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This chapter provides a study of how gambling companies use the cultural and social capital of Newcastle United Football Club, in the English Premier League, to establish a connection with the club's fans to promote gambling. Newcastle United had two gambling sponsors during the period of this study, from 2017 to 2020, including a front of shirt sponsor, FUN88, an online gambling brand with a large following in Asia. Data were gathered from a range of sources, including from the social media platform, Twitter, to identify the methods the company used to engage fans and to encourage betting on the outcome of matches. The data from the study were explored thematically to describe the relationship developed between the football club and its principal gambling sponsor in order to drive business for the latter with the club's followers. The findings showed how FUN88 evoked Newcastle United's cultural tradition to promote gambling and generate business globally whilst the club actively promoted their ‘primary partner’ through its media channels. The lure of free match tickets was used to encourage fan engagement. Corporate practices promote the consumption of unhealthy commodities through their marketing whilst consumers (fans) are responsibilised for any harms engendered by their gambling practices. The ubiquity of gambling brands has enabled gambling to become a normalised part of football culture. The findings from this study show how FUN88 has used all elements of the sponsorship assemblage to create an emotional connection whilst engaging with Newcastle United's fans to increase consumption of its products.

This introduction provides the methodological framework for the book, approaching the business of football through the lens of its most reliable consumers – the fanbase. Fan cultures necessarily inform the normative understanding of a football club, due to the popularly held belief that it is the fan’s – or some reified idea of the fan – that is the permanent feature of a football club and that provides its identity. Players and owners come and go, but the relationship between the club and the fan is, theoretically, never-ending. In truth, this is never a real fan who could exist, but a constructed image of the fan built out of other narratives and that, at some level, football fans associate themselves. This fan is no one in particular, but is drawn from a close reading of football culture and identifying the directives of the traditional fan. Utilising a combination of critical theory and the existing literature on football club ownership, our goal is to reveal the distinction between how people talk about the social dimension of football clubs, and how they actually relate to their fans and the wider world in the era of late capitalism. A club is not simply the romanticised notions held by those within the games, but, as with all businesses, it is also the product of it conducts itself in a series of other networks of exchange. Often irreconcilable with the aforementioned romantic notions, these networks often get hidden by the prevailing discourse.

In recent years, the relationship between Manchester United fans and their club has been put under the spotlight due to the contentious relationship between the fanbase and the club’s American owners, the Glazer family. However, the commercialisation of Manchester United and their ramping up of their associated brand accelerated massively during the 1990s, as a result of the coincident timing of the country’s glamour club returning to dominance during a period of ever-greater financial returns for top-flight success. As the undoubted commercial trailblazers in English football (and the first English club to be listed on the Stock Exchange), analysing their development during the 1990s is, arguably, the best way of understanding how and why top-flight football clubs operate the way they do and, in a knock-on effect on the league’s competitiveness, why the clubs below them can so easily fall away.

This chapter builds upon the analysis of the last chapter, as fans have to deal with the issues that arise from their team’s financial superiority. Here, we question what happens when that financial superiority is accompanied by significant moral and ethical issues. Recent involvement of state actors in the ownership of English football has been evidencable and occasionally appears clear. Various reflexes and cognitive distancing occur from fandoms when football club ownership engages in practices that, according to the normative models that fans ascribe to their clubs, are mutually exclusive with the values of the fanbase and the club’s history. A common form of fan reflex often takes the form of distancing the players on the pitch from the club’s institutional structures, effectively teasing out the matchday experience from the structures that benefit from the raw emotion it generates. Another reflex is questioning why the fan should surrender their club when a morally, ethically problematic ownership model has acquired it. Here we have perhaps the greatest challenge to the normative model and, rather than negotiating that tension, as often as not the response is to try and ignore it.

This paper aims to propose an analysis of financial regulation practices, identified thanks to an extensive benchmark carried out in eight European professional sports leagues.

Between 1970 and 2018, 81 French football clubs went bankrupt. The paper proposes an analysis of financial regulation practices in eight European professional sports leagues to enhance the prevention of bankruptcy of French football clubs. Three research questions are addressed: What are the financial and accounting disclosure practices in the main professional leagues? What assessment tools are employed to evaluate the financial risk and budgetary feasibility? What financial support measures exist for clubs and how are insolvency proceedings initiated by clubs? To identify financial regulation practices in professional sport, a selection of leagues was made based on their economic importance, specific regulatory tools used, and their approach to financial difficulties and the handling of insolvency proceedings.

Through an examination of financial regulation practices in other leagues, three main findings are highlighted: The significance of required financial documents and deadlines varies depending on the competition organizer; some leagues utilize ratio-based assessments rather than relying solely on opinions from financial oversight bodies; certain leagues have established assistance processes for troubled clubs as opposed to punitive measures resulting in administrative regulations.

