The Price of Football Understanding Football Club Finance 3rd Edition by Kieran Maguire ISBN 1788216830 9781788216845

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ISBN 10: 1788216830 
ISBN 13: 9781788216845
Author: Kieran Maguire

The first edition of The Price of Football quickly established itself as the go-to guide to understanding football club finance for the serious fan. Kieran Maguire, one of the UK’s top football finance analysts, shows how professional clubs operate as businesses and explains, in non-technical language, how to read, understand and interrogate club accounts.
As a clear-headed analysis and presentation of the financial imperatives and challenges facing football clubs across the English and Scottish Leagues, it has become a welcome resource not only for students of the industry, but by a wider constituency of supporters looking to understand their club’s latest transfer deal, or season ticket price.
This fully revised and updated third edition includes analysis of the most recent club accounts, the latest rulings on club governance, as well as coverage of recent regulation breaches, changes of ownership, bankruptcies and financial irregularities.

The Price of Football Understanding Football Club Finance 3rd Table of contents:

1 Introduction
Part I Football club financial reports
2 The balance sheet
What is an asset?
Types of asset
Non-current vs current assets
Tangible assets vs intangible assets
Liabilities and equity
What is a liability?
Types of liability
Non-current vs current liabilities
Financing vs operating liabilities
What is equity?
Recording transactions in the club balance sheet
3 The profit or loss account
Income
Finance/interest
Pre- and post-tax profit
4 The cash flow statement
Cash from operations
Cash flows from investing activities
Cash from financing activities
How to create a cash flow statement
Part II The price of football
5 Players (and agents)
How does a club value a player?
Supply and demand
Available financial resources
Contract length
Release clause
How to show football player transactions in the accounts
Transfer fees
Amortisation
Contract extensions
Impairments
Player sales
Case study 1: Ousmane Dembele
Case study 2: Andy Carroll
How to calculate the sales price of players sold?
Case study 1: Juventus
Conditional/add-on fees
Paying by instalments
Signing-on fees
Football player wages
Agents
6 Ticket prices
1966 and all that
Rising living standards
Football is an addiction
The rise of the football tourist
All seater stadia
Player costs
7 Broadcasting and sponsorship income
Why do broadcasters like football so much?
Why does the football industry like live broadcasting so much?
How is the money shared?
What of the future for broadcast rights?
8 Financial fair play
UEFA rules
Premier League rules
Short-term cost controls
Profitability and sustainability rules
English Football League (EFL) rules
Championship
Leagues One and Two
Part III Football club financial analysis
9 How to analyse club accounts 1: trend analysis
Case study: Manchester United Plc year ended 30 June 2019
Historic comparisons
Matchday income
Broadcast income
Commercial income
Competitor comparisons
Costs
Wages
Player transfer amortisation
Gains on player disposals
Profits: operating, EBIT and EBITDA
Analysing the balance sheet
Net debt
Receivables and payables
Football net debt
10 How to analyse club accounts 2: ratio analysis
Performance ratios
Cost control ratios
Matchday income to wages
Income per fan
Interest cover
Effective tax rate
Balance sheet ratios based on player trading
Player signings to income
Player reinvestment rate
Squad ageing
Transfers owing percentage
Financial gearing (leverage)
Conclusion
11 Valuing a football club
Balance sheet value
Stock market values
Comparative sales values
Comparative profit or loss account multiples
Discounted cash flow model
Step 1: Calculate the free cash flow (FCF)
Step 2: Calculate the weighted average cost of capital (WACC)
Step 3: Calculate the terminal value (TV)
Step 4: Calculate the total value
The Markham Multivariate Model
(Revenue + net assets)
(Net profit + revenue)/ revenue
Stadium capacity percentage
Wage ratio percentage
The MMM calculation
Summary of values
12 Ownership models: love, profit, vanity and insanity
The local fan made good
The butterflies
The trophy asset
The flipper
Fan owned/member clubs
13 Red flags – things that make you go “hmmm”:creative accounting and football finance
Better late than never
Controlling the narrative
Abbreviated accounts
Complicated club structures
The devil is in the detail: footnote disclosures
Case study: Derby County
14 Football finance in a post-Covid-19 world and Project Big Picture
£250 million to the EFL
Twenty-five per cent distribution of collective broadcast revenues to EFL clubs
Reduction in the size of the Premier League and abolition of the Carabao Cup
Parachute payments
Voting rights

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