The People's Game? : Football, Finance and Society

The beautiful game is big business. Football leagues worldwide are being dominated by clubs which are becoming richer and more powerful. Since the first edition of this book was published in 2003, much has changed in the industry. However the central challenge remains how best football, its leagues and clubs can navigate a path between the logic of the market and the logic of community (social), while also remaining focused on a sporting logic. In this second edition, author Stephen Morrow offers a critique of football���s economic structure, prevalent models of club ownership and governance, and new approaches to regulation that have emerged. The book also reflects on the Covid-19 pandemic and on ways in which it has illuminated many of the structural weaknesses inherent in football. It also offers an insight into the woman���s game and its financial development in some countries, as well discussing issues such as football���s response to environmental challenges. Drawing on theory and new literature from across relevant academic disciplines, this book seeks to make sense of the current challenges while also putting forward solutions as to how football can continue to harness and build on its social and community significance. STEPHEN MORROW is Associate Professor in International Sport Management in the Edinburgh Business School at Heriot-Watt University. His research concentrates on the financial and governance aspects of the football industry and he has had several papers published in that area. He is a regular contributor to both radio and television on issues relating to the football business. He is the author of The New Business of Football (Palgrave Macmillan, 1999) Foreword Acknowledgements Contents List of Figures List of Tables List of Exhibits Introduction References 1: Football’s Ever-Changing Economics Competitive Imbalance, Certainty of Outcome and Concentrated Sporting Success Concentrated Income: Who Earns Wins? Football’s Television Dependency Certainty of Outcome: Who Does Care? Policy and Practice Implications Up and Down: Yo-Yos, Parachutes and Trampolines To Those that Have... The European Super League Agenda for Change References 2: Reporting and Communicating the Performance and Value of Football Financial Statements: Interpreting an Interpretation? Narrative Communication Financial Value Balance Sheet-Based Valuation Revenue Multipliers Enterprise Value The Markham Model The Wilson/Bet Victor Model Beyond the Models Football Debt (and the Barcelona Paradox) Interpreting the Interpreter’s Interpretation The Profession The Regulatory Body Mainstream and New Media Financial Regulation The Case for Regulation Financial Fair Play Social Responsibility, Value and Reporting Corporate Social Responsibility (CSR) COVID and CSR Social Value Social Reporting Environmental Reporting Reporting and Disclosure References 3: Organizational Forms: Ownership and Governance Organizational Form Ownership and Governance Forms Concentrated Dominant Ownership Multi-club Ownership Models Supporter (Mutual) Ownership Hybrid Ownership and Governance: The 50% Plus One Model References 4: Football Clubs: Who Are the People? Players (and Agents) Supporters Supporter Involvement Communities Communities in Transition The Case of Wimbledon Modernization? Activists and Campaigners References 5: Where Business Meets Society: What Is a Football Club? Conceptualizing a Football Club Stakeholder Theory Approaches Institutional Theory Approaches Boundary Object Theory References 6: Conclusion Notes References Index