The aim of the present study was to develop a model for investment development in Iran sport. This study used a qualitative methodology and the grounded theory. The statistical population included those with management experience in different levels of Iran sport, sport management professors of Iran universities, and sport economics experts and activists. 15 subjects were selected for interviews by theoretical, purposive and snowball sampling methods. Open, axial and selective coding were used to analyze the data. The results showed that laying the suitable groundwork for sport investors, developing maximum participation of people and different strata, providing sport customers with appropriate services and favorable conditions for the attractiveness of sport were reported to be amongst the causal factors of investment development. Contextual factors also encompassed the quality of sport, active media, and incentives. Intervening factors were, then, found to be public administration, cumbersome laws, political-legal environment, as well as executive infrastructures. Strategies included providing investor profits, marketing development, establishing economic mechanisms and economic stability and power and their consequences, sport for all policy, increasing the number of spectators, maximizing the number of investors, creating economic capacity and indicators and favorable conditions for sport in Iran. The present model is a suitable national framework for studies in this field and may pave the way as an introduction for investing in sport in Iran.