Sports Sponsorship - Research Proposal Example

The research also evaluates the economic benefits, as well as, the costs associated with the Philadelphia International Cycling Championship to the city of Philadelphia and the surrounding community. Early January this year, it was announced that the Philadelphia International Cycling Championship would not be held in 2013 (Velo News, 2013). The announcement of the cancellation of the yearly race was a surprise to many people. Among those who were stunned by this announcement are spectators, race participants and citizens of Philadelphia, and the surrounding communities.

However, the organizers of the Philadelphia International Cycling Championship race promised to reorganize with new partners to make the yearly race superlative in future. This means that the next Philadelphia International Cycling Championship race will be held next year, if the organizers manage to find sponsors who may be willing to commit their funds towards the preparation of the event. Given that the Philadelphia International Cycling Championship is among the biggest, special events of Philadelphia, the race had both economic benefits and costs to the city of Philadelphia and surrounding communities. . This contributes to the revenue of the city.

Also, community members benefit because they are the suppliers of the requirements of hosting spectators such as foodstuffs. In addition, people from areas surrounding the city of Philadelphia are employed by various companies that are associated with the organization of the Philadelphia International Cycling Championship race. Other economic benefits include revenue earned from travel of the participants and spectators in throughout the city of Philadelphia and its surrounding communities (Visit Philly, 2012).

Therefore, the Philadelphia International Cycling Championship is of significant economic benefit because it earns revenue for the city of Philadelphia, through charging of a flat fee to organizers and participants (Ford, 2013). On the other hand, the Philadelphia International Cycling Championship is associated with the rising city costs (PR Web, 2013). For instance, the city of Philadelphia incurred some costs in preparation of the event when sponsors could not reach the threshold of the required funds for hosting the Philadelphia International Cycling Championship.

This move was taken by the city of Philadelphia because of the economic benefits that the race brought to the city. However, the city of Philadelphia increased the charges to the organizers tremendously in 2009, a time when sponsorship commitment of TD Bank was coming to an end (Ford, 2013). Other costs associated with the Philadelphia International Cycling Championship include lawsuits. For instance, one of the organizers is facing a law suit, whereby he is accused of failing to purchase the remaining share of their joint sporting with one of the participants who died of cancer last year (Ford, 2013).

Instead, the organizer had used the