Salta al menu principale di navigazione Salta al contenuto principale Salta al piè di pagina del sito
FrancoAngeli Journals

Articles

N. 1 (2024)

Sustainability of debt in the football industry: One, nobody and one hundred thousand owners

DOI
https://doi.org/10.3280/cgrds1-2024oa16981
Inviata
12 dicembre 2023
Pubblicato
17-04-2024

Abstract

Today, football is widely regarded as one of the most significant leisure activities in people’s lives, given its considerable impact in terms of fostering social cohesion, promoting physical and mental health, generating economic and financial benefits, as well as attracting millions of viewers globally. The football industry is a major industry with a plethora of stakeholders that support a complex and dynamic multi-billion-euro industry. However, the unique and unpredictable nature of the football industry presents ongoing challenges to debt management and financing strategies.

Debt in the football industry, especially at the club level, is a matter of concern and discussion among academics, as well as politicians, financial investors, and organizations. This study aims to analyse the financial and economic performance of Italian football clubs, their trends, and perspectives in comparison to their European counterparts. The results in the table show clear economic and financial difficulties facing the professional Italian football industry. Our findings and our reflections on the operational strategic consequences may be useful for both practitioners, who might know the impact of their sports-related choices in their clubs’ debts, and policymakers.

Riferimenti bibliografici

  1. Andreff W. (2000). L’évolution du modèle européen de financement du sport professionnel, Sport et Mondialisation: quel enjeu pour le XXIe siècle? in Reflets et Perspectives de la vie économique, 39(2/3): 179-196.
  2. Deloitte (2023). Annual Report, Deloitte’s annual review of football finance is the leading independent review of the business and finances of European Professional Football.
  3. De Freitas Neto R.M., da Costa M.A.A., da Silva Dantas M.G., Barbosa A. (2017). The determinants of Brazilian football clubs’ debt ratios. Brazilian Business Review, 14(Special Ed): 94-109. DOI: 10.15728/edicaoesp.2017.5.
  4. Dimitropoulos P. (2014). Capital structure and corporate governance of soccer clubs: European evidence, Management Research Review, 37(7): 658-678. DOI: 10.1108/MRR-09-2012-0207.
  5. Ehrenberg A. (1991). Le Culte de la performance, Calmann-Lévy.
  6. Franck E. (2010). Private firm, public corporation or member’s association — governance structures in European football. International Journal of Sport Finance, 5(2): 108-127. DOI: 10.5167/uzh-35150.
  7. Garcia-Garcia B., Amara M. (2013). Media perceptions of Arab investment in European football clubs: the case of Malaga and Paris Saint-Germain. Lough-borough University. Journal contribution. -- https://hdl.handle.net/2134/12394.
  8. Giudice A.F. (2020). La finanza del goal. Come si crea valore nel calcio. McGraw-Hill Education.
  9. Lago U., Simmons R., Szymanski S. (2006). The Financial Crisis in European Football: An Introduction. Journal of Sports Economics, 7(1): 3-12. DOI: 10.1177/1527002505282871.
  10. Latta J. (2023). Ce que le football est devenu – trois décennies de révolution libérale, Editions Divergence.
  11. Maguire K. (2012). The Price of Football 2nd Edition, Agenda Publishing.
  12. Oliveira M., Carvalhal A. (2018). Do football clubs with good governance have higher performances? Evidence from Brazil. Corporate Ownership & Control, 16(1): 7-12. DOI. 10.22495/cocv16i1art1.
  13. Philippou C., Maguire K. (2022) Assessing the Financial Sustainability of Foot-ball. Department for Culture, Media and Sport. -- Available at. https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1071503/Assessing_the_financial_sustainability_of_football__web_accessible_.pdf.
  14. Porretta P., Benassi A. (2021). Sustainable vs. not sustainable cooperative banks business model: The case of GBCI and the authority view, Risk Governance & Control: Financial Markets & Institutions, 11(1): 33-48. DOI: 0.22495/rgcv11i1p3.
  15. Rezende A.J., Facure C.E.F., Dalmácio F.Z. (2009). Práticas de governança corporativa em organizações sem fins lucrativos. Anais do 9º Congresso USP de Controladoria e Contabilidade. São Paulo: FEA-USP.
  16. Ribeiro M.d.F. (2020). Cooperatives and professional football: can a cooperative be an adequate legal structure for a club? An analysis under the Pecol principles, Cooperativismo e economía social, 41. DOI: 10.35869/ces.v0i41.1483.
  17. Sass M. (2012). Long-term Competitive Balance under UEFA Financial Fair Play Regulations. Working Paper N°5. Faculté d’Economie et de Management, Magdebourg.
  18. Solntsev I.V. (2019). “Designing New Funding Models for Russian Football Clubs.” Journal of Corporate Finance Research, 13(4): 59-73. DOI: 10.17323/ j.jcfr.2073-0438.13.4.2019.59-73.
  19. Tettamanzi P., Grazioli F., Murgolo M. (2023). The quest for sustainable sports management: evidence from the football industry, Sport, Business and Management: An International Journal, ahead-of-print. DOI: 10.1108/SBM-04-2023-0048.
  20. UEFA (2023). Règlement de l’UEFA sur l’octroi de licence aux clubs et la viabili-té financière, Juillet 2023.
  21. UEFA (2022). UEFA Club Licensing and Financial Sustainability, Available at. https://www.uefa.com/insideuefa/news/0246-0e796c23daa9-41f78afb0c7a-1000--financial-sustainability/.
  22. UK GOV (2023). A sustainable future ‒ reforming club football governance, Department of Culture Media and Sports, White paper. -- Available at https://www. gov.uk/government/publications/a-sustainable-future-reforming-club-football-governance.

Metriche

Caricamento metriche ...