This study proposes new financial regulation modalities to prevent the bankruptcy of French football clubs. Firstly, a reform management control is suggested. Secondly, the engagement of stakeholders in bankruptcy prevention is recommended. Lastly, the implementation of a dedicated policy to support clubs facing difficulties is proposed.

The French football federation and the professional league are important actors in the European football. Many bankruptcies are noted in these championships and since the COVID crisis, the financial situation of the clubs has deteriorated, pointing to a strong risk of bankruptcy in the coming years.

Professional football clubs, like other businesses, need to make investments in both human capital and fixed capital. We examine how investments in players, managers and stadiums drive football club performance.

Using data from the English Premier League (EPL) from 2012 to 2021, we use a lag model to relate investments in the past two years to the current financial and sporting performance of clubs.

We find that investments in new players are associated with better subsequent sporting performance. A £100 million increase in transfer expenditure is associated with 12 more points and 4 better table positions over the following two seasons. Investments in stadiums are associated with better subsequent financial performance. An increase in stadium capacity by 10,000 seats is associated with an extra £26 million in profits over the next two seasons. Manager changes are associated with better sporting performance in non-Big Six clubs, but worse sporting and financial performance in Big Six clubs.

These results have implications for optimal investment strategies at professional football clubs. For example, we find that new managers in Big Six clubs need to be complemented by additional transfer expenditure of at least £135 million to maintain the same level of sporting performance.

Given the rise of sport non-fungible tokens (NFTs) and sponsorships from cryptocurrency companies in the sport industry during the coronavirus disease 2019 (COVID-19) pandemic, this paper aims to critically frame the partnerships between cryptocurrency and sport by exploring the reception of fan tokens amongst supporters of three English Premier League clubs: Manchester City, Everton and Crystal Palace.

Drawing upon the emerging critical scholarship on cryptocurrency and the political economy of professional football, this study uses digital ethnography in an attempt to understand the major themes emanating from the online forum discussions amongst fans in response to the issuance of fan tokens by the aforementioned three clubs, among other types of partnerships with crypto companies.

The supporters’ critical deliberations revolved around the contradictions of fan tokens (as a means for supposed “fan engagement” or for financial speculation) and the utility of cryptocurrency for the public. These reactions in turn showcase a larger tension underlying the financially unstable professional football industry: the contest between the owners and the fan bases over the exchange value (for profit) and use value (for community) of the clubs.

This paper is one of the first studies to adopt a critical framework to examine the emerging partnerships between sports and cryptocurrency companies during the COVID-19 pandemic. It also provides one of the first in-depth analyses of the critical receptions of sport NFTs amongst sport fans. While contributing to the literature on fan activism/protest in the context of the commercialization and commodification of sport, the paper also raises new questions on the responsible use of cryptocurrency/NFT in sport.

Moving away from the stories of financial disaster we encountered in Chapter 2, Chapter 3 examines what it means for fans when their club is suddenly awash with more financial muscle than some nation-states due to the generosity of a wealthy benefactor who is seemingly more interested in sporting glory than in financial gain. This chapter engages with the notion of the football club as a billionaire’s plaything. Roman Abramovich’s acquisition of Chelsea in 2003 saw the West London club embark on an eye-watering spending spree and a sustained period of on-field successes, one that was unknown in the club’s history to that point. As a result, we take Chelsea during the Abramovich era as a starting point for considering how this model of ownership affects the relationship between fans and the connection that they have with their club. The evident success that financial muscle can bring shows owners what a happy fanbase is capable of, what they are capable of doing, and what they are capable of ignoring. The success of the financially doped teams of the 2000s created a precedent for winning over a fanbase with a successful football club, but nevertheless sat awkwardly with the normative ideals of how a football club should exist in the world and relate to its supporters.

This paper analyses J1 League and J2 League clubs during the period 2011–2020 to anticipate financial distress.

Data were collected for 29 professional football clubs competing in the J1 and J2 League for the financial years ending 2011–2020. Analysis was conducted using Altman’s Z-score methodology and additional statistical tests were conducted to measure differences between groups.

The results show significant cases of financial distress amongst clubs in both divisions and that clubs that have played predominantly in the J1 League are in significantly poorer financial health than clubs that have played predominantly in the J2 League. Overall, the financial situation in Japanese professional football needs to be monitored, a position that could be exacerbated by the economic crisis, caused by the coronavirus disease 2019 (COVID-19).

While the financial situation for a majority of the clubs in the J-League presents an austere picture, comparison with clubs in other leagues across Asia and Europe and understanding the different policies set by these leagues would enable us to understand whether the phenomenon of financial distress is common to other clubs and leagues across different countries and continents.

The paper recommends that J-League visit the existing club licensing criteria and implement equitable cost-control measures, such as implementing a cap on acceptable losses over a specified period or restricting overall expenditures as a percentage of the club’s revenue.

The paper extends the evidence base of measuring financial distress in professional team sports and is also the first paper of its kind to examine this in relation to Asian professional football.