: 사회과학 > 사회과학일반
• 파일형태: PDF
• 발행일자: 2006.04.30

국문 초록

2002년 월드컵 대회를 치르기 위해 전국 주요 도시에 건설한 전용구장들도 막대한 建設費의 뒤처리와 지속적인 收益事業의 운영에 있어 뾰족한 대책이 없는 실정이다. 프로스포츠가 발달한 미국과 유럽에서는 프로스포츠 구단이 전용구장을 소유하면서 천문학적인 移籍料를 지급해가며 스타 플레이어를 영입하고, 다른 구단과 인수․합병(M&A)을 시도하는 등 막강한 財力을 과시하는 곳도 많다. 미국의 프로스포츠 구단들이 야구․축구․농구 경기장을 건설하고 운영함에 있어서 여러 가지 다양한 金融技法을 적용하고 있는 것을 참고하여 자금조달 면에서 국내 프로스포츠 진흥방안을 모색해 보고자 한다. 크게 보면 프로젝트 금융 방식이 가장 유력하고, 구체적으로 들어가면 자산유동화, 프랜차이즈 기타 여러 가지 방법을 적용할 수 있다. 오늘날 레저․스포츠가 불가결한 생활의 일부로 자리잡은 만큼 전국적으로 體育施設을 새로 건설하거나 기존 시설의 개․보수 또는 운영방법의 개선이 시급하다고 생각된다. 이러한 사업에는 많은 자금이 소요되는 만큼 창의적인 금융기법의 개발이 요청되고, 금융계의 관심이 커지면 커질수록 새로운 금융시장이 형성될 것으로 전망된다. 이와 아울러 프로스포츠 구단도 企業經營 못지 않게 새로운 경영기법이 도입되어야 하고 무엇보다도 收入多邊化 노력이 필요하다고 하겠다.

영문 초록

Hundreds of thousands of enthusiastic football fans, Be the Reds , gathering at the Seoul City Plaza for the 2002 World Cup Games showed that sport could change the collective psychology of a contemporary society. When the World Cup Games were over, however, those World Cup stadiums turned into something like ghost towns. Since most of them are not used more than a few times a year, there is an increasing need to make the most of such facilities other than eternal monuments to past sporting memories. Recently Samsung Group abruptly withdrew its sponsorship for the 2005-06 Professional Basketball Games, confronted with politicians arguments against the Samsung-only sponsorship. President Noh said that the government will exert every effort to develop value-added sporting goods, to enhance the domestic sports leisure industries to the top notch in quality and variety, and to consolidate the infrastructure of professional sports. These circumstances show that it is time to develop and employ more innovative financing techniques rather than traditional financing methods for sports facilities. In the United States, there has been a boom in sports facility construction since 1990. According to the Fitch Report on Changing Game of Sports Finance (797 PLI/Comm 841), of the 120 or more professional franchises in the four major sports leagues - National Basketball Association, National Football League, Major League Baseball, National Hockey League - more and more teams are seeking new facilities or have new facilities under construction. In the meantime, the financing of sports facilities has shifted from the public finance debt market to sports facility revenue based project financing and securitization transactions. Sports facility debt has been issued in the U.S. municipal bond markets. Also, project finance transactions have been arranged in the financial markets, and, more recently, some facility related revenue streams have been successfully securitized. Consequently, such revenue streams and cash flows have to be reinforced by solid lease agreements with the anchor tenants, premium seat license agreements, long-term contracts with concessionaires and TV broadcasters, naming rights agreements, title sponsors and advertisers. Projected cash flows for project financing transactions must undergo various stress test scenarios. Financial projections must be able to withstand several sensitivity analyses. For example, a credit rating agency like Fitch may assess such asset-backed transactions as an investment grade on condition that they maintain a debt service coverage ratio(DSCR) of at least 1.0x, exclusive of the debt service reserve account, subsequent to each debt service payment. A professional sports franchise may use a stadium, arena or ballpark by either a lease agreement or delegated management agreement with a host municipality. The franchise may employ, as the case may be, the method of BOO(build-own-operate), BTO(build-transfer-operate), ROT(rehabilitate-operate-transfer), or BTL(build-transfer-lease) in securing the sports facilities. The selection of the financial structure, based upon the given conditions and situation of the sports facilities, could be processed in the following diagram. In all traditional project finance and those structures incorporating elements of securitization, security is derived from pledged revenues and often a mortgage on the building and improvements. The collateral usually includes possible revenue streams, the right to future revenues, the right to enter into future contracts, and the right to renew contracts. Also it is advisable to establish a project company as a special purpose vehicle(SPV) to apply for the government support in accordance with the Act on Private Investment to the Social

목차

Ⅰ. 머리말

Ⅱ. 프로스포츠 施設建設財源의 조달 방안

Ⅲ. 프로스포츠 施設의 建設事例연구

Ⅳ. 맺음말

키워드

프로스포츠 자금조달 프로젝트 금융 자산유동화 지자체 채권 BOT BTL Pro-sports project financing securitizatiojn BOT BTL