“…This article will allow us to continue previous research (2007; 2014; 2018). The paper can be relevant for sports governance studies (Houlihan, 2012;Waugh et al, 2014;Batuev, Robinson, 2018;Clausen et al, 2018;Dagaev, 2018;Agafonova, 2019;Krieger et al, 2020;Van Bottenburg, 2011;Parrish, 2003;Lang et al, 2019;Gammelsaeter, 2020;Cockayne, 2019), institutional and narrative economics (Shiller, 2017;Volchik, Oganesyan, 2014;Volchik, 2017;, as well as contribute to the studies of commercialization of sports (Slack, 2014).…”