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The purpose of this paper is twofold. First, to highlight the heterogeneity of the organizational aims within the professional football teams in Ligue 1. Second, to understand why some teams swing from a win orientation towards a soft budget constraint from year to year, and vice versa.

Financial data from annual reports for the period 2005/2015 was collected for the 35 Ligue 1 clubs. To define the degree of compliance with the intended strategy for those clubs, an efficiency analysis was conducted thanks to the data envelopment analysis method. This measure of performance was supplemented with the identification of productivity and demand shocks to identify whether clubs suffered from such shock or changed their strategy. It enables to precise the nature of the evolution in the utility function, with regards to the gap between expectation and actual performance.

The paper suggests that a team can switch from one orientation to another from year to year due to the uncertain nature of the sports industry. The club director’s utility function could also be maximized under inter temporal budget function in order to adjust the weight between win and profit according to the opportunities in the environment.

The paper sheds new light on the win/profit maximization. The theoretical model provides an assessment of the weight between win and profit in Ligue 1 and then identifies a new explanation for persistent losses in the sports industry.

The purpose of this paper is to verify the theoretical assumption about a weaker role of internal governance structures (namely, board and CEO) in determining sporting and financial performances in highly concentrated club ownership environment.

Using data from the Italian and English football clubs playing in their national top divisions, over the period 2006–2015, the authors apply agency theory, property rights theory and win maximization logic to test the absence of a significant impact of internal governance structures on financial performances and clubs’ sporting performance. Ownership structure’s variables are used as control variable.

Empirical findings document an overall poor impact of board structure and CEO features on financial performances, in comparison with the influence of ownership structure; the consolidation of win maximization logic of clubs’ owners has been demonstrated in this specific context. However, the authors found that some internal governance elements have also an impact on performance even if their contribute is limited: board size results negatively associated to club profitability, board independence and CEO tenure are positively related to sporting performance; in addition, CEO tenure also increases profitability.

The originality of the paper lies on the contribution arising from this empirical research, since a scarcity of empirical studies analyzing the correlation between internal governance and performance in European football sector is noticed.

This paper provides a conceptual discussion of the bidirectional relationship between knowledge management (KM) and intellectual capital (IC) in a specific subset of knowledge-based organisations, i.e. professional sport organisations. Through the review and conceptual discussion of two relevant research themes, i.e. KM strategies for IC value creation and IC codification, this paper aims to highlight research gaps useful to future research.

The authors apply a systematic literature review method to analyse 66 management and accounting studies on KM and IC in sport organisations. Internal and external validity tests support the methodology adopted.

The authors provide a conceptual model to explain how KM strategies about IC investments can be optimal, i.e. they create value for all the stakeholders but also suboptimal, i.e. they create value only for a group of stakeholders. Next, they provide evidence of the opportunistic use of the codification associated with IC investments that impair financial reporting information transparency and mislead managers and investors.

The results are informative for managers, regulators and policymakers to mitigate the inefficiencies regarding KM and IC codification and decisions.

This study contributes to the understanding of the bidirectional relationship between KM and IC in knowledge-based organisations by focussing on professional sport organisations in which KM and IC have played an important role for a long time. It also includes future avenues for advances in managing, measuring and reporting IC.

The purpose of this paper is three‐fold. First, to explore the relationship between the financial and sporting performance of clubs competing in the English Premier League (EPL). Second, to investigate the effect of different models of EPL club ownership on financial and league performance. Third, to review the finances of EPL clubs in the context of UEFA's Financial Fair Play regulations.

Financial data from annual reports for the period 2001‐2010 was collected for 20 EPL clubs. Correlation analysis was conducted to examine the relationship between the finances of EPL clubs and their league position. One‐way analysis of variance (ANOVA) tests were then used to examine the effect of ownership type on clubs’ financial and league performances. Where the results of ANOVA testing revealed statistically significant differences between groups, these were investigated further using appropriate post hoc procedures.

The stock market model of ownership returned better financial health relative to privately owned (domestic and foreign) clubs. However, clubs owned privately by foreign investors or on the stock market performed better in the league in comparison with domestically owned clubs. The stock market model was more likely to comply with Financial Fair Play regulations.

The paper confirms empirically that football clubs that float on the stock market are in better financial health and that clubs in pursuit of short‐term sporting excellence are reliant on substantial investment, in this case from foreign investors.

Since recent research has found that offensively oriented players receive a salary premium, the current study recognizes this observed premium might exist because offense is worth more in terms of revenue generation. Given the popular sports saying, “Offense sells tickets, defense wins championships,” the authors quantify whether offense really does sell more “tickets” than defense in the NBA.

Using NBA team revenue data as well as team offensive and defensive win shares, the authors estimate several econometric specifications to test if teams generate more revenue for offensive wins compared to defensive wins. The authors also employ a multi-year free agency study to identify if NBA players receive more compensation for offensive production than they do for defensive production.

The authors find no statistical difference in revenue generation from offense compared to defense. The authors confirm these findings both before and after revenue sharing. These results are also robust to alternative specifications. Therefore, the authors conclude that fans do not prefer offense to defense in terms of their spending. Contrary to previous research, the authors find no evidence of an offensive premium paid to NBA players.

Based on their findings, offensively oriented players should not receive a salary premium. The clear implication for team decision makers is that offensive production should be compensated at a similar rate as defensive production. Since the authors do not find evidence of an offensive premium for offensive production, their research suggests a likely labor market equilibrium in the NBA for both profit-maximizing and win-maximizing teams.

