Financial Planning The NHL Winter Classic is a hockey game played by two teams in the NHL. It is hosted either on, or close to New Years Day. The Classic has been around since 2008. Ever since the NHL started this annual game, it has been held outdoors. In past years, the event has been held at famous venues, such as Fenway Park, Wrigley Field, and Citizens Bank Park. The Winter Classic is a very unique event, because the NHL actually builds a temporary ice rink on the respective fields each year. It is an incredible undertaking financially, so the NHL has be extremely good at financial planning to take on an event of this size and nature. Because the Winter Classic is an annual event, and has been going on for a few years, the NHL already has a relatively good idea of the kind of financial responsibility it takes to implement this event. It could be argued that they should begin to plan this event at least a year in advance. For the first half of the 2012-13 season, the NHL players association was in a lockout, so no games were played. The staff tasked with planning the 2013 Winter Classic had a pretty good idea that the event would not be held, but they still had to plan as if it was happening. This shows that it is important to start planning as early as possible, in case of any bumps in the road. When planning an event, possibly the most important thing to plan on is the financial aspect. Usually, the financial report after the event is the best way to tell if the event was successful or not. There are three steps or key practices when financially planning an event. The first one is to assess the feasibility. The Winter Classic planners needed to be able to deem the event affordable, desirable, marketable, and manageable to make this event happen. The next step is to manage the risk. Because the Winter Classic is held outdoors, this is a very important step. The planners have to put alternate plans in place for hiccups such as weather, safety, or security problems. The final step is to maintain the events accountability. The Winter Classic planners can use ticket sales to maintain the events accountability, and if ticket sales are down, there is always the possibility to change marketing techniques. As previously mentioned, the biggest key area of financial risk for the NHL’s Winter Classic game would probably have to be weather, as it is held outdoors in the middle of winter. There is always the possibility for a large snowfall, or terrible temperatures, and event planners need to put alternative plans in place just in case this does happen. In the past, this event has been successful, because there have been no hiccups with any risk factors. Planners probably will have to plan on relocating the event or even rescheduling if it becomes necessary to do so. The one way the event could be more successful is to hold it all across the country. In the past, it has only been held on the east coast, and the west coast deserves to get some as well.