Sport management involves applying management principles to sport organizations and environments. It draws on both management skills and an understanding of sport systems and the social value of sport. The modern sport management field developed from early governing bodies that regulated sporting competitions and resolved disputes dating back to the 18th century. As the sport industry has grown into a global business, sport management has adapted to new trends like the intangible nature of the sport product and the emotional connection fans have to sports. Sport managers play an important role as the "glue" that binds together the various parts of the large sport industry.