Do Football Clubs Benefit from Initial Public Offerings?

Dirk Baur, C. Mckeating

Research output: Contribution to journalArticle

7 Citations (Scopus)
11 Downloads (Pure)

Abstract

This study analyzes the effects of initial public offerings (IPO) on the performance of European football clubs. We use a unique panel dataset consisting of domestic and international performance data to investigate a football club's on-field performance before and after going public. The study finds that the performance of football clubs does not improve on average with or after an IPO. Only football clubs in lower divisions benefit from a stock market listing. At the international level, there is no evidence of an improved performance associated with the IPO. The findings are consistent with shareholder ownership imposing tacit restrictions towards excessive debt and investments.
Original languageEnglish
Pages (from-to)40-59
JournalInternational Journal of Sport Finance
Volume6
Issue number1
Publication statusPublished - Feb 2011

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Initial public offerings
Football
Clubs
Shareholders
International performance
Ownership
Debt
Stock market
Going public

Cite this

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title = "Do Football Clubs Benefit from Initial Public Offerings?",
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Do Football Clubs Benefit from Initial Public Offerings? / Baur, Dirk; Mckeating, C.

In: International Journal of Sport Finance, Vol. 6, No. 1, 02.2011, p. 40-59.

Research output: Contribution to journalArticle

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AB - This study analyzes the effects of initial public offerings (IPO) on the performance of European football clubs. We use a unique panel dataset consisting of domestic and international performance data to investigate a football club's on-field performance before and after going public. The study finds that the performance of football clubs does not improve on average with or after an IPO. Only football clubs in lower divisions benefit from a stock market listing. At the international level, there is no evidence of an improved performance associated with the IPO. The findings are consistent with shareholder ownership imposing tacit restrictions towards excessive debt and investments.

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