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The corporate governance of professional football clubs

The corporate governance of professional football clubs Professional football clubs in England face serious financial and operational difficulties and challenges. Our survey reveals that less than a quarter of football clubs responding had an internal audit committee. Even where clubs had an audit committee, almost one third of those clubs report there being no regular board review of risk assessment reports. The need to undertake risk assessment is now accepted as part of good corporate governance. The collapse of the ITV Digital agreement, which led to Football League clubs losing significant revenue, forcing some into administration, simply illustrates the reasoning behind the practice (following the Turnbull Report). Football clubs (and the companies that own them) need improved corporate governance practice, financial planning and risk assessment procedures; 76 percent of clubs responded that they would benefit from a guide to good corporate governance and 80 percent that they would find advice on Company Law useful. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Corporate Governance Emerald Publishing

The corporate governance of professional football clubs

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Publisher
Emerald Publishing
Copyright
Copyright © 2004 Emerald Group Publishing Limited. All rights reserved.
ISSN
1472-0701
DOI
10.1108/14720700410534967
Publisher site
See Article on Publisher Site

Abstract

Professional football clubs in England face serious financial and operational difficulties and challenges. Our survey reveals that less than a quarter of football clubs responding had an internal audit committee. Even where clubs had an audit committee, almost one third of those clubs report there being no regular board review of risk assessment reports. The need to undertake risk assessment is now accepted as part of good corporate governance. The collapse of the ITV Digital agreement, which led to Football League clubs losing significant revenue, forcing some into administration, simply illustrates the reasoning behind the practice (following the Turnbull Report). Football clubs (and the companies that own them) need improved corporate governance practice, financial planning and risk assessment procedures; 76 percent of clubs responded that they would benefit from a guide to good corporate governance and 80 percent that they would find advice on Company Law useful.

Journal

Corporate GovernanceEmerald Publishing

Published: Jun 1, 2004

Keywords: Corporate governance; Risk assessment; Company law; Football; Boards of directors

References