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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This introduction presents an overview of the key concepts discussed in the subsequent chapters of this book. The book presents the case studies of the individual countries: Thailand, Indonesia, South Korea and the People's Republic of China (PRC). It examines the factors behind the financial crisis and highlights the underlying similarities and the fundamental differences between the individual cases. The book provides a review of the competing perspectives on the new international financial architecture. It explains a number of fundamental issues and its implications for the emerging market economies. The book also presents a more nuanced picture of the International Monetary Fund's (IMF) policies and its socioeconomic impact. It assesses the IMF's efforts to reduce moral hazard. The book also examines the reasons behind Asia's remarkable economic recovery and the challenges that lie ahead.