Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/328183 
Year of Publication: 
2025
Citation: 
[Journal:] Review of Economic Analysis (REA) [ISSN:] 1973-3909 [Volume:] 17 [Issue:] 2 [Year:] 2025 [Pages:] 193-227
Publisher: 
International Centre for Economic Analysis (ICEA), Waterloo (Ontario)
Abstract: 
We propose a fundamental valuation model for sports clubs and stadia using discounted (adjusted) revenues. We argue that a sports club is a 'quasi firm' that aims to balance budgets, achieve an efficient allocation of financial resources, and maximize revenues. Under this objective the sports club's welfare and value are maximized. Then we offer a method for estimating the value of a sports club's stadium. The proposed valuation model can be useful during acquisition negotiations or for assessing managerial performance. Combining the proposed model with stochastic Monte Carlo simulations, we estimate the brand-name value and the club's total value of the football team of Panathinaikos, as well as the value of its iconic home ground, Apostolos Nikolaidis Stadium (known as Leoforos) located in the heart of Athens at Alexandra's Avenue.
Subjects: 
Acquisition
Brand Name
Football
Sports Finance
Valuation
JEL: 
G32
L83
Z20
Z23
Z28
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc Logo
Document Type: 
Article

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