The influence of sport results on football stock markets

DOUBLE BACHELOR’S DEGREE IN BUSINESS & ECONOMICS
FACULTY OF BUSINESS AND ECONOMICS (SARRIKO, BILBAO)
DEGREE YEAR 2024-2025
THE INFLUENCE OF SPORT RESULTS
ON FOOTBALL STOCK MARKETS
AUTHOR: IÑIGO BARRENETXEA ATXURRA
DIRECTOR: ITZIAR GARROTE CUESTA
BILBAO
JUNE 2025
INDEX
1. INTRODUCTON ……………………………………………………………………………………………………………………. 1
2. ECONOMIC CONTEXT OF FOOTBALL 2022-2023 AND TYPOLOGY OF CLUBS …………………………. 5
3. SOURCES OF INCOME AND EXPENSES OF FOOTBALL TEAMS ………………………………………………. 11
3.1. FOOTBALL TEAMS’ INCOMES ……………………………………………………………………………… 12
a) TICKET AND ANNUAL PASSES ………………………………………………………………………………… 12
b) BROADCASTING RIGHTS ………………………………………………………………………..……………… 12
c) MERCHANDISING & SPONSORS …………………………………………………………………………….. 12
d) SALE OF PLAYERS …………………………………………………………………………………………………… 13
e) SPORTS RESULTS …………………………………………………………………………………………………… 14
3.2. FOOTBALL TEAMS’ EXPENSES …………………………………………………………………………….. 15
4. FINANCIAL REGULATIONS OF FOOTBALL TEAMS …………………………….………………………………….. 17
4.1. INTERNATIONAL FOOTBALL REGULATIONS …….…………………………………………………… 17
4.2. SPECIFIC REGULATION FOR INTERCITY CF (SPAIN) ………………………….……………………. 18
4.3. SPECIFIC REGULATION FOR MANCHESTER UNITED, BORUSSIA DORTMUND AND
JUVENTUS ……………………………………………………………………..…………………………………………. 19
a) ACCOUNTING STANDARDS ……………………………………………………………………………………. 19
b) OTHER SPECIFIC REGULATIONS OF ENGLAND, GERMANY AND ITALY ……………………… 20
5. SOURCES OF STUDY ……………………..……………………………………………………………………………………. 23
5.1. MANCHESTER UNITED ……………………………………………………………………………………….. 23
5.2. BORUSSIA DORTMUND ……………………………………………………………………………………… 25
5.3. JUVENTUS FC ……………………………………………………………………………………………………… 27
5.4. INTERCITY CF ……………………………………………………………………………………………………… 29
6. INFLUENCE OF SPORTING RESULTS AND CLASSIFICATION ON THE SHARE PRICE ………………... 32
6.1. METHODOLOGY …………………………………………………………………………………………………. 32
6.2. RESULTS …………………………………………………………………………………………………………….. 35
7. CONCLUSION …………………………………………………………………………………………………………………….. 39
BIBLIOGRAPHY ……………………………………………………………………………………………………………………… 41
ANNEX 1: FOOTBALL VARIABLES OF TEAMS UNDER STUDY …………………………………………………… 43
INDEX OF GRAPHICS
GRAPHIC 1: EUROPEAN FOOTBALLMARKET SIZE - 2018/19 TO 2022/23 (€ BILLION) ……………….. 5
GRAPHIC 2: "BIG FIVE" EUROPEAN LEAGUE TEAM’S REVENUES ………………………………………………. 6
GRAPHIC 3: TOP 20 FOOTBALL TEAMS WITH HIGHEST REVENUES …………………………………………… 7
GRAPHIC 4: “BIG FIVE” EUROPEAN LEAGUE TEAMS’ REVENUE - 2022/23 (€M) ……………………… 11
GRAPHIC 5: “BIG FIVE” EUROPEAN LEAGUE TEAMS’ REVENUE AND WAGE COSTS – 2021/22
AND 2022/23 (€M) ………………………………………………………………………………………..…………………….. 16
GRAPHIC 6: MANCHESTER UNITED’S SHARE PRICE DURING 2022/2023 SEASON …………………. 24
GRAPHIC 7: BORUSSIA DORTMUND’S SHARE PRICE DURING 2022/2023 SEASON ………………… 25
GRAPHIC 8: JUVENTUS FC’S SHARE PRICE DURING 2022/2023 SEASON ……………………………….. 27
GRAPHIC 9: INTERCITY CF’S SHARE PRICE DURING 2022/2023 SEASON ………………………………… 30
INDEX OF TABLES
TABLE 1: FOOTBALL TEAMS UNDER STUDY …………………………………………………………………………….. 3
TABLE 2: CLUB MODEL VS PRIVATE OWNERSHIP MODEL ………………………………………………………… 8
TABLE 3: LISTED FOOTBALL TEAM VS UNLISTED FOOTBALL TEAM …………………………………………… 9
TABLE 4: MANCHESTER UNITED'S INCOME STATEMENT ……………………………………………………….. 25
TABLE 5: BORUSSIA DORTMUND'S INCOME STATEMENT ……………………………………………………… 26
TABLE 6: JUVENTUS FC’S INCOME STATEMENT …………………………………………………………………….. 28
TABLE 7: INTERCITY CF'S INCOME STATEMENT ……………………………………………………………………… 30
TABLE 8: RESULT-VARIATION PRE-COMBINATIONS ……………………..…………………………………………. 32
TABLE 9: RESULT-VARIATION FINAL COMBINATIONS ……………………………………………………………… 33
TABLE 10: AMOUNT OF RESULT-VARIATION FINAL COMBINATIONS IN ABSOLUTE TERMS ……. 35
TABLE 11: AMOUNT OF RESULT-VARIATION FINAL COMBINATIONS IN RELATIVE TERMS ……… 36
TABLE 12: PHI COEFFICIENT MATRIX FOR MANCHESTER UNITED ……………………………………..…… 36
TABLE 13: PHI COEFFICIENT MATRIX FOR BORUSSIA DORTMUND ………………………………………… 37
TABLE 14: PHI COEFFICIENT MATRIX FOR JUVENTUS FC ………………………………………………………… 37
TABLE 15: PHI COEFFICIENT MATRIX FOR INTERCITY CF ………………………………………………………… 38
1
1. INTRODUCTION
The spo ing ield has unde gone a p o ound ans o ma ion in ecen yea s, and oo ball has no
escaped his e olu ion, wi h he spo becoming a luc a i e business, in which oo ball is no only
a me e spo . Fo example, Eu opean oo ball eams ea ned a ound €35.3 billion (Deloi e Spo s
Business G oup, 2024). In es o s ha e iden i ied a comme cial oppo uni y in he spo , d i ing
g ow h h ough in es men and explo ing new ma ke s o maximise hei p o i s, o en pu ing
he needs o he ans on he back bu ne .
Today, oo ball is an a ea whe e mul iple in e es s con e ge; om hose o oo ball eam owne s
and spo s companies, o hose o ad e ising agencies, he media, ans and he playe s
hemsel es. This di e si y o ac o s has eshaped spo , placing i in a con ex ma ked by
economic p o i abili y and globalisa ion.
The inc easing comme cialisa ion o oo ball eams has a ac ed nume ous in es o s, who ha e
acqui ed signi ican s akes in hese ins i u ions, injec ing capi al and acili a ing hei access o
ex e nal inancing. This phenomenon, coupled wi h in ense compe i ion wi hin he indus y, has
led se e al spo s eams o op o a s ock exchange lis ing as a s a egy o s eng hen hei
inancial s abili y. In o he wo ds, he main eason is o aise capi al. By selling sha es o he
public, oo ball eams can aise unds o he acquisi ion o op playe s, he imp o emen o
cons uc ion o in as uc u e (such as s adiums and aining cen es), he educ ion o
accumula ed deb and he global expansion o hei b and by in es ing in ma ke ing o
academies in o he coun ies.
In addi ion o inancing, an Ini ial Public O e ing also inc eases he isibili y and p es ige o he
eam, which can a ac mo e sponso s and ans. Fo he cu en owne s, i allows hem o ob ain
liquidi y by selling pa o hei sha es, di e si ying hei pe sonal weal h. By being a lis ed
company, he oo ball eam is subjec o g ea e anspa ency and inancial discipline, which can
lead o be e managemen . I also allows ans o buy sha es, oo ball eams can s eng hen he
bond wi h hei an base, o e ing hem a way o ‘own’ a pa o hei eam; howe e , his can
lead o sha es been acqui ed by people who do no ca e abou he oo ball eam.
E e since I began my s udies in business and economics, s ock ma ke in es men has cap u ed
my in e es in a special way. The dynamics o inancial ma ke s, s a egic decision-making based
on da a analysis and he sea ch o alue in lis ed asse s a e aspec s ha ascina e me deeply.
Unde s anding how a ious ac o s in luence he beha iou o s ocks, om a company's
undamen als o ma ke sen imen , has been a cons an in my educa ion.
Pa allel o my academic aining, oo ball has been and con inues o be my g ea es passion. Fo
i e yea s, I ha e had he p i ilege o wo king as a oo ball coach, an expe ience ha has allowed
me o expe ience he spo om he inside, o unde s and he impo ance o e e y esul , he
in ensi y o he compe i ion and he emo ional impac i has on bo h playe s and ans. This di ec
expe ience wi h he spo has shaped my ision o he impac ha pe o mance on he pi ch can
ha e beyond he pu ely spo ing.
This opic p o ides me wi h he pe ec oppo uni y o combine my knowledge and cu iosi y
abou inancial ma ke s wi h my deep connec ion and unde s anding o he wo ld o oo ball. I
am pa icula ly mo i a ed o analyse how a seemingly in angible elemen such as spo ing
success o ailu e can ansla e in o conc e e mo emen s in he sha e alues o lis ed oo ball
eams.
2
The unique na u e o he oo ball indus y allows in es o s o e alua e he pe o mance o hei
in es men s on a weekly basis, unlike o he business sec o s, which e alua e hei pe o mance
no mally qua e ly, when he companies make public hei pe o mance. While a eam's
pe o mance mus be assessed in he o e all con ex o a season, his s udy seeks o de e mine
whe he he e is an immedia e ela ionship be ween ma ch esul s and luc ua ions in sha e
alue du ing he subsequen ading session.
This Final Deg ee P ojec aims o p o ide empi ical e idence on how inancial ma ke s eac o
spo ing success o ailu e on he s ock ma ke pe o mance o oo ball eams lis ed on o icial
seconda y ma ke s, in o de o each a conclusion abou which spo ing ac o s a ec he p ice
sha e and whe he is in e es ing o in es o s his ype o inancial p oduc s.
The g owing inancialisa ion o oo ball has spu ed a as a ea o esea ch dedica ed o
unde s anding how pe o mance on he pi ch ansla es in o he sha e alue o lis ed oo ball
eams. A numbe o empi ical s udies ha e add essed his ques ion, employing di e en
me hodologies o un a el his complex ela ionship and p o iding de ailed insigh s in o he
in luence o spo ing pe o mance on s ock ma ke s.
