Companies are missing a trick by not using sport as a catalyst for expansion and developing new business.

According to a report by the International Business Leaders Forum (IBLF), sport has huge potential as a vehicle for change but is currently a relatively untapped opportunity.

The survey, entitled Shared Goals Through Sport, claims that businesses are failing to form effective partnerships which achieve social investment objectives while enabling companies to access new markets.

It also states that governments have been slow to use sport for development and that to date, almost no practical guidance exists on how companies might use sport to meet development goals through cross-sector partnerships.

Mandy Ayres, corporate responsibility manager of Nike UK, said: “This report demonstrates the potential for companies to work in partnership with other organisations through sport to change people’s lives for the better.

“We wholeheartedly back the report’s recommendations for companies, governments and NGOs to accelerate and improve private sector engagement in sport for development initiatives.”