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Strategije finansiranja i ocena ulaganja u sport [Financing Strategies and the Effects of Investing in Sports] 2012 http://ezaposleni.singidunum.ac.rs/rest/sciNaucniRezultati/oai/record/1/2713 http://www.fms.rs/wp-content/uploads/2013/07/Zbornik-radova-11.pdf www.kupindo.com › Knjige › Stručna literatura › Sport http://www.goglasi.com/search?q=slicni%3A50248642%20ALEKSANDAR%20%C4%90OR%C4%90EVI%C4%86&sort=fi S. Dugalić S. Lazarević M. Sobek Managing with finances implies managing with critical parameters of success such as cash flow and sustainable growth rate, which means that managers direct their strategies towards solving cash surplus or deficit problems, and moreover, this volume should be in accordance with the aspirations for further development and the appeal of sports programs. While coordinating a real and sustainable growth rate, the zero step is to determine the extent of the situation, and thus if it is predicted that the growth rate will decline to the level of a sustainable growth rate in a short period, the problem is of an оpеrаtive chаrаctеr and can be resolved by additional borrowing (short-term loans, the issuing of bonds et al.) which is typical for the stage of the development and evolution of an organization. However, sports organizations cannot use this form of financing due to a risk which no financial organization in Serbia wishes to undertake. If the lack of cash is not resolved within a short period, the predicament of a disparity between a real and sustainable growth rate will attain a stratеgic chаrаctеr. The possibilities which the management have at their disposal are issuing new stocks, developing financial leverage, changes in the distribution policies, as well as adapting to the sports-services processes. If we take exception to the first option (as an external, legislative factor), the other strategies (internally orientated) can significantly contribute to improving the financial state of the sports organization. The paper brings forth examples of financial strategies which are available during the appraisal of the effectiveness of investing in sports. conferenceObject 88 101 10.13140/RG.2.1.3566.2483 Conference Proceedings 1