Hundreds of thousands of enthusiastic football fans, "Be the Reds", gathering at the Seoul City Plaza for the 2002 World Cup Games showed that sport could change the collective psychology of a contemporary society. When the World Cup Games were over, however, those World Cup stadiums turned into something like ghost towns. Since most of them are not used more than a few times a year, there is an increasing need to make the most of such facilities other than eternal monuments to past sporting memories. Recently Samsung Group abruptly withdrew its sponsorship for the 2005-06 Professional Basketball Games, confronted with politicians' arguments against the Samsung-only sponsorship. President Noh said that the government will exert every effort to develop value-added sporting goods, to enhance the domestic sports leisure industries to the top notch in quality and variety, and to consolidate the infrastructure of professional sports. These circumstances show that it is time to develop and employ more innovative financing techniques rather than traditional financing methods for sports facilities. In the United States, there has been a boom in sports facility construction since 1990. According to the Fitch Report on "Changing Game of Sports Finance"(797 PLI/Comm 841), of the 120 or more professional franchises in the four major sports leagues - National Basketball Association, National Football League, Major League Baseball, National Hockey League - more and more teams are seeking new facilities or have new facilities under construction. In the meantime, the financing of sports facilities has shifted from the public finance debt market to sports facility revenue based project financing and securitization transactions. Sports facility debt has been issued in the U.S. municipal bond markets. Also, project finance transactions have been arranged in the financial markets, and, more recently, some facility related revenue streams have been successfully securitized. Consequently, such revenue streams and cash flows have to be reinforced by solid lease agreements with the anchor tenants, premium seat license agreements, long-term contracts with concessionaires and TV broadcasters, naming rights agreements, title sponsors and advertisers. Projected cash flows for project financing transactions must undergo various stress test scenarios. Financial projections must be able to withstand several sensitivity analyses. For example, a credit rating agency like Fitch may assess such asset-backed transactions as an investment grade on condition that they maintain a debt service coverage ratio (DSCR) of at least 1.0x, exclusive of the debt service reserve account, subsequent to each debt service payment. A professional sports franchise may use a stadium, arena or ballpark by either a lease agreement or delegated management agreement with a host municipality. The franchise may employ, as the case may be, the method of BOO (build-own-operate), BTO (build-transfer-operate), ROT (rehabilitate-operate- transfer), or BTL (buildtransfer-lease) in securing the sports facilities. The selection of the financial structure, based upon the given conditions and situation of the sports facilities, could be processed in the following diagram.