When the global economic downturn hit, sports did not escape unscathed. American insurance giant AIG, the shirt sponsor of Manchester United, went bankrupt in the global financial upheaval, leaving the England powerhouse feeling the heat.
Pundits have warned that a top English club may face closing down as English football has amassed debts of around three billion pounds (5.2 billion U.S. dollars) at all levels of the game.
Formula One saw Japanese carmakers Honda and Suzuki withdrawing and French Grand Prix dropped. A third Japanese constructor Subarusoon followed suit by quitting the world rally championship. The worldwide financial crisis left major manufacturers shedding jobs and halting production lines amid plunging sales and revenues.
As sports felt the pain of the crunch, can China, the new giant and fast growing sport market, be a safe haven?
Since winning the bid for the 2008 Olympic Games, Beijing and other major cities in China have become the favorite places for international sport events.
The Winter World University Games takes place in early 2009 in northeastern city Harbin before southern metropolis Guangzhou hosts the Asian Games in 2010. In 2011, the summer Universiade will be staged in Shenzhen, which has been a window to China's economic reform since it became the first Chinese city to have a taste of market economy.
Beijing's state-of-art shooting range built for the Olympics will be kept busy in the following three years by holding World Cup, and Shanghai has won the permanent right to host the tennis Masters starting from next year.
Liu Qingzao, professor of Shanghai University of Sport, argued that China's sport industry was affected by the financial crunch, taking the sponsorship for example.
"Some sponsors have cut back on sponsorships. Others are having a second thought on their sponsorship decision," said Liu, who is also an advisor for next year's National Games in Shandong province.
体坛英语资讯:Violence after soccer match kills fan in Brazil
体坛英语资讯:Athlete Liu Xiang to champion coaches at top Chinese political meeting
体坛英语资讯:Manchester United lifts League Cup
体坛英语资讯:Chinas Bao takes gold at fencing Grand Prix Moscow leg
体坛英语资讯:Tiger Woods makes first public apology
体坛英语资讯:Swedens Kalla wins womens 10km cross-country skiing
体坛英语资讯:Third time lucky for Madrid Olympic bid?
体坛英语资讯:Dutch Wust takes womens 1500m speed skating gold at Vancouver
体坛英语资讯:Chinas 5 breakthroughs at Vancouver Games
体坛英语资讯:Ferry wins mens 12.5 km pursuit Olympic biathlon gold
体坛英语资讯:Swiss Ammann marks history with four Olympic ski jump golds
体坛英语资讯:Chinese athletes learn to communicate, says Chinese sports legend
体坛英语资讯:Norway wins gold in womens cross-country relay at Vancouver Olympics
体坛英语资讯:Vonn wins gold in womens downhill
体坛英语资讯:China makes historic breakthrough in winter sports at Vancouver Olympics
体坛英语资讯:Laporta moves into politics
体坛英语资讯:China wins first-ever team medal at Olympic Winter Games
体坛英语资讯:Former NBA star sentenced to five years in shooting
体坛英语资讯:Miller wins mens Alpine skiing super combined
体坛英语资讯:Michael Phelps becomes Youth Olympic Games ambassador
体坛英语资讯:Holcombs crew win U.S. first Olympic bobsleigh in 62 years
体坛英语资讯:Dutch Sauerbreij wins womens PGS snowboard Olympic gold
体坛英语资讯:Swiss Cologna wins mens 15km cross-country skiing Olympic gold
体坛英语资讯:Santos confirms Robinhos absence in classic against Corinthians
体坛英语资讯:Rogge pushes not just to remember Vancouver Games with luger death
体坛英语资讯:Norway wins mens biathon relay at Vancouver Olympics
体坛英语资讯:China goes further to fight football match-fixing
体坛英语资讯:Switzerlands Janka wins gold in mens giant slalom
体坛英语资讯:Gender issue stalls South African award selections
体坛英语资讯:Sleet woes continue at Whistler for Vancouver Olympics