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Top 5 European Football Leagues – the Association Between Financial Performance and Sporting Success

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Top 5 European Football Leagues – the Association Between Financial Performance and Sporting Success View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Aaltodoc Publication Archive Top 5 European football leagues – The association between financial performance and sporting success Master’s Thesis Santeri Ahtiainen Aalto University School of Business Department of Accounting Spring 2018 Aalto University, P.O. BOX 11000, 00076 AALTO www.aalto.fi Abstract of master’s thesis Author Santeri Ahtiainen Title of thesis Top 5 European football leagues – The association between financial performance and sporting success Degree Master of Science Degree programme Accounting Thesis advisor(s) Henry Jarva Year of approval 2018 Number of pages 80 Language English Objectives of the study The research consists of two primary objectives. First one is to provide an extensive theory basis of European club football in the field of sports economics. The second objective is to further study the connection between financial performance and sporting success in European club football. The study especially seeks answers if financially successful clubs do well also in the field and vice versa. Motivational factor behind the study is UEFA’s Financial Fair Play Regulations, and the study aims to reveal their impact on the connection between clubs’ financial and sporting performance. Data and methodology The sample consists of 690 observations of 139 different clubs that have played in top-five leagues (English Premier League, German Bundesliga, French Ligue 1, Italian Serie A and Spanish La Liga) between years 2008 and 2016. Financial data consists of revenues and operating profit, and it’s restricted through public availability. Sporting success is measured by domestic league positions. Various multivariate linear regression models are built to study the correlation between financial and sporting performance. In addition, correlation results are analysed through various sensitivity tests, such as comparisons pre- and post- UEFA Financial Fair Play Regulations. Results The study offers lots of significant results of which one of the most important is that domestic league winners generate on average $59.2 million greater revenues and $13.5 million greater operating profit than other clubs. In addition, reaching one position higher on the league table rewards the club with $1.3 million greater revenues on average. Positive correlation between league position and operating profit is found only in German Bundesliga, where reaching one position higher on the league table rewards club on average with $1.2 million greater operating profit. Interestingly negative correlation is found in Italian Serie A, where cost of reaching higher on the table is on average $0.6 million reduction in operating profit. Almost same negative connection ($0.5 million) is found for whole data set before UEFA Financial Fair Play Regulations were introduced, but after the introduction no statistically significant connection can be found. Hence, it could be argued that UEFA’s regulations have already had a positive impact on operational profit of the most sportingly successful clubs in Europe. Keywords sports economics, financial performance, sporting success, football, UEFA Financial Fair Play Aalto-yliopisto, PL 11000, 00076 AALTO www.aalto.fi Maisterintutkinnon tutkielman tiivistelmä Tekijä Santeri Ahtiainen Työn nimi Top 5 Euroopan jalkapalloliigat – Yhteys taloudellisen ja urheilullisen menestyksen välillä Tutkinto Kauppatieteiden maisteri Koulutusohjelma Laskentatoimi Työn ohjaaja(t) Henry Jarva Hyväksymisvuosi 2018 Sivumäärä 80 Kieli englanti Tutkimuksen tavoite Tutkimus koostuu kahdesta päätavoitteesta, joista ensimmäinen on tarjota kattava teoriapohja eurooppalaiseen seurajalkapalloon urheilutaloustieteen kentällä. Toinen tavoite on tutkia taloudellisen ja urheilullisen menestyksen yhteyttä eurooppalaisessa seurajalkapallossa. Tutkimus etsii erityisesti vastausta kysymykseen, mikäli taloudellisesti menestyneet seurat pärjäävät myös kentällä ja päinvastoin. Motivoivana tekijänä tutkimuksen taustalla toimii UEFA:n Financial Fair Play -säännöstö, ja tutkimus tähtää paljastamaan kuinka säännöstö on vaikuttanut yhteyteen seurojen taloudellisen ja urheilullisen menestyksen välillä. Lähdeaineisto ja tutkimusmenetelmät Aineisto koostuu 690 havainnosta, jotka on kerätty 139 eri seuralta, jotka ovat pelanneet top 5 sarjoissa (Englannin Valioliiga, Saksan Bundesliga, Ranskan Ligue 1, Italian Serie A ja Espanjan La Liga) vuosina 2008-2016. Taloudellinen aineisto koostuu myynnistä ja liiketuloksesta, ja sitä rajaa julkinen saatavuus. Urheilullista menestystä mitataan kotimaisilla sarjasijoituksilla. Yhteyttä taloudellisen ja