The second part of the article considers the main approaches and functions that characterize a modern sports management in Russia. To do this, we analyze areas of responsibility (area of expertise) of sports management entities in Russia, depending on their goals and functions they implement. The three approaches are highlighted in sports management: the one of organizations that implement social goals - mainly under state ownership; commercial approach of private companies seeking to generate revenues or spending of optimal advertising budgets, implemented through the use of marketing strategies; approach, which reflects the general principles of the activities of NGOs. Then the article describes aspirations of commercial companies in their relations with the public sector and its institutions, which are also typical for the field of sport as well as the functions that perform public authority executive agencies in charge in the field of sport in cooperation with sports business organizations. Certain promising opportunities for the development of sports management in Russia are analyzed.