To explore the role of Sports regulatory bodies, role of other stakeholders and identify the financing issues facing by sports regulatory bodies and players. Phenomenological approach of qualitative methodology was employed because this approach provide opportunity to conduct interviews with those who have lived experiences of the phenomenon. Therefore, based on Creswell (2012) recommendations, in-depth-interviews were conducted with eighteen respondents. This study found that the reasons in the decline of sports performance is overall the negative attitude towards sports in the country, there is no proper management to furnish and identify talent at grass root level. The private (two room) school system overburdened children with academic stuff and do not focus on physical health and education. Most of the sports academies focus on sports training at the age of 16-17 years but the training of sports should start at the age of 2.5 years. The sports regulatory bodies are not following “Right talent for right seat” as well as the low allocation of budget for sports further deteriorate the situation, with this meager amount of budget around 60-70% of budget is used for administrative expenditures. The allocated budget to each federation is approximately around 1-2 million which is very insufficient to provide training and other facilities to players. It was also identified that, the budget allocation to sports federation also face favoritism only few federations get fair allocation from PSB. The coordination mechanism with provinces, districts and tehsils as well as with PSB is not very strong to promote sports in the country. However, the previous sports policy majorly deals with administrative issues only and it lacks proper road map to revive sports as well as the true spirit of implementation and execution. Furthermore, there are no such incentives to private sponsors to invest on sports events and players other than cricketers. Private sector will invest when there is focus on our indigenous games and arranged events to introduce such games but such games has lost there status and originality due to lack of focus and will. Supervisor:- Dr. Uzma Zia Co Supervisor:- Dr. Iftikhar Ahmed