PRINCIPLES OF GOOD GOVERNANCE IN ARMENIAN SPORTS: CURRENT STATUS

This research is objectively required as Armenia is a member of the Council of Europe, and the recommendations of the latter are applicable thereof including but not limited to sports industry. This is crucial as these recommendations have aim at achieving uniformity within the framework of the Council of Europe for proper functioning of the same fields (objects) of recommendations. Nevertheless, there is prima facie evidence, that the sports industry in Armenia has flows in following the principles of good governance (PGG), which will be laid down below. The goal of the research is to identify current problems and propose a technique for measuring Principles of Good Governance (PGG) to find solutions. Based on the research results, it is evident that there is no legal framework binding SGBs to comply with transparency requirements as defined by PGG. This lack of regulation leads to insufficient public information, making it difficult for researchers to assess SGBs' compliance with PGG principles. To address this, a new tailored law is needed to ensure that SGBs maintain a required level of transparency and accountability, backed by sanctions for non-compliance. Such a law would provide a focal point for evaluating and improving the governance of SGBs, initiating a cycle of action and feedback within the sports industry. The lack of publicized information prevents stakeholders from assessing compliance with key criteria such as accountability, ethical conduct, and sound financial management. Transparency fosters public interest, which is crucial for monetizing sports and developing professional sports in Armenia. By enhancing transparency and accountability, the sports industry can engage more effectively with stakeholders and promote the growth of professional sports through increased public and financial support.