Panagiotis E. Dimitropoulos
Athanasios Tsagkanos

The aim of this paper is to analyze the impact of corporate governance quality (namely board size, board independence, managerial ownership, institutional ownership, and CEO duality) on the profitability and viability of European Union’s football clubs over the period 2005-2009. Empirical results documented that corporate governance quality (higher managerial and institutional ownership, increased board size and independence, and the separation of the CEO and chairman roles) leads to greater levels of profitability and viability. Further analysis based on clubs’ profitability and viability...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