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Top Clubs' Performance and the Competitive Situation in European Domestic Football Competitions

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Top Clubs' Performance and the Competitive Situation in European Domestic Football Competitions This is an author's accepted manuscript. The final, definitive version of this paper has been published in Journal of Sports Economics, 11 (2), 186-202 by SAGE Publications Ltd, all rights reserved. The original article is available online at http://jse.sagepub.com/ content/11/2/186.refs 2 1 Top Clubs’ Performance and the Competitive Situation in 3 European Domestic Football Competitions 4 Tim Pawlowski, Christoph Breuer, Arnd Hovemann 5 6 7 1. Dr Tim Pawlowski (correspondence) 8 9 Graduate in Political and Sports Economics 10 Research Assistant 11 Institute of Sport Economics and Sport Management 12 German Sport University Cologne 13 Institutsgebäude II, EG, Raum 5 14 Am Sportpark Müngersdorf 6 15 50933 Cologne 16 Germany 17 phone: +49-221-4982-6098 18 fax: +49-221-4982-8144 19 e-mail: [email protected] 20 21 22 2. Prof. Dr Christoph Breuer 23 24 Full Professor at German Sport University Cologne 25 Institute of Sport Economics and Sport Management 26 German Sport University Cologne 27 Research Professor at German Institute for Economic Research (DIW Berlin) 28 Institutsgebäude II, EG, Raum 5 29 Am Sportpark Müngersdorf 6 30 50933 Cologne 31 Germany 32 phone: +49-221-4982-6095 33 fax: +49-221-4982-8144 34 e-mail: [email protected] 35 36 37 3. Arnd Hovemann 38 39 Graduate in Sport Economics, European Master in Sport Management 40 Ernst & Young AG 41 Wittekindstrasse 1a 42 45131 Essen, Germany 43 phone: +49-201-2421-21956 44 fax: +49-181-3943-21956 45 e-mail: [email protected] 1 1 Top Clubs’ Performance and the Competitive Situation in 2 Domestic Soccer Competitions 3 4 Abstract (100 words) 5 The increase in payouts to European football clubs appearing in the UEFA 6 Champions League (CL) in 1999/00 had a lasting impact on the performance of top 7 clubs in domestic football leagues. This policy change is treated as a natural 8 experiment to compare the level of competitive balance in five top European leagues 9 (England, Spain, Italy, Germany, and France) before and after the turn of the 10 millennium. Based on several competitive balance measures, this paper reveals a 11 significant decrease in competitive balance after the modification of the CL payout 12 system. 13 Keywords (4–5) 14 competitive balance, football, media income, UEFA Champions League 15 Authors’ Note 16 We are grateful to the guest editor, Brad Humphreys and two anonymous referees 17 whose comments and suggestions significantly improved the paper. 18 2 1 1. Introduction 2 Since the introduction of the Champions League (CL) (previously called the 3 European Champions Clubs’ Cup), an annual pan-European football competition that 4 takes place at the same time as domestic league competitions, many modifications 5 have been made to the format of the CL. One of the most striking was put into 6 practice in the 1999/2000 season: an increase in number of participating teams from 7 24 to 32 and a large increase in payments to the participating clubs. Alongside 8 numerous other factors (e.g. an increase in national media revenues, investor market 9 entries, successful internationalization efforts of European clubs), this boost in the 10 payment to clubs participating in the CL might have a lasting impact on the 11 performance of clubs participating in the CL in domestic leagues since these clubs 12 are able to invest more money in talent (salaries, transfer fees) compared with other 13 clubs in the league. Figure 1 illustrates the increase in payments to CL participants. 14 35.0 before 1999/00 after 1999/00 30.6 30.0 26.0 26.2 24.8 23.9 25.0 23.1 23.1 22.3 22.1 21.0 20.0 15.0 11.5 10.3 9.3 in EUR million 10.0 8.5 6.9 5.2 5.5 5.0 0.0 0.0 0.0 0.0 . l td id n an ea oo il ls p r U M e te l Madr C s rn Munich a A Ch e he c Re uventus TurinFC FC Liver Bay FC Barcelonalympique LyonJ an Arsenal London O M 15 16 Figure 1: Average payments per year of participation in the CL to selected participants before/after 17 1999/00 (source: UEFA). 3 1 We can also observe a significant spread in the market value of first division teams 2 within domestic leagues following this change in CL payments. According to Frick 3 (2007), the market value of the smallest first division teams in millions of Euros in 4 2006/2007 was well below 50 million Euros -- Watford FC (England): 37, Gimnastic 5 de Taragona (Spain): 19, Scoli Calcio (Italy): 14, Ernergie Cottbus (Germany): 17, 6 AFC Valenciennes (France): 12) -- while the most valuable teams in each domestic 7 league had market values in excess of 300 million Euros -- FC Chelsea: 405, FC 8 Barcelona: 356, Juventus Turin: 320, Bayern Munich: 182, Olympique Lyon: 166. 