La faillite des clubs français de football : un secteur spécifique

Abstract : French football and European football in general regularly report of financial difficulties and even bankruptcies of professional clubs. Between 1975 and 2018, 81 clubs of the four premier French divisions went bankrupt. The issue of bankruptcy in business has been widely studied in the main sectors of the economy. Various studies have endeavoured to build prediction models and subsequently, other work has investigated the process and different ways of going bankrupt.The only work which investigated French football applied Altman’s prediction model (2000) to Ligue 1 and Ligue 2 clubs and aimed to identify the factors which lead to bankruptcy. Privileged access to financial information concerning these clubs and to people who have important roles in this domain allowed us tocreate a new model to predict bankruptcy which is adapted to the particularities of professional football. We then completed our study with qualitative analysis of the data and a proposal of a hierarchy of the explicative factors and their sequencing in what is a dynamic process. Our thesis concludes by stating that it is impossible to generalise a bankruptcy prediction model for all theclubs in each of the top four French divisions. Nevertheless, the improvements brought forward by our model allows for a more accurate division of the financially healthy and unhealthy clubs in the first three divisions. Equally, we show that beyond the initial score a club achieves with our model, the evolution of this score over time in an important indicator to help clubs anticipate a worsening financial situation; clubs do not suddenly go from a state of financial solvency to one of bankruptcy. Interviews undertaken with the executives, stakeholders and financial directors of clubs as well as those carried out with members of the Direction Nationale du Contrôle de Gestion (DNCG) allowed us to model the global dynamic for clubs who go bankrupt. From there, we propose a new approach to financial regulation to avoid more football clubs going bankrupt.
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Yann Carin. La faillite des clubs français de football : un secteur spécifique. Economies et finances. Université de Limoges, 2019. Français. ⟨NNT : 2019LIMO0040⟩. ⟨tel-02441647⟩

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