Makingmoneyoutoffootball.docVIP

Making money out of football Stefan Szymanski Stephen Hall The Business School, Imperial College London April 2003 Abstract: In the US most economists have argued that professional sports teams are profit maximising businesses, but it is a widely held view in Europe that professional football clubs are not run on a profit maximising basis. This belief has important implications for the impact of policy measures such as income redistribution that are widely advocated. This paper looks at the performance of sixteen English football clubs that acquired a stock exchange listing in