This study derives a new framework that comprehensively assesses management quality along four dimensions, namely Sporting Success; Financial Performance; Fan Welfare Maximization; and Leadership and Governance. Filled with measurable key performance indicators (KPIs), these dimensions serve the purpose of objectively quantifying the relevant success factors. Ultimately, the performance in all dimensions indicates a football club's management quality.

The study relies first on a review of the literature in the field of both general management and sports. Second, the authors adapt the balanced scorecard framework to the field of professional football and use a set of KPIs to assess the management quality of the Bundesliga teams over the seasons 2016/17 and 2017/18. Third, the authors validate the relative weights of the four dimensions composing the so-called “Football Management Quality score” (i.e. FoMa Q-Score) using expert interviews.

Two movements characterize the score development in 2017/18 compared to 2016/17: first, scores appear more contracted than previously. Second, both average and median scores improved, suggesting a general improvement in the management quality within the Bundesliga.

To the best of the authors’ knowledge, this is the first exploratory study deriving and measuring relevant key criteria for managing football clubs and illustrating the findings in a ranking. The aim of this study is to establish a model that impacts both academia and practice. By utilizing existing management literature and adjusting it to football particularities, the newfound knowledge begins to close the gap in sport management literature.

Since the beginning of the 2000s, investors have more frequently invested into professional football clubs, thereby radically changing the industry landscape. This review's purpose is to analyze and synthesize the state of research to understand motives, roles and implications of football club investors, and to provide recommendations for further research.

The paper presents an integrative literature review by identifying relevant English articles based on the search terms investor, owner, investment, ownership, shareholder and stakeholder in combination with soccer or football. Around 2,431 articles were reviewed. A total of 129 relevant articles was analyzed and synthesized within eight subject areas.

Investors in professional club football is a young research stream with a clear European focus. Investor motives and roles are diverse and implications are multidimensional. Investors mostly aim for indirect returns rather than pure profit- or win-maximization.

Football clubs comprise an own investment class for which the identified, unique specifics must be considered to develop a financially successful investment model. Thorough academic research of investors' inherent characteristics, investor-club pairings and the pillars of long-term strategies for successful investor-club liaisons are avenues of future research. Furthermore, the results illustrate the need for research outside of Europe.

The paper is the first systematic, integrative review of existing literature in the domain of equity investments into professional club football. The findings genuinely show that, depending on the investor type and ownership structure, investors have a wide impact in professional club football.

Rugby union’s late move to professionalism in 1995 has led to concerns about the financial development of the game. The purpose of this paper is to extend the knowledge base on professional team sports in the UK by analysing the financial and sporting performance of rugby union clubs.

Data were obtained by dissecting the annual accounts of nine English Premiership rugby clubs between 2006 and 2015. Analysis was performed using the performance assessment model, which analyses both financial and sporting areas of performance and is devised through statistical analysis procedures to provide a holistic measure of overall performance for each club.

There is financial disparity amongst clubs that has widened over the period of the study. In terms of sporting performance, the data suggest that competition is more equal, something that is less evident in other UK professional team sports such as football and rugby league. Correlation analysis reveals that overall performance varies over time in cycles.

The study has implications for the clubs competing in the English Premiership and for the league organisers themselves, particularly with reference to regulatory procedures such as raising the salary cap and increased broadcasting deals.

The paper has demonstrated the importance of balancing multiple performance objectives in professional team sports and has expanded the academic discussion on the financial health of professional team sports in the UK, particularly with reference to the financial health of rugby union where research has historically been scarce.

Using uses and gratifications theory as a guide, the purpose of this paper is to examine how fans are engaging with Major League Baseball (MLB) teams that are utilizing Instagram postings to demonstrate sporting, business, and social objectives.

An analysis of 1,500 photos (50 from each team) was conducted. A content analysis analyzed the content of the photo, and a textual analysis was implemented to examine the use of hashtags by the teams on their Instagram photos.

Posts that overly demonstrated the business and social objectives had some of the lowest numbers of likes and comments, indicating that fan engagement is not often achieved through these methods.

Results of this research demonstrate that while MLB teams are able to address their multiple objectives on Instagram, fans are not necessarily interested in all three of these efforts. Posts about on-field action, consumer buying opportunities, and charitable efforts were all created by the majority of teams, but the sporting objective posts had, by far, the highest average number of both likes and comments when compared to the charitable and promotional objectives of the teams. Therefore, the results provide some best practices for teams looking to use the photo and video sharing network.

This study explores the motivations underlying the European Super League (SL) breakaway attempt. While institutional settings bind football to tradition, investors conceive football companies as an opportunity to diversify their investments in a fast-growing technological industry. The study investigates the market structure and identifies the reasons behind the European football crisis, proposing to modify the role of Union of European Football Associations (UEFA) in the European football market.

After summarizing the unusual features of the European football market, the article displays the agents involved and their interrelations. Modeling the market facilitates picturing the misalignment of targets of regulatory bodies and football clubs. It also helps visualize the potential consequences of the SL coup on the market.

The market does not allow football companies to monetize their business and compete with other entertainment sectors. Only a radical change in the balance of power between clubs and self-interested institutional settings can settle this situation. Indeed, this relation leads to market inefficiency because the two most critical clubs' financial problems (the high dependence on broadcasting revenues and the uncontrolled expenditures on players' salaries) are linked to the same issue: the governing bodies strongly influence the profit equation by holding control of media rights and incentivizing clubs to overspend to win both on-field and off-field.

This study is the first to assess the football business market using an evolutionary approach to address its problems. It offers a visualizing tool to understand the market and proposes an alternative solution for solving the football market crisis.