summarize this without paraphrasing it in 300 words"
The purpose of this research study was to examine the effect of sports sponsorship on the promotion of sports events. While scholars have explored the main reasons why corporations sponsor sports events, they have not illustrated the overall effects of sponsorship on the promotion of the  events and the factors affecting these outcomes. For this study, a quantitative approach with the use of a questionnaire was adopted; data were collected  from 400 managers and organisers of sports events. The research questions addressed how the brand image of the sponsors improves when they sponsor sports events and what effect sponsorship has on the success of the events. Our findings showed that businesses that sponsor sports event gain improved brand image, increased exposure to customers and increased sales. Sports event managers and individual players also benefit from sponsorships. The study findings indicated that sponsors give technical, expert and financial support in exchange for improved brand awareness and brand image, which ultimately increases their revenues. The importance and popularity of sports over the past 50 years have given rise to a new industry, the sports industry. The past three decades have seen significant growth in this industry (Saeed et al., 2014). The fantasy sports industry relies highly on efficient customer relationship management (CRM) for much of its success. The ability for a provider to deliver quick, accurate and descriptive information to its consumers will result in customer loyalty and retention (Smith et al., 2010). Major sports events have become an important feature of global business and sports sponsorship has increased because professional sports organisations cannot function effectively without the revenues generated from commercial activities (Faed et al., 2012). Sports organisations rely on the sale of telecasting/broadcasting  rights, sponsorship income and ticket sales to hold sports events. The present study focused on the revenue stream generated from sponsorship because it is a major source of funding for many sports organisations. In 2017, expenditures on sports sponsorship were approximately USD 16.62 billion in North America; this number is expected to reach USD 19.88 billion by 2021. Total worldwide sponsorship spending in 2012 was USD 40 billion and is predicted to reach USD 62.7 billion by 2018 (Statista, 2018). Sports sponsorship plays a significant role in promoting and financing various games (Houghton et al., 2014). Donlan (2014) explained that, although sports sponsorship significantly helps to build consumer-based brand equity, a range of factors, including the strength of the sponsor-event and the leverage of activities affects it. According to him, the most successful sponsorships contribute to brand quality and brand loyalty. Koronios et al. (2016) claimed that sports sponsorships promote various sports through the provision of funds as well as sponsors’ products and services. A special strategy known as ‘event marketing’, which has developed over the past three decades, has been adapted to promote companies’ products and services when an event is sponsored. According to BusinessDictionary.com (2018), “event marketing is the activity of designing or developing a themed activity, occasion, display, or exhibit (such as a sporting event, music festival, fair, or concert) to promote a product, cause, or organization.” A sub-theme of event marketing is ‘marketing through sports’, in  which major sports events like the Olympic Games, the Union of European Football Associations (UEFA) Champions League, the World Marathon Majors and the Fédération Internationale de Football Association (FIFA) World Cup are sponsored and live advertisements of companies’ products and services are shown continuously. This is a big boost for marketing (Lynn and Close, 2011). The funding of sports events can be extended to various levels, from small-town or city-level events to world-level competitions such as the Olympics Games. As an example of the latter, Toyota signed an eight-year, USD 1.64 billion deal with the International Olympic Committee in 2015, covering the years 2017 to 2024 (Sport Business, 2016). The other four firms involved in the top five sports sponsorship deals  of 2015 were AB InBev [USD 1.4 billion deal with the National Football League for  six years (2017 to 2022)], Nike [USD 1 billion deal with the National Basketball Association (NBA) for eight years (2017/2018 to 2024/ 2025)], Adidas [USD 940 million deal with Bayern Munich for 15 years (2015/2016 to 2029/2030)] and Verizon  [USD 400 million deal with the NBA for three years (2015/2016 to 2017/2018)]. Some firms sponsor many games, while others extend financing to one or two specific sports. For instance, the sport of cricket is sponsored mostly by PepsiCo, Toyota, Coca Cola and Adidas. The major sponsors of soccer are Coca Cola, Nike, Adidas and Telecom. Rugby is sponsored by Coca Cola, Unilever and Adidas, while golf is sponsored by Rolex, Anheuser-Busch, Emirates, MasterCard and Coca Cola (PRO Sports, 2015). The relationship between sports sponsorship and the marketing of companies’ products and services is very strong. The commercialisation of sports has increased  the promotion and sponsorship of sports events. The involvement of businesses in sponsorship programs results in increased brand awareness and a strengthened brand image. Doshybekov et al. (2016) explained that engagement in sports sponsorship ensures that sports organisations obtain the financial assistance they need to enhance the quality of the sports events. On the other side, sponsoring businesses achieve both tangible and intangible benefits, including boosting brand exposure and communicating a positive image of the business to stakeholders. Studies conducted by Bocşe et al. (2012) and Kwak et al. (2011) revealed that supporters are emotionally attached to the sport when they attend sports events. Multinational corporations use this at layout attachment as an opportunity to associate their products and services with the events. While several studies have reported on the effects of sports sponsorship on business development and sales, few researchers have studied the effects of sponsorship on the promotion of sports events. The present study was undertaken to assess the effects of sponsorship on the promotion of sports events. This study was undertaken to bridge this gap, especially as it applies to the UK. The objective of the present study was to answer the following questions: Does sponsorship of sports events enhance the performance of sports organisations? And, how are sponsors benefitting from sponsoring? The paper is structured as follows: Section 1 introduces the subject of sports sponsorship, Section 2 reviews sponsorship literature and Section 3 discusses the chosen research methodology. Section 4 gives the results of the statistical analyses, Section 5 is the discussion of the study while Section 6 presents the conclusions. Our research was conducted to ascertain the effects of sponsorship on sports events promotion and vice versa. The following conclusions were drawn from our findings: • Sponsorship significantly affects sports events as well as awareness of brand image. • Sponsorship is not only a source of financial assistance to sports organisations but is also an important part of businesses’ promotion of their products and services. • There are positive associations and relationship between the sponsorship and promotion of sport events. • Sponsorship is an important part of the promotional mix of sports organisations and companies. • Sponsorship can be a powerful tool for marketing sports events as well as the promotion of companies’ products and services. • Sponsorship is a popular medium for corporate communication. • The growth of sponsorship programs is associated with an increase in the use of alternative ways to promote products and services. • Sports sponsorship is important from the perspective of the audience because it promotes a distinct image of an event in their minds. • The increase in the cost of media advertising is an important factor affecting the growth of sports sponsorship, which is expected to grow in the future. • Sponsorship programs are cost-effective. • The decisions to select sponsors for sports events need wise understanding and planning, including taking into account the perspective of clients and customers. The findings of the study have policy implications as well. It is important for sports event managers and sports organisations to integrate sponsorships into their marketing and promotional strategies. In addition, it is important for businesses to sponsor sports  events to enhance their brand image and communicate their marketing message to large audiences. "