This chapter analyses the economic and policy implications of some interrelated aspects of the corporate governance and regulation of professional league football that underlie the changing institutional arrangements. It deals with issues of corporate governance. The chapter argues that fan equity should be recognised as 'goodwill' in clubs' accounts and that supporter-shareholder trusts should be formed to solve the problem of misaligned incentives and the associated principal-agent problems between supporter shareholders and commercial investors. It also deals with issues of vertical integration between football clubs and broadcasters, and looks at the welfare implications of league collectivity and the exclusivity of broadcasting rights. The nature of the British footballing industry, with its local and community involvement, and its fan loyalty, creates public interest concerns and also makes the industry peculiarly vulnerable to anti-competitive behaviour.
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