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Monday 24 September 2018
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NGBs, Sports Ministry discuss diversifying income

An executive member of the TT Chess Association makes a point during a panel discussion on the need for National Governng Bodies to diversify their sources of income.
An executive member of the TT Chess Association makes a point during a panel discussion on the need for National Governng Bodies to diversify their sources of income.

The Ministry of Sport and Youth Affairs (MSYA) took the opportunity on Monday to engage National Governing Bodies (NGBs) for sport in a seminar called ‘Bridging the Gap’ which focused on the pressing need to diversify their sources of income given the economic challenge the country faces.

The innovative seminar, held at the National Racquet Sport Centre in Tacarigua, was well-attended by over 35 NGBs who were eager to learn and discuss strategies to supplement their annual subventions provided by the Ministry of Sport and Youth Affairs. A competent panel of presenters from the Ministries of Finance and Labour as well as valuable private sector input from representatives of TSTT and Nestle.

In his address, Darryl Smith, Minister of Sport, shared his optimism about the way forward despite the economic challenges, stressing that major players in sport industry, including the MSYA and Sports Company of Trinidad and Tobago, must find means of retaining the revenue earned to reinvest into sport development and facility maintenance. Minister Smith also stressed the need for greater collaboration among NGBs in fund-raising and event hosting, while putting forward his own recommendations which included taking advantage of online gaming and merchandising opportunities.

Among the objectives of the seminar were to promote stronger alignment between the NGBs and the corporate entities, many of whom are willing to provide support to the enhanced operations and achievement of developmental goals of sport organisation, which in turn, complement corporate brands and bring mutually beneficial exposure to the public.

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