Abstract

The need for the SAD (basically football clubs) for big amounts of money, means that they are considering obtaining that money from the stock market, as another option to attain the necessary liquidity that will allow them to realize new investments, in players as much as in fixed assets. And the investors seem disposed to give them the money, in exchange for the shares, because they consider that football has a profitable future, and also because the participation in the stock market would force them to carry out a enormous change in their financial structure, making their money operations more transparent hence having to be submitted to more controls. But the profitability of a SAD is not only linked to the traditional “rational criterion” (financial), but also the “emotional criterion” (feelings of belonging to a group, intangible values, et…). This fact is reflected in a bigger risk, in such a way that the club’s valuation in the stock market is lower than any other sector with similar expectations of profits, forcing the club to diversify this risk, mainly when those expectations have gone down, due to the experience in other markets where these stocks are already quoting.