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Strategic Management in Football MASTER THESIS IN BUSINESS ADMINISTRATION International Business and Economics Programme Strategic Management in Football How the European top club could adjust to UEFA financial fair play and simultaneously create conditions for competitive advantage within the changing UEFA football industry Hampus Rikardsson Linus Rikardsson Tutor: Hans Andersson Spring semester 2013 ISRN Number: LIU-IEI-FIL-A--13/01423--SE Department of Management and Engineering (IEI) English title: Strategic Management in Football - How the European top club could adjust to UEFA financial fair play and simultaneously create conditions for competitive advantage within the changing UEFA football industry Authors: Hampus Rikardsson and Linus Rikardsson Tutor: Hans Andersson Publication type: Master Thesis in Business Administration International Business and Economics Programme Advanced level, 30 credits Spring semester 2013 ISRN Number: LIU-IEI-FIL-A--13/01423--SE Linköping University Department of Management and Engineering (IEI) www.liu.se Summary Background The external requirements for the European top clubs within the UEFA football industry are changing. Due to mismanaged finances during a significant period of time derived from the clubs’ ruthless aim for short-term sporting success, UEFA (The Union of European Football Association) has decided to change the rules of the game. UEFA’s newly implemented financial fair play regulations, with the main requirement of breaking even, force clubs that aim to participate in future UEFA competitions to drastically improve their financial performance. Consequently, we are witnessing a fundamental shift in the European top club’s upcoming strategy. From now on, the club must go from pursuing a short-term strategy almost exclusively based on the quest for sporting success, to successfully implement a long- term strategy that besides being based on the main purpose of sporting success also is characterized by the quest for financial success. Purpose The purpose with this thesis is to provide guidance towards the European top club’s adjustment to UEFA financial fair play and its simultaneous achievement of competitive advantage within the changing UEFA football industry. Approach With the more decisive aim for profitability, the similarities between the European top club and a profit-seeking firm become evident. Consequently, the authors apply and adapt business strategic management theories to formulate a long-term strategy based on the simultaneous achievement of profitability and improved sporting performance. Results Formulating a long-term strategy based on the simultaneous quest for financial and sporting success, the authors finally come to an understanding of how the European top club possibly could comply with financial fair play and simultaneously create conditions for competitive advantage within the changing UEFA football industry. Key words Financial fair play, profitability, sporting performance, margin and sporting enhancing activities, competitive advantage Important concepts and definitions In order to comprehend the essence of this thesis, we recommend the reader to carefully examine the below listed concepts and definitions, related to the sport of football and strategic management. UEFA (The Union of European Football Association) - The European football’s highest decision-making body that monitors, regulates, and controls the UEFA football industry and the UEFA competitions (UEFA, 2012a). The UEFA football industry - The UEFA football industry consists of football clubs divided into 53 domestic league systems mostly situated in Europe. Each domestic league system is composed by a top division and several subdivisions in which football clubs become promoted and relegated due to sporting performance. The domestic leagues are controlled by respective country’s league committee and are held once a year. The best performing clubs play in the top division and have every year the opportunity to qualify for UEFA competitions where they compete internationally with clubs from other top divisions about becoming champions of Europe (Benchmarking report, 2011). UEFA Competitions – Refers to the European competitions commonly known as Champions League and Europa League, controlled and managed by UEFA and held on a yearly basis. Champions League is the highest ranked competition and does only include the highest placed football clubs in each domestic league in the UEFA football industry. The number of participants from each domestic league depends on the leagues’ respective ranking (see Appendix 1-2 for a more detailed description). European top (football) clubs – Refers to the 654 top division clubs in the 53 domestic leagues that participate or aim to participate in UEFA competitions and will be monitored by UEFA with regard to financial fair play (UEFA Benchmarking report, 2011). We will use “European top football club”, “European football club”, “European top club”, “football club”, and “club” interchangeably throughout the thesis. The European top club’s core offering – Refers to the game performed at the home stadium during matchday, directly consumed by the customers, either live or through broadcasting. UEFA’s financial fair play regulations - A set of financial rules recently implemented by UEFA to assure the sustainability of European football clubs, with the main obligation of breaking even. If such requirements not are achieved, UEFA possesses the power to exclude clubs from future UEFA competitions (see chapter 3.0. for a more detailed exposition). Sporting success – Sporting success is hard to define since it must be individually determined by each club’s sporting objectives. Though, it depends on the club’s sporting results on the field, and thus on its sporting performance (i.e. its ability to win games). Financial success - When using the concept of financial success, we refer to the club’s minimum financial achievement of breakeven, which is determined by the club’s financial performance (i.e. its ability to create financial margins). Competitive advantage – When using the concept of competitive advantage, we refer to a club that is experiencing a superior sporting success relatively competition within the same market place. Table of contents 1.0 Introduction ........................................................................................................................ 1 1.1 Background ..................................................................................................................... 1 1.1.1 The football clubs’ priority of sporting success ...................................................... 1 1.1.2 UEFA changes the rules of the game ...................................................................... 1 1.2 Research problem ............................................................................................................ 3 1.2.1 The challenge of combining sporting and financial success ................................... 3 1.2.2 The European top clubs as profit-seeking organizations ........................................ 3 1.2.3 Competitive advantage within the UEFA football industry .................................... 4 1.3 Purpose ............................................................................................................................ 5 1.4 A modern perspective in football strategic management ................................................ 6 2.0 The background to UEFA financial fair play .................................................................. 7 3.0 The UEFA financial fair play regulations ...................................................................... 10 4.0 Method ............................................................................................................................... 12 4.1 How to respond to our question of issue ....................................................................... 12 4.1.1 Applying Grant’s strategic approach for competitive advantage .......................... 12 4.1.1.1 How to identify the UEFA football industry’s key success factors .............. 12 4.1.1.2 How to identify the internal key resources and capabilities .......................... 12 4.1.1.3 Obtaining the strategic fit .............................................................................. 12 4.1.2 Implementing Porter’s value chain analysis to identify the critical activities ....... 15 4.1.3 Formulating a final strategy by developing our own strategic framework ........... 15 4.2 Method implications ...................................................................................................... 16 4.2.1 Targeting the general European top club .............................................................. 16 4.2.2 The UEFA football industry as a non-zero-sum-game ......................................... 16 4.3 The thesis’s upcoming structure .................................................................................... 16 4.4 Disposition .................................................................................................................... 17 5.0 Empirics ............................................................................................................................ 18 5.1 The drivers of the UEFA football industry ................................................................... 18 5.1.1 Revenue channels .................................................................................................. 18 5.1.1.1 Matchday revenue ........................................................................................
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