The empi ical li e a u e demons a es ema kable consis ency in ha immedia e ma ch esul s
ha e a signi ican , sho - e m impac on oo ball eams' s ock ma ke e u ns. A comp ehensi e
s udy by Na es (2023) on 20 Eu opean oo ball eams, co e ing he pe iod July 2011 o June
2022, using OLS eg essions in he amewo k o an e en s udy, e ealed ha wins we e
associa ed wi h a posi i e e ec on s ock e u ns, being posi i e o 19 ou o 20 oo ball eams
and signi ican ly posi i e o 10 o hem. In con as , d aws and de ea s showed a signi ican
nega i e e ec , wi h d aws leading o lowe s ock e u ns o 18 ou o 20 oo ball eams
(signi ican ly nega i e o 14) and de ea s esul ing in nega i e coe icien s o 19 ou o 20
oo ball eams (signi ican ly nega i e o 17). This s udy assumes ha he e ec ma e ialises on
he nex business day, gi en ha mos ma ches a e played ou side ading hou s.
Pionee ing esea ch by Renneboog and Vanb aban (2000) analysed 17 B i ish oo ball eams
o e h ee seasons be ween 1995 and 1998. This s udy ound ha wins esul ed in posi i e
abno mal e u ns o 1% on he ollowing business day. In con as , d aws and de ea s we e
associa ed wi h nega i e abno mal e u ns o 1.4%. Thei indings indica ed ha ma ch
ou comes s ongly in luence s ock p ices, gene a ing signi ican abno mal e u ns and ading
olumes, and ha abno mal e u ns o winning eams do no always e lec a ional
expec a ions, bu may be high due o o e eac ions induced by in es o sen imen . In addi ion,
Be nile and Lyand es (2011) also ound ha losses a e associa ed wi h signi ican nega i e pos -
ma ch e u ns.
Acco ding o hese s udies, he e is a no able asymme y whe e losses ha e a s onge impac
han gains, a phenomenon ha aligns wi h ‘loss a e sion’ in beha iou al inance, whe e in es o s
eac mo e s ongly o he pain o a loss han o he pleasu e o an equi alen gain. In es o
sen imen can lead o signi ican de ia ions om he E icien Ma ke Hypo hesis, especially
when ou comes a e unexpec ed. The impo ance o he ma ches ampli ies hei in luence;
ou namen ma ches ha e a g ea e impac han iendly ma ches, and Eu opean ma ches (such
as he Champions League) end o gene a e a mo e p onounced eac ion han domes ic league
ma ches due o he g ea e economic implica ions. The s udy by Soana, M. G., Lippi, A., & Rossi,
S. (2024) obse ed a signi ican d op in sha e p ices o oo ball eams in Champions League
ma ches las ing up o 10 days a e de ea , bu no signi ican eac ion o wins o d aws in he
same compe i ion.

3
Howe e , he s udy by Schol ens and Peens a (2009) analysed 1274 ma ches o eigh eams in
domes ic and Eu opean compe i ions du ing 2000-2004 and ound ha he s ock ma ke
esponse is signi ican and posi i e o wins and nega i e o losses, wi h he esponse being
signi ican ly s onge o losses and o ma ches in Eu opean compe i ions.
Finally, and beyond he oo ball ield, o he ac o s also in luence he alua ion o oo ball eams.
Playe ans e s, while o en gene a ing sho - e m op imism, we e shown in Na es M’s s udy
o gene ally no signi ican ly a ec s ock e u ns when buying o selling a oo ball playe .
Simila ly, coaching changes, acco ding o Na es (2023), gene ally do no ha e a signi ican
nega i e e ec on s ock e u ns, al hough he e we e speci ic e ec s o some oo ball eams.
Al hough he e a e se e al oo ball eams ac oss Eu ope ha a e lis ed on s ock ma ke s, his
pape will conside some o he leading Eu opean oo ball eams om ou leading lis ed oo ball
eams om ou Eu opean coun ies.
The eams unde s udy will be Manches e Uni ed (England), Bo ussia Do mund (Ge many),
Ju en us FC (I aly) and In e ci y CF (Spain). In he case o he i s h ee oo ball eams, hey ha e
been chosen due o wo main ac o s, ela ed o he impo ance o he leagues hey pa icipa e
in and also ela ed o hei spo ingly impo ance along ime. England, I aly and Ge many,
oge he wi h Spain, a e he mos powe ul oo ball leagues in he wo ld in e ms o economic
and spo ing success. Wi hin hese h ee p incipal leagues, he oo ball eams ha ha e been
selec ed a e some o he mos popula eams in hei espec i e coun ies, ha ing won each o
hem a leas wice he UEFA Champions League, he mos impo an compe i ion in oo ball
compe i ion.
Wi h espec o he ou h oo ball eams, In e ci y CF canno be compa ed o he p e ious h ee
oo ball eams, which a e his o ic oo ball eams, wi h mo e han 100 yea s o exis ence. In he
case o In e ci y, i was ounded in 2017, and i has ne e achie ed p o essional oo ball in Spain
(which is o med by he i s and second di ision). Howe e , i is he only Spanish oo ball eam
ha is lis ed on he s ocks ma ke .
The pape will s a wi h in Chap e 2 wi h an in oduc ion o he cu en economic con ex o
Eu opean oo ball. This sec ion is undamen al o es ablish he amewo k in which oo ball
eams ope a e. I will analyse he mac oeconomic cha ac e is ics o he con inen al oo ball
ma ke , i s u no e and he inc easing p o essionalisa ion o he spo . In addi ion, a de ailed
classi ica ion o he ypology o exis ing oo ball eams will be made. This segmen a ion is c ucial
o unde s and he di e si y in managemen and inancial s a egies.
Table 1: Foo ball eams unde s udy
Sou ce: Own elabo a ion
COUNTRY
ENGLAND MANCHESTER UNITED
GERMANY BORUSSIA DORTMUND
ITALY JUVENTUS FC
SPAIN INTERCITY CF
CLUB
4
Once he gene al con ex has been es ablished, in Chap e 3 he pape will mo e on o a de ailed
analysis o he composi ion o oo ball eams' e enues and expenses. This sec ion is i al o
unde s anding he economic iabili y o hese eams and how hei inancial ansac ions a e
di ec ly a ec ed by hei spo ing pe o mance. The main sou ces o e enue will be b oken
down, including TV igh s, ma ch day e enues, comme cial and ma ke ing e enues,
compe i ion e enues, and playe ans e e enues. In e ms o he cos s uc u e, he mos
ele an componen s will be examined: playe and coaching s a sala ies, dep ecia ion and
ans e ees, ope a ing expenses and inancial expenses.
I will hen ocus on Chap e 4 on he egula o y amewo k a ec ing oo ball eams, bo h a a
gene al le el and acco ding o hei ypology, add essing he speci ic egula ions go e ning
na ional leagues and Eu opean compe i ions (UEFA).
As o ou objec i e in his pape , we will p esen in Chap e 5 a de ailed collec ion and
desc ip ion o he inancial da a ( e enues and expenses) o he lis ed oo ball eams ha will be
he subjec o ou s udy, ob ained om hei annual epo s, public inancial s a emen s and
s ock exchange da abases.
Following his in o ma ion, in Chap e 6 a s a is ical analysis will be ca ied ou o de e mine he
ela ionship be ween spo ing esul s and a ia ions in he ma ke p ice o he selec ed oo ball
eams' sha es.
Finally, he pape will conclude wi h a sec ion on conclusions in Chap e 7. He e, he mos
ele an indings o he s udy will be syn hesised, he esea ch ques ions will be answe ed and
he cen al hypo hesis on he in luence o spo s pe o mance on he ma ke p ice will be
e alua ed.
5
G aphic 1: Eu opean oo ball ma ke size – 2018/19 o 2022/23 (€ billion)
2. ECONOMIC CONTEXT OF FOOTBALL 2022-2023 AND TYPOLOGY OF FOOTBALL
TEAMS
Foo ball, beyond being a spo and a global passion, has es ablished i sel as a powe ul
economic indus y ha mo es billions o eu os a ound he wo ld (Deloi e, 2024). In Eu ope, his
ans o ma ion has been pa icula ly p onounced, u ning majo oo ball eams in o uly
mul ina ional companies wi h highly complex inancial s uc u es. To unde s and how esul s on
he ield o play can esona e in he s ock ma ke s, i is i s essen ial o es ablish he economic
con ex ha de ines Eu opean oo ball oday.
Based on he a ailable da a on he inancial si ua ion o Eu opean oo ball, collec ed in he
‘Annual Re iew o Foo ball Finance 2024’ p epa ed by Deloi e Spo s Business G oup (2024), he
2022/2023 season p esen ed changes compa ed o p e ious yea s, being he i s ull season
since 2018/19 in which all ‘big i e’ Eu opean leagues ope a ed wi hou COVID-19 es ic ions
and wi h an unp eceden ed mid-season b eak o he 2022 FIFA Wo ld Cup in Qa a .
As can be app ecia ed in G aphic 1, he 2022/2023 season ma ked ano he yea o eco d
e enues, wi h he Eu opean oo ball ma ke eaching a 16% g ow h o a new high o €35.3
billion. The ‘big i e’ leagues ( e e ing o he oo ball leagues o England (P emie League), Spain
(LaLiga), I aly (Se ie A), Ge many (Bundesliga) and F ance (Ligue 1)) con inued o lead
p opo ionally, con ibu ing €19.6 billion (56%).
Rega ding his g aphic om Delloi e (2024), mo e han hal o he composi ion o Eu opean
oo ball ma ke size is composed only by i e leagues. Wi hin he big i e leagues, i is he English
league ha has his o ically led all ankings inancially. Du ing he 2022/23 season, he s a o
he P emie League's new b oadcas ing igh s cycle con ibu ed o an 11% inc ease in a e age
e enues o English op- ligh eams, which exceeded £300 million o he i s ime.
Sou ce: Annual Re iew o Foo ball Finance 2024 (Deloi e, 2024)
6
In Spain, LaLiga oo ball eams eached an all- ime eco d o al e enue o €3.5 billion (wi h an
a e age o €177 million pe eam). I is wo h men ioning ha LaLiga has wo o he highes -
g ossing oo ball eams in he wo ld, Real Mad id CF and FC Ba celona, wi h e enues in excess
o €800 million. I is in e es ing o compa e his igu e wi h he a e age o he o he 18 LaLiga
oo ball eams, whe e he a e age e enue is €106 million. (Deloi e 2024)
The 2022/23 season saw he ull e u n o ans o s adiums in Ge many and I aly, wi h Bundesliga
and Se ie A eams eco ding he highes o e all pe cen age g ow h in income compa ed o he
p e ious season. On he one hand, Se ie A eams gene a ed €2.9 billion in e enue (wi h an
a e age o €143 million pe eam), ep esen ing an inc ease o 22% compa ed o he p e ious
season. On he o he hand, Ge man eams achie ed signi ican g ow h in o al e enue, eaching
€3.8 billion (a e aging €213 million pe eam) and he highes pe cen age g ow h among he i e
big leagues.
Finally, wi h espec o F ance, al hough b oadcas ing e enues dec eased, Ligue 1 eams
achie ed a 17% inc ease (€352 million) in o al e enues, eaching €2.4 billion (wi h an a e age
o €119 million pe eam). This g ow h was mainly due o an ag eemen wi h he in es men
und CVC o he exploi a ion o he Ligue de Foo ball P o essionnel’s audio isual igh s.
In summa y, and wi h he help o he G aphic 2 i can be app ecia ed he inc ease on income in
all coun ies, wi h England being he mos dominan league and almos doubling he e enues
wi h he second highes coun y which is Ge many.