urheilullisen menestyksen välillä tutkitaan erilaisilla monen muuttujan lineaarisilla regressiomalleilla. Lisäksi korrelaatiotuloksia analysoidaan erilaisin herkkyystestein, kuten vertaamalla tuloksia ennen ja jälkeen UEFA:n Financial Fair Play -säännöstön. Tulokset Yksi tärkeimmistä tutkimuksen tuloksista osoittaa, että kotimaisen sarjan voittajat raportoivat keskimäärin $59.2 miljoonaa suuremman liikevaihdon ja $13.5 miljoonaa paremman liiketuloksen kuin muut seurat. Lisäksi yltäminen yhtä sijaa korkeammalle sarjatauloukossa palkitsee seuran keskimäärin $1.3 miljoonan lisäyksellä liikevaihtoon. Positiivinen korrelaatio sarjasijoituksen ja liiketuloksen välillä löytyy vain Saksan Bundesligasta, missä yltäminen yhtä sijaa korkeammalle palkitsee seuran keskimäärin $1.2 miljoonaa paremmalla liiketuloksella. Negatiivinen korrelaatio löytyy Italian Serie A:sta, missä yltäminen yhden sijan korkeammalle maksaa seuralle keskimäärin $0.6 miljoonaa liiketuloksessa. Lähes sama negatiivinen yhteys ($0.5 miljoonaa) löytyi koko lähdeaineistolla ajanjaksolla ennen UEFA:n säännöstön esittelyä, mutta esittelyn jälkeen tilastollisesti merkittävää yhteyttä ei löytynyt. Täten voitaisiin väittää, että UEFA:n säännöstö on jo nyt vaikuttanut positiivisesti Euroopan urheilullisesti menestyneimpien seurojen liiketulokseen. Avainsanat urheilutaloustiede, taloudellinen menestys, urheilullinen menestys, jalkapallo, UEFA Financial Fair Play Table of Contents 1 Introduction .............................................................................................................................. 1 1.1 Background and motivation.................................................................................................................. 1 1.2 Objectives and research questions ...................................................................................................... 3 1.3 Research structure .................................................................................................................................... 4 2 Theoretical background ........................................................................................................ 5 2.1 Three sources of revenue ....................................................................................................................... 5 2.1.1 Matchday revenue .................................................................................................................................... 7 2.1.2 Broadcast revenue .................................................................................................................................. 10 2.1.3 Commercial revenue ............................................................................................................................. 14 2.2 Expenditures dominated by wages ................................................................................................... 16 2.3 Transfer markets..................................................................................................................................... 18 2.4 Objectives of the European football clubs ..................................................................................... 23 2.4.1 Maximizing sporting success or profits? ........................................................................................ 23 2.4.2 The influence of ownership model ................................................................................................... 27 2.4.3 The association between financial performance and sporting success ................................. 30 2.5 Operational environment ..................................................................................................................... 33 2.5.1 Competitive balance .............................................................................................................................. 34 2.5.2 UEFA Financial Fair Play Regulations ........................................................................................... 38 2.5.3 League specific regulations ................................................................................................................ 44 3 Hypotheses ............................................................................................................................. 48 3.1 Forming the hypotheses ....................................................................................................................... 48 3.2 Influence of league position on revenues and operating P/L ................................................... 49 3.2.1 Current season versus previous season ........................................................................................... 49 3.2.2 Differences between leagues .............................................................................................................. 51 3.2.3
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