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Article
Publication date: 1 January 2013

Gianluca Risaliti and Roberto Verona

This study seeks to examine the influence of the gamut of changes that have taken place in the past 15 years in the world of international football that have permanently…

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Abstract

Purpose

This study seeks to examine the influence of the gamut of changes that have taken place in the past 15 years in the world of international football that have permanently transformed football from a game into a real business, while also considering some specific events that have affected Italian football in terms of the valuation of players' registration rights in the financial statements of the leading Italian football clubs throughout the period 1996‐2009.

Design/methodology/approach

The research was conducted taking into account the leading Italian clubs. The clubs considered were those that, in the period examined, qualified at least five times for a place in the Italian Serie A championship which is instrumental to their direct participation, or through the qualifying round, in the Champions League.

Findings

The research shows that questionable window dressing policies, consisting of artificially overestimated values of players' registration rights, aggravated the Italian football crisis that exploded during the 2001/2002 season. However, the origins of this crisis must be ascribed to the inability of Italian teams to control players' wages.

Research limitations/implications

The study concerns only the leading clubs and examines the value of players' registration rights as an aggregate, as it is not always possible to extrapolate from financial statements the values attributed to individual players.

Originality/value

The Italian legal system, unlike others, establishes for corporations, the obligation to recapitalize if losses exceed a certain level. Based on this particular regulation, this research, suggesting a different interpretation of events, identifies the window dressing policies implemented by Italian football clubs during the period in question as behavior designed to evade the obligation to cover losses, and highlights the real purpose of the exceptional measures undertaken by the Italian legislator to save the entire industry.

Details

Accounting, Auditing & Accountability Journal, vol. 26 no. 1
Type: Research Article
ISSN: 0951-3574

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Article
Publication date: 15 March 2013

This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting‐edge research and case studies.

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Abstract

Purpose

This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting‐edge research and case studies.

Design/methodology/approach

This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context.

Findings

A former leading professional turned TV pundit once famously remarked that football was “a funny old game”. His comments were inspired by the surprise and unpredictability so characteristic of the sport at that time. Since we can still confidently expect the unexpected to occur with some frequency, the phrase continues to enjoy cult status almost three decades down the line. Some things have changed considerably though. Football has now become serious business and is no laughing matter. Many clubs relentlessly pursue on and off‐field success as they strive to satisfy the very different demands of fans and financiers alike. Ambition should never be discouraged. But chasing any dream must be tempered by a sizeable dose of reality. The sporting world is no different in that respect. Alas, numerous football clubs have learned this the hard way.

Practical implications

The paper provides strategic insights and practical thinking that have influenced some of the world's leading organizations.

Originality/value

The briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy‐to digest format.

Details

Strategic Direction, vol. 29 no. 4
Type: Research Article
ISSN: 0258-0543

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