On an indi idual le el, ollowing he p edominance o hese i e majo leagues, based on a UEFA
epo , he 20 oo ball eams wi h he highes e enues in he 2022/23 season belong o one o
he leagues men ioned abo e (G aphic 3). This g oup o eams is composed o nine eams om
England, ou om I aly, h ee om Spain, h ee om Ge many and one om F ance.
Fu he mo e, he a e age e enue o hese eams g ew by 15.7% in 2023, being led by FC
Ba celona (+€176M), Pa is S -Ge main (+€137M), AC Milan (+€126M) and SSC Napoli (+€120M).
G aphic 4: "Big i e" Eu opean league eam's e enues – 1996/97 and 2013/14 o 2024/25 (€m)
Sou ce: Annual Re iew o Foo ball Finance 2024 (Deloi e, 2024)
13
annually h ough me chandising, d i en by an ana icism and iden i ica ion wi h he eam. The
a i al o s a s a he eam can also signi ican ly inc ease sales; a clea example is he impac o
signings such as C is iano Ronaldo o Lionel Messi a he eams whe e hey ha e played.
On he o he hand, sponso ships ep esen ano he key sou ce o e enue. Companies seek o
associa e hei image wi h p es igious oo ball eams h ough comme cial ag eemen s ha may
include s adium naming, shi sponso ship o exclusi i y ag eemen s wi h appa el and
echnology b ands. Global companies such as Adidas, Nike, Emi a es o Coca-Cola ha e signed
mul i-million dolla con ac s wi h oo ball eams, ensu ing a cons an p esence in he wo ld o
spo .
The combina ion o a s ong me chandising model and well-s uc u ed sponso ship s a egies
allows oo ball eams o di e si y hei e enues, educe hei dependence on TV igh s and
main ain long- e m inancial s abili y. In an inc easingly compe i i e ma ke , he abili y o
maximise hese e enue s eams is key o he g ow h and sus ainabili y o oo ball eams on he
in e na ional s age.
Acco ding o Deloi e (2024), oo ball eams’ agg ega e me chandising and sponso ship e enues
g ew by €1.2 billion (19%), eaching a o al o €7.6 billion, d i en by new and imp o ed
sponso ship deals o he use o s adiums beyond ma ch days. No as much as, b oadcas ing
e enues, comme cial e enues imply a ound 30% o he e enues in each o he “Big Fi e”
Eu opean leagues (G aphic 4).
d) SALE OF PLAYERS
The sale o playe s ep esen s a key sou ce o e enue o oo ball eams, especially o hose
ha adop a business model based on he de elopmen and e alua ion o alen . This s a egy
allows no only o gene a e economic bene i s, bu also o ein es in new addi ions and
s eng hen he inancial sus ainabili y o he eam. Howe e , his “sale o playe s” also implies a
cos o o he eams, because wha is ea ned by one speci ic oo ball eam, mus ha e been
spen by ano he conc e e eam.
The income de i ed om he ans e o playe s can ha e a signi ican impac on a oo ball eam’s
accoun s, especially in e ms o compliance wi h he Financial Fai Play imposed by bodies such
as UEFA.
Teams such as Ben ica, Bo ussia Do mund o Ajax ha e managed o consolida e hemsel es as
aining eams, ob aining impo an p o i s by buying young playe s a low cos and hen selling
hem o eams wi h g ea e pu chasing powe .
In addi ion, he ans e ma ke has e ol ed in ecen yea s wi h he in oduc ion o esale
clauses and pe o mance bonuses, allowing oo ball eams o ecei e addi ional income e en
a e a playe has been ans e ed. Simila ly, e mina ion clauses ha e gene a ed his o ic
ansac ions, such as he sale o Neyma o Pa is Sain -Ge main o 222 million eu os, which
ma ked a u ning poin in oo ball economics.
Despi e being a ele an sou ce o e enue, o e - eliance on playe sales can lead o spo ing
ins abili y, as he depa u e o key playe s can a ec he eam's pe o mance in compe i ions.
The e o e, oo ball eams mus balance hei inancial s a egy wi h hei spo ing planning,
ensu ing bo h inancial sus ainabili y and success on he pi ch.

14
In he 2022/23 season, as oo ball eams looked o secu e wo ld-class alen be o e and a e he
Wo ld Cup, we saw ans e spending each an all- ime high. P emie League eams spen a o al
o £2.8 billion on playe ans e s du ing he win e and summe windows, bea ing hei p e ious
eco d, se in he 2017/18 windows, by 47%.
e) SPORTS RESULTS
Teams ecei e cash p izes o hei pe o mance in bo h domes ic and in e na ional
compe i ions, i.e. he be e hey inish o he u he hey go in ou namen s, he g ea e he
inancial ewa ds.
In domes ic compe i ions, e enues om spo ing esul s a e mainly dis ibu ed h ough
ele ision igh s, whe e a signi ican sha e is alloca ed o eams based on hei inal league
posi ion. Teams ha achie e highe ankings ecei e highe pe cen ages o his e enue, which
incen i ises compe i i eness and ewa ds consis en spo ing success. In addi ion, winning i les
such as he league o he na ional cup o en esul s in di ec inancial ewa ds om he
ede a ion o compe i ion o ganise .
As o he in e na ional compe i ions o ganised by UEFA, such as he Champions League, he
Eu opa League and he Con e ence League, income om spo ing esul s is gene a ed mainly
h ough p ize money o pa icipa ion, wins, d aws and quali ica ion o he di e en s ages o
he compe i ion, eaching signi ican igu es especially in he Champions League whe e he
champion can exceed €100 million in di ec p izes alone, no coun ing he a iable amoun s o
UEFA coe icien and ma ke pool; simila ly, al hough o a lesse ex en , he Eu opa League and
he Con e ence League also dis ibu e p izes o spo ing pe o mance in hei di e en s ages.
Quali ica ion o UEFA's eams compe i ions (UEFA Champions League, UEFA Eu opa League and
UEFA Con e ence League) depends mainly on eams' inal posi ions in hei espec i e domes ic
leagues and esul s in domes ic cups.
1) UEFA Champions League:
o Spain (LaLiga), England (P emie League), Ge many (Bundesliga), I aly (Se ie A): The op
ou om hese leagues quali y di ec ly o he league phase. In addi ion, om 2024-25
onwa ds, hese leagues can ob ain an addi ional 5 h place i hey a e among he wo
leagues wi h he bes UEFA coe icien in he p e ious season (known as he "Eu opean
Pe o mance Spo ").
o F ance (Ligue 1): The op 2 quali y di ec ly o he league phase, while he 3 d placed
eam mus play a p elimina y quali ying ound (play-o s).
o UEFA compe i ion winne s: The winne o he UEFA Champions League and he winne
o he UEFA Eu opa League om he p e ious season also secu e a di ec place in he
Champions League, e en i hey did no quali y ia hei league (Regula ions o he UEFA
Champions League, 2024).
Acco ding o he “UEFA Financial Dis ibu ion Ci cula ” om 2024 he e enue dis ibu ion o
he pa icipa ing eams in he UEFA Champions League is s uc u ed a ound wo main pilla s.
Fi s ly, he ini ia ion ees ep esen 27.5% o he o al dis ibu ed, amoun ing o €670 million,
which a e dis ibu ed among he 36 eams quali ying o he league phase, gua an eeing each
oo ball eam an alloca ion o €18.62 million, b oken down in o an ini ial paymen o €17.87
million and a balance o €750,000.
15
Secondly, he pe o mance- ela ed paymen s, which cons i u e 37.5% o he o al wi h 914
million eu os, ewa d he esul s achie ed in he league phase (€2.1 million o a win and
€700,000 o a d aw, wi h a sys em o edis ibu ion o unalloca ed unds o d aws based on
anking) and p og ess in he knockou ounds (€1 million o quali ying o he knockou play-
o s, €11 million o he ound o 16, €12.5 million o he qua e - inals, €15 million o he semi-
inals, €18.5 million o he unne -up and €25 million o he champion).
Finally, a bonus o quali ica ion in he league phase dis ibu es 666 equal sha es wi h an ini ial
alue o €275,000 pe sha e, anging om one sha e o he eam in 36 h place o 36 sha es o
he eam in i s place in he league phase.
2) UEFA Eu opa League:
o Spain, England, Ge many, I aly: Gene ally, he 5 h placed eam in he league ge s a di ec
place (o he 6 h i he 5 h Champions League place is ac i a ed). In addi ion, he
Na ional Cup winne (Copa del Rey, FA Cup/EFL Cup, DFB-Pokal, Coppa I alia) also ge s a
di ec place. I he cup winne has al eady quali ied o a highe Eu opean compe i ion
by i ue o hei league posi ion, he cup quo a is ealloca ed.
o F ance (Ligue 1): The 4 h placed eam in he league ge s a di ec place, as does he
F ench Cup winne (Regula ions o he UEFA Eu opa League, 2024)
Re enue dis ibu ion in he UEFA Eu opa League is also s uc u ed on wo pilla s. The s a ing
ees alloca e each o he 36 eams ha quali y o he league phase an amoun o €4.31 million.
Pe o mance- ela ed paymen s ewa d ic o ies in he league phase wi h €450,000 and d aws
wi h €150,000, wi h a edis ibu ion o unalloca ed unds o d aws acco ding o league phase
anking; in addi ion, quali ica ion o he knockou ounds ca ies inc easing p izes: €300,000 o
he ound o 16 play-o s, €1.75 million o he ound o 16, €2.5 million o he qua e - inals,
€4.2 million o he semi- inals, €7 million o he inalis and an addi ional €6 million o he
champion (UEFA Financial Dis ibu ion Ci cula , 2024).
3) UEFA Eu opa Con e ence League:
o Spain, England, Ge many, I aly: Usually, he 6 h placed eam in he league (o 7 h,
depending on he displacemen o cup winne s' places o he 5 h place in he Champions
League) en e s he quali ica ion phase (play-o s).
o F ance (Ligue 1): The 5 h placed eam in he league usually ge s a place in he quali ying
ound (Regula ions o he UEFA Eu opa Con e ence League, 2024).
Rega ding he UEFA Eu opa Con e ence League, s a ing ees gua an ee each o he 36 eams in
he league phase €2.85 million, while pe o mance- ela ed paymen s awa d €400,000 pe win
and €133,000 pe d aw in he league phase, wi h a edis ibu ion o unalloca ed unds o d aws
based on anking; also, ad ancemen in he knockou ounds is ewa ded wi h €200,000 o he
ound o 16 play-o s, €800,000 o he ound o 16, €1. 3 million o he qua e inals, €2.5
million o he semi- inals, €4 million o he inalis and an addi ional €3 million o he champion
(UEFA Financial Dis ibu ion Ci cula , 2024).
3.2. FOOTBALL TEAMS’ EXPENSES
The main i ems o expendi u e o a oo ball eam a e mos ly ocused on he cos in i s human
capi al and he in as uc u e necessa y o ope a e.
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The mos in luen ial and signi ican i em o expendi u e is he sala ies o playe s and coaching
s a (which will be discussed below). This ep esen s he la ges pa o a eam's budge , as he
con ac s o eli e oo balle s and he p o essionals who ain and assis hem a e o en mul i-
million dolla and ecu en in na u e. I is a cons an and long- e m expense, unlike o he cos s.
