1. Key words
1.1. Sport
1.1.1. An athletic activity that requires skill and physical prowess and often of a competitive nature
1.2. merit
1.2.1. deserve
1.3. vast sums of money
1.3.1. organisation of sporting events (administrative, logistic costs)
1.3.2. development of infrastructure for these sporting events
1.3.3. cash prizes and/or trophies
1.3.4. accommodation of the athletes in the host country (meals, lodging)
1.3.5. advertising for these sporting events
1.3.6. sponsorship by brands
1.3.7. salaries for sportsmen/related careers
1.4. Assumption: There is a vast sum of money invested in sports.
2. No, sport doesn't merit the vast sums of money spent on it.
2.1. Social/Economic
2.1.1. Money could have been channeled into other fields that would make greater contributions to society(eg improving the social welfare of the less fortunate). In comparison to scientific research for example, sport pales in comparison in terms of its direct social contributions.
2.1.1.1. Especially so if the country is developing. The country should instead channel these resources into the development of healthcare and education systems, to build the foundation of society for future advancement.
2.1.1.1.1. Businessmen without passion for sports also enter the industry just to earn profits, making sports very commercialized. Sportsmen may also be driven by monetary benefits rather than personal performances.
2.1.1.2. Sportsmen today are overpaid
2.1.1.2.1. No one will die tomorrow if all professional sports were banned and all athletes were out of a job. Athletes are not paid what they are worth to us as a society and to us as individuals
2.1.1.3. We should not be dedicating so much of our limited resources on entertainment when there are so many malnourished people in Africa.
2.1.2. "Preservation of sporting values" could backfire if athletes are then motivated solely by the money they stand to win.
2.1.2.1. Money has the strong ability to corrupt a person's morals and values. Evident in the countless number of cases where athletes have taken steroids or performance-enhancing drugs in order to win competitions.
2.1.3. Money is often used to beautify the outer appearances of sportsmen, rather than to develop their abilities.
3. Yes, sport does merit the vast sums of money spent on it.
3.1. Economic
3.1.1. Development of infrastructure such as sports stadiums will generate jobs for the locals. They are then provided with a source of income and can improve their standard of living.
3.1.2. Sporting events can generate massive amounts of revenue from tourism. People from across the world congregate in the hosting country in order to spectate. They spend money on merchandise, lodging, food etc. in the host country. Thus, very profitable for that country.
3.1.2.1. Events like the Olympics prove to be extremely lucrative investments for hosting countries. According to the National Audit Office, China made an operating profit of over 1 billion yuan ($146 million) from the 2008 Summer Olympics.
3.1.3. Sports stars and various sports models help to open up a new industry, extending the variety of jobs who people who are interested in this area.
3.1.4. The sports industry, like any other, is driven by supply and demand.
3.1.4.1. Salaries of anyone, including corporate executives, entertainers (which includes professional athletes) are set by the marketplace. The pay is set by supply and demand.Most businesses that want more production can hire more people. A sports team, however, can't do that. A football team can't put 13 guys on the field, they are limited to only 11. So, unlike most businesses, they can only increase production by hiring more talented and skilled workers (the athletes). This significantly drives up the cost of labor.
3.1.4.1.1. In 1986, Jim Kelly was offered a large (at the time) contract of $1.5 million per year as a quarterback of the Buffalo Bills. The Bills sold 5,000 season tickets right after his singing was reported. Season tickets had cost an average of $300 each in 1986 ($30 per game for 10 games, 2 of those are preseason). Those ticket sales tallied $1.5 million.
3.2. Social
3.2.1. Sport transcends racial, cultural, age, gender boundaries. It can unite people from all walks of life. Sharing a common passion/support for a team can strengthen the social fibre of the country, shaping a more closely-knitted society.
3.2.2. Continually investing in it will promote the conservation of sporting values, such as sportsmanship, perseverance, fairness, friendship.
3.2.3. Sport inculcates values such as tenacity and perseverance.
3.2.3.1. Many inspiring athletes have been put in the spotlight due to the determination they have displayed in the face of various obstacles - this is one of life's lessons that is not to be learned in the classroom.
3.3. Political
3.3.1. Sports can strengthen political ties between countries, and are themselves also powerful symbols
3.3.1.1. "Ping Pong Diplomacy"- the exchange of ping-pong players between the United States and People's Republic of China (PRC) in the early 1970s. The event marked a thaw in U.S.–China relations that paved the way to a visit to Beijing by President Richard Nixon.