University of Guilan Journal of Sport Management and Development 2322-4800 15 2 2026 06 22 Presenting a Risk factor Model for Investment in Sport for All Based on Grounded Theory Presenting a Risk factor Model for Investment in Sport for All Based on Grounded Theory 167 187 9528 10.22124/jsmd.2024.25949.2856 FA Shahnaz Rezajoo PhD student in Sport Management, Ardabil Branch, Islamic Azad University, Ardabil, Iran Robab Mokhtari Assistant Professor of Sport Management, Department of Sport Management, Khalkhal Branch, Islamic Azad University, Khalkhal, Iran Mehrdad Moharramzadeh Professor of Sport Management, Department of Sport Sciences, Mohaghegh Ardabili University, Ardabil, Iran Journal Article 2023 11 13 <strong>Objective</strong><strong>:</strong> This study aims to develop a comprehensive investment risk model for “Sport for All” programs using a grounded theory approach. <strong>Methodology</strong><strong>:</strong> This applied research utilizes the grounded theory method. The study population consisted of university professors and experts in sports management, economics, and marketing—specifically eight participants from East Azerbaijan Province. Data collection was carried out through semi-structured interviews, and analysis was conducted in three main stages of coding: open, axial, and selective. <strong>Results</strong><strong>:</strong> The analysis identified five key factors influencing investment risk in Sport for All initiatives: Organizational and managerial elements (such as manpower and managerial policies), Sponsorship planning and strategies, Public engagement, Advertising and media marketing, Development of sports attractions. Additionally, the model highlights various background factors (including structural software/hardware, technical infrastructure, licensing, policy consistency, legal frameworks, and local branding), intervening factors (such as systematic and unsystematic risks, and economic, political, legal, and administrative conditions), and strategic responses (including barrier analysis, performance evaluation, rule of law enforcement, optimized capital allocation, and the privatization and marketing of sport for all). The study also identified operational outcomes of investment risk in Sport for All, such as challenges in sponsorship, socio-cultural consequences, impacts on public health, and structural or intra-organizational issues. <strong>Conclusion</strong><strong>:</strong> The findings underscore the necessity of targeted investor attraction strategies. Enhancing advertising effectiveness, increasing sectoral investments, and improving the efficiency of production and service enterprises can significantly reduce investment risks and promote sustainable growth in sport for all. <strong>Objective</strong><strong>:</strong> This study aims to develop a comprehensive investment risk model for “Sport for All” programs using a grounded theory approach. <strong>Methodology</strong><strong>:</strong> This applied research utilizes the grounded theory method. The study population consisted of university professors and experts in sports management, economics, and marketing—specifically eight participants from East Azerbaijan Province. Data collection was carried out through semi-structured interviews, and analysis was conducted in three main stages of coding: open, axial, and selective. <strong>Results</strong><strong>:</strong> The analysis identified five key factors influencing investment risk in Sport for All initiatives: Organizational and managerial elements (such as manpower and managerial policies), Sponsorship planning and strategies, Public engagement, Advertising and media marketing, Development of sports attractions. Additionally, the model highlights various background factors (including structural software/hardware, technical infrastructure, licensing, policy consistency, legal frameworks, and local branding), intervening factors (such as systematic and unsystematic risks, and economic, political, legal, and administrative conditions), and strategic responses (including barrier analysis, performance evaluation, rule of law enforcement, optimized capital allocation, and the privatization and marketing of sport for all). The study also identified operational outcomes of investment risk in Sport for All, such as challenges in sponsorship, socio-cultural consequences, impacts on public health, and structural or intra-organizational issues. <strong>Conclusion</strong><strong>:</strong> The findings underscore the necessity of targeted investor attraction strategies. Enhancing advertising effectiveness, increasing sectoral investments, and improving the efficiency of production and service enterprises can significantly reduce investment risks and promote sustainable growth in sport for all. https://jsmd.guilan.ac.ir/article_9528_9a71b68eb4e234d9717717b489688d88.pdf