This wage bill is ollowed by playe signings and ans e s. Al hough no a cons an expense each
season, oo ball eams spend in he acquisi ion o new alen , including he amo isa ion o he
ans e ees paid o o he eams (which is conside ed an in angible asse ), commissions o
agen s and signing bonuses o he playe s hemsel es. This is a c ucial in es men o main ain
and imp o e he compe i i eness o he squad.
Finally, he main enance and imp o emen o he eam’s acili ies and in as uc u e is also a
conside able ou lay. This anges om he s adium and aining g ounds o he medical cen es
and adminis a i e o ices. I includes en al cos s, epai s, basic se ices (wa e , elec ici y),
secu i y and cons an mode nisa ion o o e he bes condi ions o bo h playe s and ans.
As al eady men ioned, by a he mos in luen ial i em o expendi u e o oo ball eams is he
sala ies o playe s and coaching s a . Acco ding o Deloi e (2024), he oo ball eams’ agg ega e
wage cos s we e €13 billion (G aphic 5). The subs an ial inc ease in agg ega e e enue (€2.3
billion) exceeded oo ball eams’ inc eased wage cos s (up €0.7 billion), such ha he a e age
wages/ e enue a io ell ac oss all o he ‘big i e’ leagues. In G aphic 5 can be easily app ecia ed
how his wage cos s ha e e ol ed and i s di e ence wi h he e enues.
Al hough in he “Annual Re iew o Foo ball Finance” om Deloi e (2024) does no appea he
b eakdown o oo ball eams’ o he expenses (as wages is he mos signi ican i em when alking
abou expenses), in Chap e 5 i will be analysed each eam’s main expenses subjec o s udy.
Nex , he accoun ing egula ions ha apply o oo ball eams will be add essed, discussing he
di e ences be ween he di e en egula ions ha exis depending on he s uc u e o he
oo ball eam (club model, lis ed p i a e owne ship model o unlis ed p i a e owne ship model).
G aphic 5: “Big i e” Eu opean league eams’ e enue and wage cos s – 2021/22 and 2022/23 (€m)
Sou ce: Annual Re iew o Foo ball Finance 2024 (Deloi e, 2024)
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4. FINANCIAL REGULATIONS OF FOOTBALL TEAMS
The oo ball indus y, beyond i s spo ing passion, cons i u es a global business o conside able
economic size, gene a ing billions in added alue and ha ing a signi ican impac on na ional
economies. In his en i onmen , he implemen a ion o obus accoun ing and e ec i e inancial
anspa ency becomes essen ial. Adequa e inancial in o ma ion is indispensable o a wide
ange o use s, including in es o s, lende s, c edi o s and go e nmen en i ies, enabling hem o
make in o med economic decisions. As has been men ioned in Chap e 2, he e a e h ee main
s uc u es in which a oo ball eam can be consolida ed (Club model, Unlis ed P i a e Owne ship
model and Lis ed P i a e Owne ship model).
Howe e , as all he oo ball eams ha a e going o be s udied a e a Spo s Limi ed Company
ha a e lis ed in he s ock ma ke , his chap e will only ocus on his ype o oo ball eams,
conc e ely abou In e ci y CF (Spain), Manches e Uni ed (England), Bo ussia Do mund
(Ge many) and Ju en us FC (I aly).
4.1. INTERNATIONAL FOOTBALL REGULATIONS
Beyond na ional pa icula i ies, he p o essional oo ball indus y in Eu ope is go e ned by a se
o sup ana ional egula ions, mainly es ablished by UEFA. UEFA does no es ablish ‘accoun ing
egula ion’ in he same sense as IFRS o na ional egula ions. Tha is, UEFA does no dic a e how
oo ball eams should p epa e hei basic inancial s a emen s. Ins ead, UEFA exe s i s in luence
h ough i s Club Licensing and Financial Sus ainabili y Regula ions ( o me ly known as ‘Financial
Fai Play’ o FFP). These egula ions a e a se o inancial ules ha oo ball eams mus comply
wi h in o de o pa icipa e in UEFA's compe i ions (UEFA Champions League, UEFA Eu opa
League and UEFA Eu opa Con e ence League).
UEFA egula ions: Financial Fai Play (FFP) and Financial Sus ainabili y Regula ions (FSR)
UEFA's egula ions, ini ially known as Financial Fai Play (FFP) and in oduced in 2010, we e bo n
wi h he pu pose o p e en ing oo ball eams om spending mo e han hey ea n, looking o
inancial sus ainabili y and limi ing losses. Al hough FFP was c i icised o limi ing he in e nal
ma ke and p o ec ing he “s a us quo” o he bigges oo ball eams, i succeeded in imp o ing
he inancial heal h o Eu opean eams.
On 1 June 2022, he FFP was eplaced by he UEFA Club Licensing and Financial Sus ainabili y
Regula ions (FSR). These new egula ions seek o p omo e g ea e inancial sus ainabili y in he
pos -pandemic and inc easingly globalised con ex o oo ball. The FSR a e buil a ound h ee
main pilla s:
o Liquidi y:
- O e due Payables: Foo ball eams mus se le o e due paymen s o o he eams,
employees, social secu i y and ax au ho i ies, and o UEFA i sel ( hese paymen s a e
con olled h ee imes pe licensing season) wi h a g ace pe iod o 15 days. O e due
paymen s mo e han 90 days old a e conside ed an “agg a a ed non-compliance”, which
can lead o exclusion om u u e compe i ions. (UEFA FSR, 2024)
o P o i abili y:
- Foo ball Ea nings Rule: This ule eplaces he FFP “B eak-E en” equi emen . Foo ball
eams mus ha e an agg ega e su plus o oo ball p o i s o an accep able de ici o e
h ee successi e epo ing pe iods. The maximum allowable de ici has been inc eased
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om €30 million o €60 million bu mus be ully co e ed by cash o equi y con ibu ions
in he cu en epo ing pe iod. (UEFA FSR, 2024)
- Squad Cos Ra io: This is a new ocus o he FSR, which equi es ha a eam’s “s a
cos a io” does no exceed 70% o i s o al annual e enue pe season. This a io
includes employee bene i expenses (which e e s o he cos s ha employe s incu o
p o ide non-sala y bene i s o hei employees, in addi ion o hei egula wages o
sala ies), amo isa ion/impai men o playe cos s and agen /in e media y cos s. This
ule applies o oo ball eams wi h employee bene i expenses o mo e han €30 million
and aims o align sala ies wi h e enues o p e en inancial ins abili y. (Mo gan Spo s
Law, 2022)
o Sol ency:
- Ne Equi y Rule: This ule limi s he abili y o acqui e new playe s and ake on deb o
do so, as hey canno pu chase playe s i hei equi y is no posi i e o has no imp o ed
by 10% o mo e since he p e ious 31 Decembe . T ans e s in ol e high disbu semen
ha can jeopa dise he iabili y o eams by educing hei equi y ( h ough amo isa ion
o in angible asse s) i hey a e no compensa ed by sa is ac o y pe o mance e enues.
(UEFA FSR, 2024)
The e olu ion om FFP o FSR e lec s UEFA's adap a ion o he complex inancial eali ies o
mode n oo ball, mo ing om a p ima y ocus on balanced budge s o a mul i- ace ed s a egy
ocusing on sol ency, s abili y and cos con ol, pa icula ly ega ding playe s' sala ies.
4.2. SPECIFIC REGULATION FOR INTERCITY CF (SPAIN)
Like any comme cial company in Spain, CF In e ci y mus apply he Gene al Accoun ing Plan
(PGC, by i s ac onym in Spanish), app o ed by Royal Dec ee 1514/2007, o 16 No embe , and i s
subsequen amendmen s. This includes he Concep ual F amewo k, he Regis a ion and
Valua ion S anda ds, and he s uc u e o he Annual Accoun s (Balance Shee , Income
S a emen , S a emen o Changes in Equi y, Cash Flow S a emen and Explana o y No es).
Howe e , i should conside speci ic ules adap ing he PGC o he speci ici ies o he p o essional
spo s sec o . (PGC, 2021)
The “Ins i u e o Accoun ing and Audi ing (ICAC), by i s ac onym in Spanish” is he body in cha ge
o he co ec applica ion o he PGC and i s speci ic adap a ions o SLCs, and compliance wi h
audi ing s anda ds.
The pu pose o hese adap a ion ules is o ecognise he speci ici y o he p o essional oo ball
ac i i y, which has unique elemen s no p esen in o he indus ies ( o example, he cos s o
acqui ing a oo balle as an asse ) and ensu e uni o mi y in he accoun ing o SLCs, allowing o
g ea e compa abili y be ween hem and acili a ing supe ision by bodies such as LaLiga o he
Highe Spo s Council (CSD, by i s ac onym in Spanish).
These ules ocus on how speci ic elemen s o he oo ball business should be eco ded. Playe s'
igh s a e he mos ele an and dis inc i e aspec in he accoun ing o Spanish SLCs. The ules
adap ing he Spanish he Gene al Accoun ing Plan se ou in de ail how he cos s o acqui ing
hese igh s, which include he amoun s o ans e s and signing bonuses paid, should be
jou nalized. These cos s a e ecognised as in angible asse s in he balance shee o he SLC and
a e amo ised sys ema ically o e he du a ion o he playe 's con ac . Fu he mo e, he
accoun ing egula ions se c i e ia o he ini ial and subsequen alua ion o hese igh s as well
as o assessing hei possible impai men . Such impai men occu s i he ma ke o usage alue

19
o he playe dec eases signi ican ly below playe ’s book alue. (O den 27-06-2000 Sociedades
Anónimas Depo i as)
I is c ucial o di e en ia e be ween playe igh s (which a e amo ised) and con ac enewals
be o e i inishes. Renewals a e usually ea ed as an ex ension o he use ul li e o he al eady
exis ing in angible asse , which adjus s i s emaining amo isa ion. The ules also add ess he
accoun ing ea men o aining igh s and solida i y mechanisms. These a e compensa ions
ha bene i oo ball eams ha ha e con ibu ed o he aining o a playe when he is
ans e ed, hus ecognising hei o ma i e wo k, which shall be ecognised as income when
he condi ions o i s paymen a e ul illed. (O den 27-06-2000 Sociedades Anónimas Depo i as)
Wha is mo e, he “Na ional Secu i ies Ma ke Commission (CNMV), by i s ac onym in Spanish”
plays an impo an ole. When a SLC decides o go public, i is subjec o a much highe le el o
sc u iny and supe ision han unlis ed SLCs. This addi ional egula ion is designed o p o ec
in es o s and ensu e he anspa ency o he secu i ies ma ke . The “Na ional Secu i ies Ma ke
Commission (CNMV), by i s ac onym in Spanish” plays a cen al ole in his supe ision.
The Secu i ies Ma ke Law es ablishes he anspa ency and pe iodic epo ing obliga ions ha
lis ed companies mus comply wi h. Thus, lis ed SLCs mus publish egula inancial in o ma ion,
including annual, hal -yea ly and qua e ly epo s, which mus be de ailed and p esen ed in
acco dance wi h he applicable accoun ing s anda ds. In addi ion, hey a e obliged o
immedia ely epo any signi ican e en o change ha may a ec hei sha e p ice. This could
include changes in managemen , playe ans e s, unexpec ed inancial esul s o majo
li iga ion, among o he s.
