2 minute read
Company Profile
A boxing events promoter aiming to enhance its presence on the international stage and secure additional revenue streams.
CEO’s Mission
In the competitive and high-stakes world of boxing, promoting major title events involves substantial financial risk, often requiring significant investment in a stable of fighters, their training, and promotion.
The development of a television channel, intended to broadcast via satellite in the UK, necessitated careful selection of fights to promote and televise, supplemented by events from other global promoters to fill the schedule.
CFO’s Objectives
– Devise a comprehensive business plan.
– Gain buy-in from stakeholders.
– Establish a dedicated television platform.
– Secure funding for expansion.
– Obtain guarantees for major events.
What the CFO Did
– Created a detailed business plan and presented it to the Board and shareholders, outlining the strategy for growth and revenue generation.
– Successfully secured necessary funding to support the company’s expansion and operational needs.
– Negotiated deals for the transmission of the channel and the acquisition of broadcasting rights for various boxing events.
– Established a subscription-based model for the channel, enhancing revenue through a pay-per-view proposition.
– Partnered with a pay-per-view service provider to tap into a more lucrative revenue stream.
– Devised a chart of accounts and implemented an accounts package to streamline financial operations.
– Recognizing the potential of the pay-per-view model, facilitated the sale of the subscription channel to another sports broadcaster, thereby securing a significant financial boost.
– Worked closely with the Management Accountant to ensure accurate and timely production of budgets, management accounts, and statutory accounts.
– Produced detailed financial forecasts and participated actively in Board meetings, providing strategic financial insights.
– Recruited a Management Accountant to oversee the financial functions.
The Results
Through strategic financial management and innovative revenue models, the company not only stabilized its operations but also positioned itself for sustainable growth in the competitive boxing promotion industry.
The creation of a television platform and the subsequent shift to a pay-per-view model significantly enhanced revenue streams, ensuring the company’s long-term success and stability.
