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European football finances, and Larry Hadley

Deloitte's Annual Review of Football Finance is now available. The full copy can be yours for a mere 500 pounds! (50 if you are a student). The foreword and highlights -- a collection of interesting facts -- are both free. Among them is this comment:

Premier League clubs have spent over 15% of revenue generated since 1992/93 on improving their facilities whereas Football League clubs have spent over 12%. These are impressive amounts and again illustrate the fact that stadium investment, and the on-going financial benefits it can deliver, is a significant element of a successful football business strategy.

I note the absence of the term "subsidy" in the context of a successful business strategy. This brings to mind the Hadley and Poitras study, ultimately published in the Journal of Business, debunking the myth that subsidies were a necessary component of stadium investment in the U.S. This is an important paper.

Larry Hadley was an influential early adopter in field of sports economics, and passed away last week after a long illness. SI ran his obituary, appropriately. But the best article is the announcement of his funeral mass on the campus of the University of Dayton, his academic home, for it has a nice picture of Larry that somehow reveals the warmth and kindness of a genuinely nice man. At Wages of Wins, Dave Berri has a post with remembrances from scholars who were influenced by Larry's work and his guidance. Here's to a dedicated scholar, and a good man -- an example, if you will, for us all.

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