Finally, he annual accoun s mus be audi ed by independen ex e nal audi o s. The CNMV has
he powe o equi e addi ional audi s i i conside s i necessa y o e i y he eliabili y o he
inancial in o ma ion p esen ed. (Ci cula 3/2013, de 12 de junio, de la CNMV)
Role o he Highe Spo s Council (CSD) and LaLiga:
o Highe Spo s Council: The CSD is he go e nmen al body ha o e sees spo in Spain.
In addi ion o passing egula ions, he CSD has an ac i e ole in he economic supe ision
o SLCs. His o ically, hey ha e issued ci cula s o guidelines on he minimum con en o
he Annual Repo and o he inancial in o ma ion ha SLCs mus p esen , seeking o
s anda dise and acili a e supe ision.
o LaLiga: Fo eams compe ing in LaLiga (including P ime a RFEF whe e CF In e ci y plays),
LaLiga's Economic Con ol ules a e c ucial. Al hough hey a e no "accoun ing ules" in
he sense o he PGC, hey a e based on accoun ing igu es. LaLiga equi es oo ball
eams o egula ly submi de ailed inancial in o ma ion (budge s, balance shee s,
income s a emen s o cash low s a emen s, among o he s) which mus be ai h ul o
he oo ball eams’ accoun s, bu which is hen analysed by LaLiga acco ding o i s own
me ics (e.g., he Spo S a Cos Limi ). Failu e o comply wi h hese LaLiga ules may
esul in sanc ions (such as es ic ions on egis e ing playe s).
4.3. SPECIFIC REGULATION FOR MANCHESTER UNITED, BORUSSIA DORTMUND AND JUVENTUS
a) Accoun ing S anda ds
When i comes o accoun ing s anda ds, Manches e Uni ed, Bo ussia Do mund and Ju en us
FC wo k unde he In e na ional Financial Repo ing S anda ds (IFRS), which a e a se o
s anda ds and in e p e a ions issued by he In e na ional Accoun ing S anda ds Boa d (IASB).
20
The p ima y objec i e o hese s anda ds is o p o ide use ul in o ma ion abou an en i y's
inancial posi ion, inancial pe o mance and cash lows. The IFRS aim o es ablish a “uni e sal
accoun ing language” ha acili a es compa abili y and analysis o inancial in o ma ion be ween
companies in di e en coun ies.
The spo s sec o p esen s pa icula i ies ha se up unique challenges in he applica ion o
hese s anda ds. Inno a ion in con ac s o ag eemen s, such as hose ela ed o playe s o
sponso ships, can lead o a ia ions in he unde lying economic subs ance o ansac ions,
equi ing a case-by-case assessmen o he accoun ing implica ions. This inhe en complexi y o
oo ball ope a ions may make di ec compa abili y be ween oo ball eams di icul , e en i hey
all apply IFRS. (PWC, 2024)
The accoun ing ea men o Playe s' Righ s (IAS 38 – In angible Asse s) is one o he mos
dis inc i e and signi ican a eas o oo ball eams’ accoun ing. Playe acquisi ion igh s a e
gene ally ecognised as in angible asse s. They a e capi alised a acquisi ion cos , which includes
he amoun o he ans e ee paid o he home en i y and all expenses necessa y o he
acquisi ion o he playe . The amo isa ion o a playe 's egis a ion igh s akes place
sys ema ically o e he du a ion o he playe 's o iginal con ac , wi h a maximum limi o i e
yea s. In he case o a con ac ex ension, he alue o he playe 's egis a ion ee can be
amo ised o e he emaining pe iod o he o iginal con ac o o e he ex ended pe iod, also
up o a maximum o i e yea s. When a playe is sold, he oo ball eam calcula es a gain o loss
on he sale o he in angible asse (playe 's egis a ion igh ), which is ecognised in he income
s a emen . (PWC, 2024)
Fu he mo e, he image igh s o playe s and echnical s a a e also a ele an accoun ing i em.
Amoun s paid o o he oo ball eams o ob ain hese igh s o a pe iod o mo e han one yea
can be ecognised as an in angible asse and hen aken o income s a emen annually o e he
pe iod o use. (PWC, 2024)
Re enue Recogni ion (IFRS 15 - Re enue om Con ac s wi h Cus ome s) is c i ical o eams as
hey ha e mul iple sou ces o e enue:
o B oadcas ing Righ s: Re enue ecogni ion h oughou he season as pe o mance
obliga ions a e ul illed.
o Ma ch Day: Re enue om icke s o ood and be e age sales, among o he s, gene ally
ecognised a he ime o he ma ch.
o Comme cial (Sponso ships, Me chandising): Re enue ecogni ion based on he e ms o
he sponso ship con ac o when goods a e deli e ed o he cus ome .
o Sale o Playe s: As men ioned p e iously, money ecei ed om he sale o a playe is no
“ e enue” wi hin he meaning o IFRS 15, bu a “gain o loss on he disposal o an
in angible asse ” unde IAS 38.
Finally, when a oo ball eam does no own he s adium whe e i plays and leases hose p emises
o o he signi ican acili ies (IFRS 16 - Leases) equi es hese leases o be ecognised on he
balance shee as " igh s o use asse s" and "lease liabili ies", which inc eases he size o he
eam’s balance shee . (PWC, 2024)
b) O he Speci ic Regula ions o England, Ge many and I aly
In addi ion o In e na ional Financial Repo ing S anda ds (IFRS), which a e he p ima y s anda d
o i s consolida ed inancial s a emen s due o i s s ock exchange lis ing, Manches e Uni ed,
21
Bo ussia Do mund and Ju en us FC a e subjec o se e al laye s o accoun ing and inancial
egula ion in hei espec i e coun ies.
Manches e Uni ed:
As a company egis e ed in he Uni ed Kingdom, Manches e Uni ed mus comply wi h he
gene al p o isions o he Companies Ac 2006. This Ac se s ou he undamen al equi emen s
o all companies in he UK in e ms o keeping p ope accoun ing eco ds, he p epa a ion and
con en o annual accoun s (ensu ing a “ ue and ai iew”), and he equi emen o an audi
by an independen audi o .
Al hough Manches e Uni ed is lis ed on he New Yo k S ock Exchange (NYSE), he ac ha i is
a company wi h signi ican ope a ions and public ecogni ion in he UK, and wi h secu i ies
po en ially aded on un egula ed ma ke s in he UK, makes i ele an o conside he ules o
he Financial Conduc Au ho i y (FCA). The FCA is he egula o o inancial ma ke s in he UK. I s
Lis ing Rules and Disclosu e Guidance and T anspa ency Rules se ou s ic equi emen s o
companies lis ed on egula ed ma ke s. These ules equi e:
o Regula publica ion o inancial epo s: Annual and hal -yea ly epo s, which mus be
p epa ed unde IFRS.
o Disclosu e o inside in o ma ion: P omp communica ion o any in o ma ion ha could
signi ican ly a ec he sha e p ice.
o T anspa ency in owne ship: Requi emen s on disclosu e o signi ican sha eholdings in
he company.
On he o he hand, he Financial Repo ing Council (FRC) is he UK's independen egula o y
body o audi ing, accoun ing and co po a e go e nance. As such, he FRC e iews he inancial
epo s o la ge companies o ensu e ha hey comply wi h IFRS (UK-adop ed IAS) and all
ele an egula ions and also se s he audi ing s anda ds (ISAs (UK)) ha companies mus ollow.
Las ly, P emie League es ablishes P o i abili y and Sus ainabili y Rules (PSR) o all i s membe
oo ball eams. These a e no “accoun ing s anda ds” in he sense o how inancial s a emen s
a e p epa ed bu a e based on accoun ing igu es and dic a e accep able loss limi s.
The main ule is ha oo ball eams canno lose mo e han £105 million in a h ee-yea pe iod.
Failu e o comply wi h hese ules can lead o se e e penal ies, such as poin s deduc ions in he
domes ic league compe i ion.
Bo ussia Do mund:
Al hough IFRS a e manda o y o i s consolida ed inancial s a emen s, Bo ussia Do mund, like
any Ge man company, mus p epa e i s indi idual (sepa a e) inancial s a emen s in acco dance
wi h he ules o he Ge man Comme cial Code (HGB, by i s ac onym in Ge man).
The HGB is he main body o law go e ning accoun ing and comme cial law in Ge many. I se s
ou accoun ing p inciples gene ally accep ed in Ge many (Ge man GAAP), which o en ha e a
mo e conse a i e and c edi o p o ec ion-based app oach, in con as o he mo e in es o -
o ien ed app oach o IFRS.
Wha is mo e, since Bo ussia Do mund is a “Kommandi gesellscha au Ak ien (KGaA)”, a
speci ic o m o s ock co po a ion in Ge many, i is subjec o he p o isions o he S ock
Co po a ion Ac om 1965. This law se s ou equi emen s o he co po a e go e nance
s uc u e, sha eholde igh s, audi ing, and disclosu e obliga ions o his ype o company.
22
Finally, he Deu sche Fußball Liga (DFL) is he o ganising body o he Bundesliga and
2.Bundesliga. Fo oo ball eams o pa icipa e in hese leagues, hey mus ob ain a licence om
he DFL on an annual basis.
Acco ding o he DFL Licensing Regula ions equi e he Ge man eams he ollowing condi ions:
o Submission o audi ed inancial s a emen s and inancial o ecas s.
o Demons a ion o sol ency (abili y o pay i s deb s on ime, including playe s' sala ies,
ans e paymen s o o he eams and ax obliga ions).
o P oo o inancial s abili y o he nex season.
o Compliance wi h c i e ia on in as uc u e (s adiums, aining g ounds), you h alen
(manda o y you h academies), s a and adminis a ion.
These egula ions use and equi e anspa ency o accoun ing igu es o assess he inancial
iabili y o oo ball eams and p e en insol ency.
Ju en us FC:
As a Spo s Limi ed Company inco po a ed in I aly, Ju en us FC mus comply wi h he accoun ing
p o isions o he I alian Ci il Code o i s indi idual inancial s a emen s. The Ci il Code se s ou
he gene al accoun ing p inciples o be ollowed by I alian companies, including he obliga ion
o keep accoun ing books and eco ds, and he equi emen s o he p epa a ion o annual
accoun s.
Wha is mo e, being lis ed on he Bo sa I aliana, Ju en us is subjec o he egula ions o
“Commissione Nazionale pe le Socie à e la Bo sa” (CONSOB), he I alian inancial ma ke
egula o . This implies se e al disclosu e and anspa ency equi emen s o lis ed companies,
including inside in o ma ion compelling o immedia ely communica e any e en o in o ma ion
ha may ha e a signi ican impac on he p ice o i s sha es.
To conclude wi h his aspec , and like he case o England and Ge many, as a membe eam o
he I alian Foo ball Fede a ion (FIGC) and a pa icipan in Se ie A, Ju en us mus comply wi h he
s ic licensing egula ions o he FIGC. These egula ions include inancial c i e ia such as
submission o audi ed inancial s a emen s and inancial p ojec ions and demons a ion o
sol ency (abili y o pay i s deb s on ime), including playe s' sala ies, paymen s o o he oo ball
eams o ans e s, ax and social secu i y obliga ions.