9 Given the interdependency between economic and sporting outcomes (Dietl & 10 Franck, 2005), a comparison of clubs’ performance before and after the increase in 11 CL payments can be thought of as a natural experiment to understand the effect of 12 CL participation on the level of competition in the top five European football leagues 13 (England, Spain, Italy, France, and Germany), before and after this policy change. 14 This paper makes two contributions to the literature: 15 (1) Identify and discuss changes in competitive balance in domestic football 16 competitions in Europe that can be attributed to the increased value of CL 17 participation; 18 (2) Explore the economic and financial implications of the dual system of football 19 club competitions currently in place in top-level European football. 20 The paper is organized as follows: section 2 discusses the dimensions of competitive 21 balance (CB), the factors influencing CB in football leagues and reviews the relevant 22 research on CB in football; section 3 discusses the measures of CB in sports leagues 23 used in this analysis; section 4 presents the results of our analysis of CB in the top 24 five European leagues; section 5 discusses the implications of the results and 4 1 possible policy responses, and makes an overall assessment of the consequences of 2 the two level competition in European football. 3 2. Previous Research on Competitive Balance 4 Sports economists decompose competitive balance into a within-season component 5 (e.g. Cairns, Jennett, & Sloane, 1986) and the within-team component (e.g. 6 Buzzacchi, Szymanski, & Valletti, 2001). The former refers to performance 7 differences across teams in a league within a season (e.g. uncertainty of the 8 outcome for championships, relegation, and qualifications for the pan-European 9 competitions); the latter refers to the performance of a given team over a period of 10 time (e.g. long-term dominance). A certain degree of CB is often seen as a key 11 component to success of sports leagues and therefore “each competitor has an 12 inherent interest in maintaining the health of their rivals” (Groot, 2008, p. 25). A 13 central argument in this context is that excessively imbalanced competition might 14 have a negative impact on fan interest and, hence, on demand (Késenne, 2006; 15 Zimbalist, 2003). Furthermore, unbalanced sports competitions are linked to certain 16 risks, like the risk of the splitting-off and reorganization of top clubs into a separate 17 league or the risk of bankruptcy of lagging clubs (Michie & Oughton, 2004). In 18 addition, CB depends on the distribution of player talent among clubs (Késenne, 19 2000). Although Drewes (2003, p. 245) mentioned “that it is not revenue potential 20 that makes a club a strong club, but what club management makes out of this 21 potential,” clearly access to different revenue streams (e.g. qualification for pan- 22 European competitions like the CL [1]) might have a lasting impact on domestic 23 league competition given the observed interdependency between economic and 24 sporting outcomes (Dietl & Franck, 2005). Sanderson (2002) identified several 25 factors that indirectly influence CB in sports leagues: differences in the access to 5 1 publicly financed infrastructure; differences in access to technology; a lack of integrity 2 in club or league outcomes (e.g. the betting scandal in Italy); doping; and 3 physiological differences between players, which can be closely related to player 4 talent. Furthermore, non-sports-related factors like distribution of media rights fees 5 (i.e. centralized marketing with revenue sharing yields a smaller income gap between 6 the top and the bottom clubs than decentralized marketing), differences in national 7 tax systems (i.e. lower taxation on players’ income might yield a competitive 8 advantage for a domestic league in that country), regulation of property rights like 9 the 50+1 rule that makes investor market entries less likely in Germany, and salary 10 caps might influence inter- and intra-divisional revenue distribution and hence CB 11 within and between leagues. In addition, sports-related regulations like the promotion 12 and relegation system, the point score ranking system, and the number of opponents 13 in a league might also have an impact on CB. 14 15 Previous studies on CB in football reveal important differences in CB across leagues. 16 Some of the findings appear contradictory, which can be attributed to differences in 17 the time periods analyzed. While some studies detect no significant changes in CB 18 (Feddersen, 2005; 2006: German first division; Feddersen & Maennig, 2005: German 19 first division; Goossens, 2006: German, French, and Spanish first divisions; Groot, 20 2008: French and Spanish first divisions; Koning, 2000: Dutch first division; Michie & 21 Oughton, 2004: French first division; Szymanski, 2001: English first division), others 22 contain evidence of a decline in CB in some leagues (Goossens, 2006: English and 23 Italian first divisions; Groot, 2008: English, German, Italian, and Dutch first divisions; 24 Michie & Oughton, 2004: English, German, Italian, and Spanish first divisions).
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