Ownership structure and profitability in the European football

Luis-Carlos Sánchez, Patricio Sánchez-Fernández, Ángel Barajas


The present paper attempts to study the influence of the ownership structures of the major European football teams in their own profitability. The results show that the dispersed and national ownership of a club has a positive relationship with their financial profitability. However, the fact that the teams are organized as corporations or clubs does not influence their economic performance.


Sports finance; foreign owners; concentrated ownership; agency theory; clubs

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