29
amoun ed a bi mo e han €94 million, accompanied by o he ope a ing expenses, eaching
a ound €100 million. Ano he impo an aspec o bea in mind is he amo isa ion and w i e-
downs o playe s’ egis a ion igh s, which amoun ed almos €160 million.
5.4. INTERCITY CF
Unlike o he op- ie Eu opean oo ball leagues, he p esence o majo Spanish oo ball eams in
he public equi y ma ke s is ema kably limi ed. While eams in England, I aly, Ge many, F ance,
Po ugal and Tu key ha e adop ed he s uc u e o going public o aise capi al and inc ease hei
isibili y, he majo Spanish eams emain absen om his landscape. A signi ican excep ion o
his end is In e ci y CF, which is he only Spanish oo ball eam cu en ly lis ed on he s ock
exchange.
The limi ed p esence o majo Spanish oo ball eams in he s ock ma ke s is mainly due o a
combina ion o unique owne ship s uc u es and his o ical con ex s.
On he one hand, as men ioned h oughou his pape on he di e en ypes o oo ball eams,
he Spo s Limi ed Company (SLC) is a speci ic legal o m in oduced in Spain in 1990 wi h he
aim o imp o ing inancial managemen and anspa ency wi hin p o essional spo s eams. This
legal igu e ini ially equi ed mos o he eams pa icipa ing in La Liga and he Second Di ision
o become SLC as a condi ion o con inue compe ing due o he ac ha many oo ball eams
we e ca ying la ge deb s and had a lack o anspa ency in hei managemen . The igu e o he
SLC sough o es ablish a mo e igo ous model o legal and economic esponsibili y, gua an eeing
he business iabili y and anspa ency o he oo ball eams’ inances. His o ically, a signi ican
excep ion was g an ed o ou o Spain's mos emblema ic oo ball eams: A hle ic Club, FC
Ba celona, Real Mad id and CA Osasuna. These eams we e allowed o e ain hei o iginal s a us
as non-p o i spo s associa ions, oo ed in hei his o ical ci cums ances and membe -cen e ed
go e nance models. The undamen al na u e o he membe owne ship s uc u e in hese clubs
inhe en ly excludes he acquisi ion o sha eholdings by p i a e in es o s. Owne ship esides
di ec ly wi h he club membe s, a he han wi h sha eholde s o a publicly aded company.
On he o he hand, wi h espec o he his o ical and cul u al con ex , he e is a deeply oo ed
adi ion o an owne ship wi hin Spanish oo ball, pa icula ly in he case o he majo clubs
men ioned abo e. This adi ion os e s a s ong sense o communi y and iden i y among
suppo e s, which could make a ansi ion o a publicly aded model, wi h i s emphasis on
sha eholde alue, less a ac i e o he club's social mass.
Founded ela i ely ecen ly, in 2017, In e ci y CF has expe ienced a ema kable ise h ough he
a ious ca ego ies o Spanish oo ball, culmina ing in i s cu en pa icipa ion in he P ime a
Fede ación ( he hi d di ision o Spanish oo ball).
This oo ball eam exp essed i s ambi ion o become he i s Spanish oo ball eam o achie e a
s ock ma ke lis ing, a goal i success ully achie ed h ough an Ini ial Public O e ing (IPO) in 2021.
I s debu ook place on BME G ow h, he Spanish s ock ma ke o small and medium-sized
g owing companies, a a s a ing p ice o €1.2 and gene a ing g ea expec a ion, whe e i s sha es
expe ienced a 40% ise, eaching €1.68 pe sha e.
Du ing he 2022/23 season, as can be app ecia ed in he G aphic 9, In e ci y CF’s sha e p ice on
BME G ow h expe ienced a signi ican dec ease du ing 2023, closing he pe iod a €3.77
compa ed o €5.58 a he beginning o he season. Th oughou he yea , he p ice luc ua ed
be ween a high o €8.56 and he closing low €1.87, showing a eally high daily ola ili y o a

30
8.34% and an annualized ola ili y o 132.41% o he 2022/23 season.. This nega i e
pe o mance on he s ock ma ke coincided wi h he publica ion o inancial esul s ha e ealed
losses o €6 million o he eam in he 2022/2023 season, despi e ha ing ipled i s e enues on
i s debu in P ime a RFEF.
On a spo ing le el, In e ci y CF compe ed in G oup II o he Fi s Fede a ion du ing he
2022/2023 season, ma king i s debu in his ca ego y ollowing i s p omo ion. Th oughou he
campaign, he eam inished 12 h in he league able. This spo ing pe o mance allowed
In e ci y o main ain he ca ego y in i s i s yea in P ime a RFEF, placing i in he middle o he
able and a oiding elega ion o he Segunda RFEF. Rega ding he Copa del Rey, In e ci y CF had
an ou s anding pa icipa ion eaching he ound o 32, losing 3-4 agains FC Ba celona in a e y
dispu ed ma ch.
INTERCITY CF'S INCOME STATEMENT
2022/23
2021/22
INCOMES
1.257.508
395.413
Ticke & Annual Passes Re enue
855.763
49.788
Sale o P oduc s & Sponso ship
387.737
257.512
O he Re enues
14.008
88.113
EXPENSES
7.041.114
4.735.668
Pe sonnel Expenses
3.928.134
2.837.003
O he Ope a ing Expenses
3.112.980
1.898.665
Acco ding o Table 7 abou In e ci y CF’s income s a emen ex ac ed om i s annual epo om
2023, i expe ienced a subs an ial inc ease in i s income, ipling i compa ed o he p e ious
yea and eaching app oxima ely €1.25 million. In e ms o season icke and season icke sales,
e enues amoun ed o a ound €850,000, la gely due o he eam's pa icipa ion in he Copa del
Rey, whe e i aced FC Ba celona, gene a ing a signi ican impac on u no e , wi h a igu e o
Sou ce: In es ing.com
G aphic 9: In e ci y CF’s sha e p ice du ing 2022/2023 season (15/08/2022 – 31/05/2023)
Sou ce: Own elabo a ion, based on annual epo
Table 7: In e ci y CF's income s a emen
31
€731,186. Addi ionally, he eam gene a ed income h ough he comme cializa ion o spo s
ma e ial and me chandising, showing an inc ease o a ound €100,000 compa ed o he p e ious
season, eaching almos €400,000. Finally, bo h pe sonnel (€3.9 million) and ope a ing expenses
(€3.1 million) inc eased signi ican ly compa ed o he p e ious season.
Fo he elabo a ion o his pape he e olu ion o he sha e p ice du ing 2022/23 season has
been analysed in o de o ind anomalous e en s, such as he case o Manches e Uni ed wi h
he depa u e o C is iano Ronaldo o in he case o Ju en us FC wi h he case abou he 10-poin
penal y o he capi al gains, which in he I alian case will be excluded om he la e analysis, o
been occasional e en , wi h no ela ion wi h spo esul s and could unde mine he analysis.
A e ha ing analysed he spo ing and inancial pe o mance o hese ou oo ball eams
(Manches e Uni ed, Bo ussia Do mund, Ju en us FC and In e ci y CF) du ing he 2022/2023
season, he ollowing chap e will analyse whe he he spo ing esul s and classi ica ion a ec
he sha e p ice o he oo ball eams unde s udy.
32
Sou ce: Own elabo a ion
6. INFLUENCE OF SPORTING RESULTS AND CLASSIFICATION ON THE SHARE PRICE
Once an app oxima ion has been made in he p e ious sec ions bo h o he economic and
inancial con ex in he wo ld o oo ball and o he main d i e s o he cash lows o he eams,
and a b ie app oxima ion has been made o he oo ball eams unde s udy and hei
pa icula i ies, i is necessa y o ca y ou a s a is ical expe imen in o de o y o ob ain a
conclusion in ela ion o he sensi i i y o oo ball eams o he spo ing esul s and hei
espec i e posi ion in hei na ional compe i ions in hei sha e p ice.
In sho , he aim is o check whe he he e is any ela ionship o hese eams wi h he e ec s
ha he di e en esul s ob ained by he eams ha e on hei espec i e sha e p ices he ading
day a e he achie emen o he said esul .
In o de o de e mine and quan i y he sensi i i y and co ela ion be ween he esul s o he
ma ches and he p ice o he sha es, a da abase has been p epa ed wi h he esul s o he
oo ball eams unde s udy in he 2022/2023 season, whe e he daily a ia ion o hei espec i e
sha e p ice (calcula ed as (P ice ( )-P ice ( -1))/P ice ( -1), being P ice ( ) he p ice o he sha e
he nex ading day a e he ma ch and being P ice ( -1) he p ice o he sha e be o e he
ma chday) has been analysed o each eam o all he ma ches played in hei espec i e
domes ic compe i ions h oughou he season, ha is, 38 ma ches o he case o Manches e
Uni ed, Ju en us FC and In e ci y CF, and 34 ma ches o Bo ussia Do mund.
The ba e y o da a used o his analysis is composed o all he esul s ob ained by he eams
unde s udy in he 2022/2023 season, exclusi ely in hei domes ic compe i ion, accompanied
o hei espec i e classi ica ion which is he main compe i ion o all o hem h oughou he
season, and he p ices o hei sha es he p e ious and nex ading days o he ma ch days.
All hese da a ha e been ex ac ed om he oo ball websi e “BeSocce ” and he inancing
websi e “In es ing.com” and eco ded in an Excel o ca y ou he co esponding analyses.
In sho , o each o he ou eams ha ha e been s udied, bo h spo ing and s ock ma ke
in o ma ion has been compiled in o de o be able o d aw he pe inen conclusions o his
disse a ion.
6.1.- METHODOLOGY
Fi s , he analysis will begin by ela ing he esul o he ma ch (win, d aw o loss) o he change
in he nex day's sha e p ice (up, cons an o down). In his way, each obse a ion will all in o
nine possible combina ions, as shown in he able below.
SCORE
STOCK-MARKET CONSEQUENCE
WIN
GO UP
WIN
REMAIN THE SAME
WIN
GO DOWN
DRAW
GO UP
DRAW
REMAIN THE SAME
DRAW
GO DOWN
LOSE
GO UP
LOSE
REMAIN THE SAME
LOSE
GO DOWN
Table 8: Resul - a ia ion p e-combina ions
33
Once all he ma ches ha e been analysed, as well as he consequen a ia ion in he p ice o he
asse on he ollowing ading day, a able wi h he absolu e and ela i e equencies o he
possible combina ions will be ob ained o each eam unde s udy.
Al hough, as men ioned abo e, he e a e nine possible combina ions; howe e , in o de o make
he ables easie o unde s and and simpli y he esul s, we ha e educed he numbe o
combina ions o he ollowing i e:
SCORE
STOCK-MARKET CONSEQUENCE
FAVOURABLE RESULT
GO UP
FAVOURABLE RESULT
GO DOWN
DETRIMENTAL RESULT
GO UP
DETRIMENTAL RESULT
GO DOWN
The e o e, hese ou ex eme ca ego ies will be s udied exclusi ely, mainly in o de no o
sa u a e he eade and o ob ain he conclusions mo e easily, and also because a d aw, which
could be gene ally unde s ood as an equi ocal esul wi h di e en implica ions depending on
he eam, can be, as explained below, equi alen o a de ea o he eams s udied.
