ASIAN sports bosses remain confident that they can ride out the global financial crisis.

However, they concede that the region is not immune to the credit crunch, and they have to start tightening their belts.

Most administrators believe the burgeoning Asian sports market is better placed to weather the storm than more established American and European markets.

Said Asian Football Confederation president Mohammed Hammam: "The vast majority of sports in Asia is still amateur, and the cost of the financial crisis will not mean anything.

"For the time being, I don't think any of these major sporting projects will be affected. But we must wait and see, for the coming future, how it develops."

The Dubai-based International Cricket Council (ICC) is also optimistic about its future, with the sport currently enjoying a boom period in Asia.

Cricket is a hugely-popular sport in India, which has already been awarded the co-hosting rights to the next World Cup in 2011, and it is leading the push for the expansion of television- friendly Twenty20 competitions.

Said an ICC spokesman: "We have a number of long-term commercial and broadcast agreements that, we believe, should stand it in good stead during any potential downturn.

"Also, cricket is slightly different from some other businesses in that people are still highly likely to watch and be interested in the game - and therefore offer an attraction to potential sponsors and broadcasters - despite that possible downturn."

Asian golf, a sport which has always been heavily dependent on financial institutions for sponsorships, is adopting a more wary outlook for the future.

Said Asian Tour executive chairman Kyi Hla Han: "Banks that are putting money into our Tour haven't showed signs of backing out.

"In terms of total sponsorships, these Asian events are still affordable. So, hopefully, I don't think there should be that much of an impact."

In Australia, which has four football codes all competing in the same marketplace, administrators are having second thoughts about expansion plans.

Rugby unions, rugby leagues, Australian Rules and soccer officials have all signalled their intentions to grow their own competitions but the sudden crisis has forced them to tread carefully in a congested market.

Said Mr Frank Lowy, the chairman of the Football Federation of Australia: "The world has been living beyond its means. I think the world will have to contract.

"So will sports have to contract, it is as simple as that. There is only so much money to go around."