Sport continues to occupy a rather ambiguous position within the context of politics, foreign policy and diplomatic relations. While one can identify a long list of cases where sport has been credited with diverting conflict, contributing to peace negotiations and helping develop better cultural understanding, there are also many cases where sport has not only fueled conflict but also served as its source. This paper seeks to: (1) highlight the unique features of sport as a cultural site and practice in relation to diplomacy; (2) briefly overview some key dimensions and limitations of sport as an instrument of diplomacy; and (3) offer a preliminary examination of contemporary sport organizations and events in order to understand the implications of the transformational shift occurring between state diplomacy and what might be termed “corporate diplomacy” within an increasingly global context.