While, o some eams, a d aw can be unde s ood as a posi i e esul (“one poin gained”), o
o he s i can be unde s ood as a nega i e esul (“ wo poin s los ”). Fo he pu pose o ou
esea ch we ha e chosen h ee eams, which a e among he op eams in he English, Ge man
and I alian leagues, used o igh o he league i le o a leas Champions League classi ica ion
e e y yea , so we assumed ha o hese eams he achie emen o a d aw is in any case
pe cei ed as a loss o poin s and a nega i e ou come o hei i le and spo ing aspi a ions in
gene al. In he case o he Spanish oo ball eam, al hough i is no as an impo an eam as o he
h ee, i is conside ed one o he e e ences in he Spanish oo ball hi d di ision, so a d aw can
be also conside ed as a “nega i e” o de imen al esul . Consequen ly, we ha e made he esul
o a d aw equi alen o ha o a de ea , as his will heo e ically be nega i ely ecei ed news o
in es o s.
As has been men ioned in Chap e 5, he e a e mainly wo ou laye s which a e he depa u e o
C is iano Ronaldo om Manches e du ing he las week o No embe 2022, ocke ing he p ice
sha e. Howe e , his e en does no a ec ou conc e e s udy because in ha pe iod he
domes ic leagues s opped due o he Wo ld Cup 2022. Howe e , he 10-poin penal y o he
capi al gains o Ju en us FC happened du ing he las week o May 2023, ha is, when he
domes ic league was inishing and league posi ions we e a s ake. Tha week, he alue o
Ju en us FC’s sha e plumme ed and ha is he eason why he ma chday 36 will no be
conside ed o he u u e analysis.
The nex s ep, and as an ini ial app oach o he analysis, i will be calcula ed some condi ional
p obabili ies abou he a ia ion o he sha e p ice when he e is a a ou able esul and a
de imen al esul . In his sense ou ca ego ies will be eached:
o Numbe o imes ou o o al ma ches won ha , he p ice inc eases on he nex ading
day.
o Numbe o imes ou o o al ma ches won ha , he sha e p ice does no inc ease on
he nex ading day.
Table 9: Resul - a ia ion inal combina ions
Sou ce: Own elabo a ion
34
Phi Coe icien Ma ix
Phi Coe icien Fo mula
o Numbe o imes ou o o al ma ches no won ha , he sha e p ice goes up on he nex
ading day.
o Numbe o imes ou o o al ma ches no won ha , he sha e p ice does no inc ease
on he nex ading day.
Then, and once ha ing collec ed all his in o ma ion, he “Phi Coe icien ” o hese oo ball
eams will be calcula ed. Fo his analysis, i will be conside ed he ca ego ies o “Spo s Resul s”
and “P ice Va ia ion” as Dummy Va iables. A Dummy Va iable is a nume ical a iable used o
ep esen ca ego ies o a ibu es in a s a is ical analysis. These a iables ake alues o 0 o 1,
whe e 1 indica es he p esence o a speci ic cha ac e is ic o ca ego y and 0 indica es i s absence.
Fo “Spo s Resul s” ca ego y (X), alue 1 will be a ibu ed o a “Win” and alue 0 o a “D aw o
Loss” and o “P ice Va ia ion” ca ego y (Y), alue 1 will be a ibu ed i he sha e p ice inc eases
in he nex ading day and alue 0 i no .
The Phi Coe icien (ϕ) is a s a is ical measu e used o assess he s eng h and di ec ion o he
associa ion be ween wo bina y a iables. I is used when bo h a iables can ake only wo
possible alues. The alues his coe icien can each a e be ween -1 and 1; in his sense, alues
close o 1 o -1 indica e a s ong ela ion and alues close o 0 indica e a weak o no ela ion.
Finally, a linea eg ession o each oo ball eam will be ca ied ou o make he analyses mo e
igo ous. The linea eg ession is a s a is ical echnique used o model he ela ionship be ween
a dependen a iable and one o mo e independen a iables. The objec i e is o p edic o
es ima e he alue o he dependen a iable o new alues o he independen a iables and
o unde s and he s eng h and di ec ion o he ela ionship be ween he a iables.
The o m ha will be used in hese analyses is he simple linea eg ession, in ol ing a single
independen a iable.
Y = α + βX + u
Whe e:
o Y is he dependen a iable (wha wan s o be p edic ed o explained); in his case, is
he P ice Va ia ion o he sha es.
o X is he independen a iable (wha is going o be used o p edic Y ); in his case, is he
Spo Resul o each eam, eco ded as a Dummy Va iable, whe e a “Win” is ep esen ed
by a “1” and a “D aw o Loss” is ep esen ed by a “0”.
o α is he cons an , which ep esen s he a e age alue o Y when X equals ze o.
o β is he coe icien o he slope o he a iable X , ep esen ing he a e age change in Y
o each uni inc ease in X .

35
Sou ce: Own elabo a ion
o u is he esidual, which ep esen s he a ia ion in Y ha canno be explained by X and
cap u es o he ac o s no included in he model.
F om his eg ession, he R2 and -s uden s will be ob ained, which will be use ul o ex ac some
conclusions abou he model p oposed o analyse he ela ionship be ween he “Spo s Resul s”
and he “P ice Va ia ion” o he sha es.
The R2 (R-squa ed), also known as he coe icien o de e mina ion, is a key s a is ical measu e in
linea eg ession ha indica es how well he eg ession line i s he obse ed da a. In o he
wo ds, i quan i ies he p opo ion o he a iance in he dependen a iable (Y ) ha is explained
by he independen a iable (X ) in he model.
The ange o alues is always be ween 0 and 1. An R2 = 0 means ha he eg ession model does
no explain any o he a iabili y in he dependen a iable. Tha is, he independen a iables
ha e no linea p edic i e powe o e he dependen a iable. An R2 = 1 means ha he eg ession
model explains 100% o he a iabili y in he dependen a iable. This would imply a pe ec i ,
whe e all da a poin s all exac ly on he eg ession line.
The -s a is ic (o -s uden ) and i s co esponding p- alue a e used o assess he s a is ical
signi icance o each o he indi idual coe icien s o he eg ession (including he in e cep ).
I he p- alue is less han he signi icance le el (commonly 0.05), i means ha he coe icien o
ha independen a iable is s a is ically signi ican and ha he a iable has a signi ican linea
ela ionship wi h he dependen a iable in he model.
I he p- alue is g ea e han he signi icance le el, i means ha he independen a iable is no
a signi ican p edic o o he dependen a iable in his model.
6.2. RESULTS
Table 8 shows o each oo ball eam unde s udy in absolu e alues, a e a win, he numbe o
imes he sha e p ice wen up and he numbe o imes he sha e p ice did no inc ease he nex
ading day; and a e no winning, he numbe o imes he sha e p ice wen up and he numbe
o imes he sha e p ice did no inc ease he nex ading day.
FAVOURABLE RESULT
DETRIMENTAL RESULT
GO UP
NOT GO UP
GO UP
NOT GO UP
MANCHESTER UNITED
8
15
9
6
BORUSSIA DORTMUND
17
5
1
11
JUVENTUS FC
12
10
5
10
INTERCITY CF
7
5
7
19
In Table 9, he same in o ma ion as in he p e ious able can be app ecia ed, bu his ime in
ela i e e ms, showing he condi ional p obabili ies o each eam.
Table 10: Amoun o esul - a ia ion inal combina ions in absolu e e ms
36
Sou ce: Own elabo a ion
Sou ce: Own elabo a ion
FAVOURABLE RESULT
DETRIMENTAL RESULT
GO UP
NOT GO UP
GO UP
NOT GO UP
MANCHESTER UNITED
34.8%
65.2%
60%
40%
BORUSSIA DORTMUND
77.3%
22.7%
8.3%
91.7%
JUVENTUS FC
54.5%
45.5%
32.3%
67.7%
INTERCITY CF
58.3%
41.7%
26.9%
73.1%
Once hese esul s ha e been eco ded om he obse a ions collec ed, an analysis and
in e p e a ion o he esul s can be ca ied ou , which will be indi idualised o each eam:
Manches e Uni ed:
Rega ding spo s esul s, his English oo ball eam p esen s a e e se si ua ion, in he sense ha
when Manches e Uni ed ob ained he 3 poin s, he a ia ion o he sha e p ice in he ollowing
ading day dec eased he 65% o he imes. Howe e , when i could no achie e he ic o y in
i s ma ch, he sha e p ice inc eased he nex ading day he 60% o he imes.
Y=1
Y=0
TOTAL
X=1
8
15
23
X=0
9
6
15
TOTAL
17
21
38
Conside ing he Phi Coe icien abou he ela ion be ween spo s esul s and p ice a ia ion,
Table 10 shows he ma ix o hese wo a iables, in which he coe icien ha is ob ained is
-0.25 which is a alue some hing close o 0, which means ha he e is a nega i e weak
ela ionship be ween hese wo a iables.
Finally, ega ding he linea eg ession model, he o mula ha has been calcula ed is:
Y=0.004-0.014X. Wha is mo e, i has been ob ained ha he R2 and he adjus ed R2 a e o 3,36%
and 0.67% espec i ely, which means ha his eg ession model does no explain any o he
a iabili y in he dependen a iable. Conside ing he p- alue o α and a iable X (“Spo s
Resul ”), he alues ob ained a e abou 0.67 and 0.27 espec i ely, being bo h highe han he
signi icance le el (0.05), meaning ha he a iables a e no a signi ican p edic o o he
dependen a iable in his model.
Bo ussia Do mund:
Bo ussia Do mund p esen ed a di e en scena io ega ding spo s esul s compa ed o
Manches e Uni ed. Fo he Ge man eam, he 77% o he imes ha i won i s ma ch, he p ice
o he sha e inc eased he ollowing ading day, and almos he 92% o he imes when i did
no he 3 poin s, he alue o he sha e dec eased.
Table 11: Amoun o esul - a ia ion inal combina ions in ela i e e ms
Table 12: Phi Coe icien Ma ix o Manches e Uni ed
37
Sou ce: Own elabo a ion
Sou ce: Own elabo a ion
Y = 1
Y = 0
TOTAL
X = 1
17
5
22
X = 0
1
11
12
TOTAL
18
16
34
Following hese da a in Table 11, he Phi Coe icien be ween hese wo a iables was abou 0.66
which is close o 1, meaning ha he e is somewha s ong ela ion be ween spo s esul s o
Bo ussia Do mund and i s s ock p ice a ia ion.
Las ly, and wi h espec o he linea eg ession model, he o mula ha has been calcula ed is:
Y=-0.051+0.068X. Wha is mo e, i has been ob ained ha he R2 and he adjus ed R2 each he
alues o a ound 27% and 25% espec i ely, which means ha 25% o he a iabili y in he
dependen a iable can be explained by he independen a iables included in he model.
Conside ing he p- alue o α and a iable X (“Spo s Resul ”), he alues ob ained a e abou
0.003 and 0.002 espec i ely, being bo h lowe han he signi icance le el (0.05), meaning ha
bo h a iables a e a signi ican p edic o o he dependen a iable in his model.
Ju en us FC:
The I alian ollows a simila end as Bo ussia Do mund ega ding he ela ionship be ween
spo s esul s and p ice a ia ion, al hough is no as signi ican as he Ge man eam’s one. When
Ju en us FC achie ed a ic o y in i s espec i e ma chday, a ound he 55% o he imes he p ice
wen up he ollowing ading day; and when he ic o y was no achie ed, he p ice wen down
2/3 o he imes.
