Research question: Sports economic theory and management models have frequently been criticised for not sufficiently explaining phenomena in sport management. This article addresses this gap by proposing a conceptual framework that can be used to understand sport management problems and derive appropriate strategies. Research methods: The framework proposed in this conceptual article has been developed through a critical review of existing literature on sport management and theoretical considerations based on the service-dominant logic. Results and findings: The sport value framework (SVF) provides 10 foundational premises on value co-creation in sport management and suggests three levels for its analysis. The main contribution is a new and better theoretical basis for explaining phenomena in sport management compared with traditional sport economic thinking. Moreover, the SVF provides guidance in structuring research in sport management. Implications: The framework encourages researchers and practitioners to rethink their strategies by applying a different logic that captures the complexity of sport management.