Are football clubs as pieces of art or as regular corporations? An empirical evidence of market valuation of football clubs in the big 5 leagues

IF 1.9 Q3 MANAGEMENT

Managing Sport and Leisure Pub Date : 2024-07-03 DOI:10.1080/23750472.2022.2081251

L. Sánchez, Ángel Barajas, Patricio Sánchez-Fernández

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引用次数: 1

Abstract

ABSTRACT Purpose: The aim of this paper is to determine whether football clubs are valued according to financial parameters, as in other profit-seeking investments, or depending on the subjective preference of the buyers, in situations where buyers seek emotional rewards or a status symbol. Design: This work analyses a unique data set of the prices of actual transactions of shares from clubs in the big European leagues from 2001 until 2019. A theoretical model is presented introducing financial, sporting, and localisation variables to study their influence in market value. Findings: We have found that the valuation of football clubs in acquisitions is influenced by financial parameters, as in other profit-seeking investments, and does not depend on the subjective preference of the buyers. Practical implications: Our findings show the end of the alignment of interests between new football owners and fans or current organisers of competitions, due to the preferences of the new investor profit-seekers of an American model of sport. Research contributions: The ownership of football clubs in the big leagues has changed dramatically in the last years. For the first time, to the best of our knowledge, the present paper demonstrates the opportunity of analysing the valuations of the football industry with actual data from the transactions.

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足球俱乐部是艺术品还是普通公司？五大联赛足球俱乐部市场估值的经验证据

ABSTRACT 目的：本文旨在确定足球俱乐部的价值是根据财务参数（与其他追求利润的投资一样）确定，还是根据购买者的主观偏好（在购买者追求情感回报或地位象征的情况下）确定。设计：本研究分析了 2001 年至 2019 年欧洲各大联赛俱乐部股票实际交易价格的独特数据集。本文提出了一个理论模型，引入了金融、体育和本地化变量，研究它们对市场价值的影响。研究结果：我们发现，与其他追求利润的投资一样，足球俱乐部在收购中的估值受到财务参数的影响，而不取决于买家的主观偏好。实际意义：我们的研究结果表明，由于美国体育模式的新投资者逐利者的偏好，新的足球所有者与球迷或当前比赛组织者之间的利益一致已经终结。研究贡献：在过去几年中，大联盟中足球俱乐部的所有权发生了巨大变化。据我们所知，本文首次展示了利用实际交易数据分析足球产业估值的机会。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Managing Sport and Leisure MANAGEMENT-

CiteScore

6.80

自引率

11.10%

发文量

期刊介绍： Managing Sport and Leisure is a refereed journal that publishes high quality research articles to inform and stimulate discussions relevant to sport and leisure management globally. The journal is committed to publishing research that advances understanding of the practice of sport and leisure management in the public, voluntary and commercial sectors, internationally. It will appeal to anyone with a serious interest in contemporary sport and leisure management issues, including academics, managers, consultants, politicians and students. One of the key objectives of the journal is to provide a high level forum for communication between academics and practitioners of sport and leisure. Therefore Managing Sport and Leisure aims to be contemporary, integrated and, most importantly, relevant to practitioner training. Contributions are welcome and expected from both academics and practitioners throughout the international sport and leisure management community. In addition, the journal welcomes submissions from those investigating new and innovative areas of research and practice in sport and leisure management.