A think tank in Hong Kong recently released a report urging the government to further support the development of the local sports industry by more effectively utilizing gambling-related revenues and advancing structural reforms.
According to a report by the Wen Wei Po, the report proposes 22 specific recommendations covering six major areas. One key initiative is to allocate 2% of the net proceeds from football and newly established basketball gambling (estimated at about HK$430 million, equivalent to US$55.3 million) to the Sports Industry Development Fund to support event organization, industry research, and talent training.
Funding will adopt different ratios according to the type of event: 1:1 for major international championships (targeting older audiences), 7:3 for youth and national league events, and 3:7 for exhibition matches.
To improve the sports industry data system, the report suggests that the Culture, Sports and Tourism Bureau establish a dedicated statistical position and commission third-party institutions to conduct research to systematically assess the industry size, employment status, and economic impact of major events.
The "Young" brand plan has attracted much attention. The plan proposes to support emerging sports projects with development potential with up to HK$10 million in public-private matching funds.
In terms of talent cultivation, the report recommends funding "M" brand events to provide internship positions and adding sports internships to the existing mainland youth exchange programs. Additionally, it suggests expanding support for retired athletes by funding their entry into private institutions to engage in event planning and related positions.
The report also discusses measures to optimize the sponsorship mechanism, including strengthening the core sponsorship group functions of the "M" brand by increasing meeting frequency, organizing matching and training workshops, and promoting longer-term stable cooperation between sports associations and commercial sponsors.
