Football Bouse et football.pdf


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256 ————————————————————— Michel Aglietta, Wladimir Andreff, Bastien Drut

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In this article, we analyse various issues linked to the quotation of European professional football clubs on a stock exchange. An empirical study of the Dow Jones Stoxx
Football index exhibits a high volatility of returns and share prices regarding a sample
of floated clubs as well as an insufficient market depth. The relationship between
market illiquidity and share price volatitlity does not rely on an insufficient funding by
speculators who adopt “contrarian” behaviour but on the uncertainty attached to the
fundamental value of football clubs. From witnessing how brokers and specialised
audits value three representative football clubs, it appears that it is extremely difficult to
fix the actual fundamental value of a football business. The sporting performances of a
club have an incidence on its share price all over the season and are of drivers the
fundamental value variations of a football club.
Instead of considering that the stock market will discipline the governance and management of European football clubs, we show that it would be worth hardening the
clubs’ budget constraint before their exposure to financial market evaluation. The financial crisis of European football is less harsh in France though it translates into big
clubs accounting imbalances, a high volatitlity of their return on equity, and their
lasting indebtedness. It is so despite the existing financial supervisory body which
monitors French football, contrarily to the situation in other European football leagues.
A weak clubs’ governance is revealed by their reluctant account disclosure and their
inability to curb wage inflation and handle player transfers. The club budget constraint
is softened by the television godsend which is a significant determinant of player
wages. Spreading the French model of governance throughout European football still
requires some governance improvement, which is also a prerequisite for successful
float of football club shares in the stock market. Ten recommendations are derived to
improve football regulation.
stock exchange - financial crisis - economics of sport - football - governance - regulation
Classification JEL : G12, G30, G34, Z19

L’introduction en bourse de l’Olympique Lyonnais en février 2007, premier
club français à avoir franchi le Rubicon, relance la question de l’opportunité
de cette innovation. Quel peut bien en être l’intérêt, au regard des expériences largement négatives des clubs européens qui ont tenté l’aventure ?
En effet, le football n’est pas une activité marchande concurrentielle. Le
prix payé par les consommateurs (les spectateurs) est loin de représenter
l’utilité du service de spectacle. Celle-ci n’est d’ailleurs pas une utilité séparable. Elle est fonction croissante de l’utilité des autres. Anticiper qu’un
stade va être rempli à l’occasion d’un événement sportif et que des émotions partagées vont y être vécues accroît sensiblement la valeur de l’événement. Il s’agit d’un bien indivisible et non rival tant que la capacité du
stade n’est pas saturée. Cette caractéristique de bien public est démultipliée
lorsque le spectacle est retransmis par la télévision. Mais la capacité à attirer
de grands nombres de spectateurs n’a que des rapports lointains avec les
REP 118 (2) mars-avril 2008

Document téléchargé depuis www.cairn.info - Université de Tours - - 205.227.90.63 - 14/10/2013 09h58. © Dalloz

Stock market and football