fficient management of financial resources is important for every effective sport program. The most critical aspects of financial management include the way the finances are being handled, alternatives to expenditure issues and the knowledge of the important aspects of the particular sector. The individual responsible for sports finance should be having accounting expertise and know-howof the political aspects, transparency, risk control and much more. This study focuses on a comparative study of budgeting, forecasting and planning of sports organizations and also specifically points out the key differences between financial planning and budgeting, highlighting the advantages individually and the study has been conducted using past researches.