Ángel Barajas
Plácido Rodríguez

European football in general and Spanish football in particular is experiencing huge financial difficulties. This paper analyzes Spanish clubs during the period from 2007 until 2011, using Altman’s models to classify clubs according to their Z-score values. Through these models, the determinants of the clubs’ poor financial situation are identified. The evidence suggests that Spanish football is in very poor financial condition. To improve its situation what is required is a substantial injection of capital funding through issuing shares or asking for substantial contributions from members...Read more

Stefan Szymanski

This paper considers the financial crisis of 2008 and its likely impact on English football, notably the English Premier League. It mostly examines the history of financial instability and sporting stability, in the sense of club survival, that is characteristic of English football and possibly much of football in the rest of the world. The paper suggests that while shareholders often lose money, clubs seldom disappear. It also suggests that while clubs are not immune to economic cycles, the impact is likely to be limited. The reasons for the financial instability of particular clubs and...Read more