Y = 1
Y = 0
TOTAL
X = 1
12
10
22
X = 0
5
10
15
TOTAL
17
20
37
Wi h espec o Phi Coe icien as appea s in Table 12, he achie ed alue was o 0.21 which
canno secu e s ong ela ionship be ween hese wo ac o s.
Las ly, and wi h espec o he linea eg ession model, he o mula ha has been calcula ed is:
Y=-0.014+0.019X. Wha is mo e, i has been ob ained ha he R2 and he adjus ed R2 each he
alues o a ound 15% and 13% espec i ely, which means ha only he 15% o he a iabili y in
he dependen a iable can be explained by he independen a iables included in he model.
Conside ing he p- alue o α and a iable X (“Spo s Resul ”), he alues ob ained a e bo h o
hem 0.02, being bo h lowe han he signi icance le el (0.05), meaning ha bo h a iables a e
a signi ican p edic o o he dependen a iable in his model.
Table 13: Phi Coe icien Ma ix o Bo ussia Do mund
Table 14: Phi Coe icien Ma ix o Ju en us FC
38
Sou ce: Own elabo a ion
In e ci y CF:
Finally, as well as Bo ussia Do mund and Ju en us FC, when he Spanish eam achie ed a win,
he 58% o he imes he p ice o i s sha e inc eased, and when his esul was no achie ed, he
alue dec eased he 73% o he imes.
Y = 1
Y = 0
TOTAL
X = 1
7
5
12
X = 0
7
19
26
TOTAL
14
24
38
Following Table 13 abou he Phi Coe icien conside ing hese wo a iables, p esen ed highe
han Ju en us FC and lowe han Bo ussia Do mund, wi h a alue o 0.3 showing a weak ela ion.
Rega ding he linea eg ession model, he o mula ha has been calcula ed is:
Y=-0.022+0.09X. Wha is mo e, i has been ob ained ha he R2 and he adjus ed R2 a e o 15.5
% and 13.2% espec i ely, which means ha his eg ession model only he 15% o he a iabili y
in he dependen a iable can be explained by he independen a iables included in he model
( e y simila o Ju en us FC). Conside ing he p- alue o α and a iable X (“Spo s Resul ”), he
alues ob ained a e abou 0.26 and 0.01 espec i ely, being only he i s alue highe han he
signi icance le el (0.05), meaning ha he a iable is no a signi ican p edic o o he dependen
a iable in his model. Howe e , he alue p- alue o he a iable X is lowe han he signi icance
le el, which means ha is a signi ican p edic o .
Ha ing ob ained di e en esul s om he condi ional p obabili ies, Phi Coe icien s and linea
eg essions o Manches e Uni ed, Bo ussia Do mund, Ju en us FC and In e ci y CF, in he las
chap e , some conclusions will be made a ound his s udy.
Table 15: Phi Coe icien Ma ix o In e ci y CF
DATE
FOOTBALL MATCH
CLASSIFICATION
PRICE MATCHDAY
PRICE AFTER MATCHDAY
VARIATION
15/08/2022
Ju en us 3-0 Sassuolo
2
3,2559
3,2644
0,2611%
22/08/2022
Sampdo ia 0-0 Ju en us
4
3,1517
2,9929
-5,0386%
27/08/2022
Ju en us 1-1 AS Roma
8
3,0305
3,0868
1,8578%
31/08/2022
Ju en us 2-0 Spezia
4
3,0851
3,0203
-2,1004%
03/09/2022
Fio en ina 1-1 Ju en us
7
3,0732
3,0015
-2,3331%
11/09/2022
Ju en us 2-2 Sale ni ana
8
3,0049
3,0032
-0,0566%
18/09/2022
AC Monza 1-0 Ju en us
8
2,8564
2,7983
-2,0340%
02/10/2022
Ju en us 3-0 Bologna
7
2,4722
2,4449
-1,1043%
08/10/2022
AC Milan 2-0 Ju en us
8
2,4773
2,4056
-2,8943%
15/10/2022
To ino 0-1 Ju en us
8
2,3834
2,4449
2,5803%
21/10/2022
Ju en us 4-0 Empoli
8
2,5473
2,491
-2,2102%
29/10/2022
Lecce 0-1 Ju en us
7
2,351
2,3561
0,2169%
06/11/2022
Ju en us 2-0 In e Milan
5
2,3032
2,4978
8,4491%
10/11/2022
Hellas Ve ona 0-1 Ju en us
4
2,5047
2,5183
0,5430%
13/11/2022
Ju en us 3-0 Lazio
3
2,5183
2,532
0,5440%
04/01/2023
C emonese 0-1 Ju en us
3
3,1227
3,1125
-0,3266%
07/01/2023
Ju en us 1-0 Udinese
2
3,1415
3,0988
-1,3592%
13/01/2023
Napoli 5-1 Ju en us
3
2,8273
2,8495
0,7852%
22/01/2023
Ju en us 3-3 A alan a
10
2,8
2,6566
-5,1214%
29/01/2023
Ju en us 0-2 AC Monza
13
2,5781
2,5149
-2,4514%
07/02/2023
Sale ni ana 0-3 Ju en us
10
2,5456
2,6259
3,1545%
12/02/2023
Ju en us 1-0 Fio en ina
9
2,5712
2,5747
0,1361%
19/02/2023
Spezia 0-2 Ju en us
7
2,5627
2,5849
0,8663%
28/02/2023
Ju en us 4-2 To ino
7
2,6071
2,5832
-0,9167%
05/03/2023
AS Roma 1-0 Ju en us
7
2,6805
2,6327
-1,7832%
12/03/2023
Ju en us 4-2 Sampdo ia
7
2,8256
2,7744
-1,8120%
19/03/2023
In e Milan 0-1 Ju en us
7
2,7403
2,7505
0,3722%
01/04/2023
Ju en us 1-0 Hellas Ve ona
7
2,829
2,8939
2,2941%
08/04/2023
Lazio 2-1 Ju en us
7
2,882
2,9195
1,3012%
16/04/2023
Sassuolo 1-0 Ju en us
7
2,882
2,8939
0,4129%
23/04/2023
Ju en us 0-1 Napoli
3
2,9537
2,8427
-3,7580%
30/04/2023
Bologna 1-1 Ju en us
3
2,4705
2,491
0,8298%
03/05/2023
Ju en us 2-1 Lecce
3
2,4176
2,4125
-0,2110%
07/05/2023
A alan a 0-2 Ju en us
2
2,4586
2,5115
2,1516%
14/05/2023
Ju en us 2-0 C emonese
2
2,4432
2,4278
-0,6303%
22/05/2023
Empoli 4-1 Ju en us
7
2,4381
2,4995
2,5184%
28/05/2023
Ju en us 0-1 AC Milan
7
2,5081
2,4859
-0,8851%
04/06/2023
Udinese 0-1 Ju en us
7
2,7829
2,7829
0,0000%
Sou ce: Own elabo a ion
JUVENTUS FC ("JUVE")
ANNEX 1: FOOTBALL VARIABLES OF TEAMS UNDER STUDY

DATE
FOOTBALL MATCH
CLASSIFICATION
PRICE MATCHDAY
PRICE AFTER MATCHDAY
VARIATION
28/08/2022
Numancia 0-1 In e ci y
6
5,58
5,3
-5,0179%
04/09/2022
In e ci y 1-3 Real Mu cia
11
5,32
5,2
-2,2556%
10/09/2022
Gimnàs ic Ta agona 1-3 In e ci y
5
4
3,9
-2,5000%
17/09/2022
In e ci y 5-2 Real Sociedad B
2
3,4
3,4
0,0000%
25/09/2022
SD Log oñés 1-0 In e ci y
4
3,4
3,23
-5,0000%
01/10/2022
In e ci y 1-2 UE Co nellá
7
2,7
2,7
0,0000%
09/10/2022
Bilbao A hle ic 1-0 In e ci y
11
3,47
3,4
-2,0173%
16/10/2022
In e ci y 2-1 Osasuna P omesas
5
3,12
2,62
-16,0256%
22/10/2022
CE Sabadell 2-1 In e ci y
10
2,48
2,32
-6,4516%
30/10/2022
In e ci y 2-2 UD Log oñés
10
2,42
2,57
6,1983%
06/11/2022
CD Cas ellón 1-0 In e ci y
13
2,41
2,09
-13,2780%
20/11/2022
In e ci y 1-2 Real Unión Club
17
2,16
2,04
-5,5556%
27/11/2022
A lé ico Balea es 0-0 In e ci y
17
3,46
3,6
4,0462%
03/12/2022
In e ci y 0-0 Ba ça A lè ic
18
3,02
3,48
15,2318%
06/12/2022
CF La Nucía 0-0 In e ci y
18
3,38
3,68
8,8757%
11/12/2022
In e ci y 4-1 Alcoyano
15
4,22
4,94
17,0616%
17/12/2022
SD Amo ebie a 1-0 In e ci y
16
5,7
5,7
0,0000%
08/01/2023
In e ci y 1-1 Eldense
17
6,7
6,94
3,5821%
15/01/2023
In e ci y 1-0 CD Calaho a
16
5,84
6,32
8,2192%
22/01/2023
Real Sociedad B 2-1 In e ci y
17
5,98
5,8
-3,0100%
29/01/2023
In e ci y 1-2 Gimnàs ic Ta agona
17
5,9
5,12
-13,2203%
04/02/2023
Real Unión Club 2-2 In e ci y
17
5,26
5,2
-1,1407%
12/02/2023
In e ci y 1-0 Bilbao A hle ic
14
5,12
4,9
-4,2969%
19/02/2023
UE Co nellà 0-0 In e ci y
15
4,8
4,7
-2,0833%
25/02/2023
In e ci y 3-1 CD Cas ellón
11
3,86
4,84
25,3886%
05/03/2023
Alcoyano 1-1 In e ci y
13
4,42
4,36
-1,3575%
12/03/2023
In e ci y 2-2 A lé ico Balea es
13
3,92
3,79
-3,3163%
19/03/2023
UD Log oñés 0-1 In e ci y
12
3,83
3,76
-1,8277%
26/03/2023
In e ci y 0-0 SD Amo ebie a
12
4,48
4,9
9,3750%
02/04/2023
Eldense 2-0 In e ci y
13
5,22
4,9
-6,1303%
09/04/2023
Osasuna P omesas 5-1 In e ci y
14
4,76
4,36
-8,4034%
15/04/2023
In e ci y 2-2 CF La Nucía
15
4
3,66
-8,5000%
22/04/2023
In e ci y 1-1 Numancia
16
3,72
3,49
-6,1828%
30/04/2023
Real Mu cia 0-1 In e ci y
14
2,76
3,6
30,4348%
07/05/2023
In e ci y 1-1 CE Sabadell
15
3,24
3,01
-7,0988%
13/05/2023
Ba ça A lè ic 0-2 In e ci y
12
3,22
4,06
26,0870%
20/05/2023
In e ci y 1-0 SD Log oñés
11
5,08
5,26
3,5433%
27/05/2023
CD Calaho a 2-1 In e ci y
12
4,2
3,77
-10,2381%
Sou ce: Own elabo a ion
INTERCITY CF ("CITYC")
ANNEX 1: FOOTBALL VARIABLES OF TEAMS UNDER STUDY