The main objective of this study was to assess the impact of financial management practice for the development of sport facilities. To achieve this review of related literatures were made, basic research questions formulated and appropriate research designs were implemented. The populations of the study were sport financial management bodies at zonal and woreda level in Amhara National Regional State. Coaches founded in the region were also the population of the study. Through multi stage sampling techniques five zones were selected. From selected zones 69 woreda youth and sport employees were selected. Three employees were taken from each selected 23 woredas including one sport coach from each woreda through cluster random sampling technique. Five zonal youth and sport heads were selected through purposive sampling. From these respondents primary data was collected through close-ended questionnaires, semi structured interview and observation. Secondary data was collected from woreda and zonal youth and sport office about the profile of employees. The data was analyzed by mixed methods. Through SPSS mean, standard deviation, correlation, regression and ANOVA were calculated for the quantitative data. Content analysis was done for observation and interview data qualitatively. The result and discussion of the data indicated the shortage of effective sport finance collection, poor human resources for sport financial management, a strong positive correlation between sport financial management and sport facility development. Hence, the researcher recommended for improving sport financial management by improving human resources for the development of sport facilities.