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Int. J. Financial Stud. 2016, 4(2), 12; doi:10.3390/ijfs4020012

Europe’s Elite Football: Financial Growth, Sporting Success, Transfer Investment, and Private Majority Investors

Institute of Sport Economics and Sport Management, German Sport University Cologne, Am Sportpark Muengersdorf 6, 50933 Cologne, Germany
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Academic Editor: Nicholas Apergis
Received: 9 February 2016 / Revised: 18 May 2016 / Accepted: 19 May 2016 / Published: 2 June 2016
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Abstract

Europe’s elite football clubs are a small group of about 30 clubs mostly originating from the Big Five leagues in England, Italy, Spain, Germany, and France. These clubs top Deloitte’s Football Money League ranking Europe’s top football clubs by revenues. They also win the vast majority of national and European football competitions, and account for the major share of FIFA World Cup appearances. Nevertheless, empirical analyses studying the antecedents of financial success of this peculiar sample are rare. This paper extends previous research by building an empirical model of financial performance and applying it to a unique, high-quality dataset of the top 30 EU football clubs by club revenues analyzed over ten consecutive seasons from 2004 to 2013. Fixed effects models are performed to account for time trends and club fixed effects. The results show that financial success is driven by national and international sporting success, as well as brand value; sporting success is driven by team investments, and team investments tend to be driven by (foreign) private majority investors. View Full-Text
Keywords: sports finance; soccer; elite clubs; owner objectives; revenues; sport performance; private majority investors sports finance; soccer; elite clubs; owner objectives; revenues; sport performance; private majority investors
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This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY 4.0).

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Rohde, M.; Breuer, C. Europe’s Elite Football: Financial Growth, Sporting Success, Transfer Investment, and Private Majority Investors. Int. J. Financial Stud. 2016, 4, 12.

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