I am certified in Sports Administration. I would offer that you would in a perfect world want both sources of income. Depending what type of event you're putting on, I can speak from a sporting perspective that sponsors may try and hone in on a specific area with the idea of putting its name or brand out in the community. While investors are putting in money into your organization or event and that money is up to you on how and where it is used. Investors are the way to go if you need the resources and need to put them in a number of different areas. Sponsorship can be at very focused and you may end lose some control or latitude over the resource. So finally I would also advise that you have an upfront and if need frank and direct discussion with these potential revenue generators so both sides are clear how the revenue will be distributed and utilized.