By Liza Horan

Several hundred honchos in the sports business gathered at the Mandarin Oriental in Miami earlier this month for the IMG World Congress of Sport. The weather was balmy, the Sony Ericsson Open was a few minutes' drive away, and the conversation and networking was electric.

The only downer—a big one—was the economy. The world economy and what it could impact the sports biz. Here's a summary of top questions and answers discussed by panels that included people from big leagues like NASCAR, NHL and PGA, and giant sponsors like Visa, Coca-Cola, and Anheuser-Busch.

Will sponsors pull out or spending on sports to avoid repercussions of 'frivolous spending'?
Time will tell, but the advice from both ad agencies and major league outfits was that now is the time to keep sponsorships in tact. Advertisers and sponsors are vital to satisfy the demand for sports entertainment. The machine can't run without them. Also, for their own sakes, companies must market themselves to stay relevant and connected to fans whatever the economy.
     Anheuser-Busch is spending more in sports than it did in 2008.
     MLB has renewed contracts with Gillette, InterContinental Hotels, Pepsi and eSun.
     Sony Ericsson WTA Tour has just extended sponsorships with USANA, Wilson, Luxilon, Tennis Warehouse and Bed, Bath & Beyond.
     Shoe companies are holding back on signing NFL draft picks to endorsement deals, according to Sports Business Daily.

Will fans stop attending pro events?
High-priced tickets may suffer a little across the board as people stay home to enjoy sports on TV so it's crucial that live sports entertainment be affordable for fans.
     MLB and NBA are "having trouble filling seats," according to SportsBusiness Daily.

Are athletes willing to take a pay cut?
Panelists agreed that athletes may need time to wrap their heads around that concept but, in the end, everyone must be willing to give a little. No cry-babies.

Many industries are facing contraction (auto industry, beer makers, financial institutions). Is this good or bad?
It's a challenge and an opportunity. Consolidation and innovation go hand-in-hand so if the economy flattens the playing field a bit, small or new companies may have a real opportunity to gain marketshare.
     There's growth in the 'third screen' area as people look beyond the TV and beyond the computer monitor to enjoy sports: FIFA plans to broadcast the 2010 World Cup on a mobile phone platform.

What signposts are you watching to know how deep an economic dip may be?
Panelists said they are keeping tabs on how sponsorships and TV rights play out for the 2012 Olympic Games and the 2014 World Cup.

Where is the biggest growth for sports—geographically—in the coming years?
The unanimous answer was China, followed by India. Panelists all believe that basketball is poised to skyrocket globally as the NBA moves to Asia and further develops worldwide.