Abstract
The paper reviews practices of leading nations in financing sports and physical culture in general. The main attention is drawn to the experiences of USA, China, Germany, Singapore, Australia, Great Britain. The authors analyze the best foreign practices of using financial and non-financial grants, endowment capital funding, crowdfunding platforms, performance-related allocations and sports lotteries as mechanisms of ensuring proper funding of sports entities. The study involved a content analysis of the main regulatory documentation related to financing mechanisms in sports and a review of trustworthy information sources and peer-reviewed academic articles. In conclusion the authors propose a set of approaches of adapting the best foreign practices having in mind the specific features of the Russian sports industry. The authors feel that non-financial grants systems should be established to support elite athletes to help them achieve a proper education and enhance their competitive preparation. Endowment funds could be seen as effective tools of promoting grassroots and youth sports. Crowdfunding can be leveraged to help inexpensive sport-related projects to attain proper financial resources. Performance-related budget allocations should be used by state authorities to assess the activities of sports federations and base their funding on their results. Professional sports in Russia would benefit from a tax incentive scheme that could include benefits for both sports entities and those wishing to support them. 
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