Abstract The purpose of this paper is to examine the relationship between profitability and sporting performance in European football. Profitability has been rarely studied because it has not been considered an aim of European clubs, in contrast with American clubs. However, the emergence of investors who invest on both sides of the Atlantic shows that the objectives of owners can be diverse and that profitability has to be taken into account. The study of the compatibility or incompatibility of sporting performance and profitability has implications for the existence of clubs with owners with different objectives in the same competition, or even owners with different aims in the same club. The paper finds that financial performance has a negative influence on clubs’ sporting performance, while sporting performance does not have a negative influence on profitability. Moreover, ownership concentration has a negative influence on both performance variables. These findings show that the pursuit of sport success could undermine the profitability and sustainability of clubs and that investors could focus less on sport results and focus more on maximizing the financial returns on their investments.

中文翻译：

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利润可能会导致球队输掉比赛，但得分目标并不会导致获利

摘要本文旨在探讨欧洲足球盈利能力与运动成绩之间的关系。很少研究盈利能力，因为与美国俱乐部相比，它尚未被视为欧洲俱乐部的目标。但是，在大西洋两岸投资的投资者的涌现表明，所有者的目标可以是多种多样的，并且必须考虑到盈利能力。对运动成绩和盈利能力的相容性或不相容性的研究，对于拥有同一目标，不同目标的所有者，甚至同一目标的不同所有者的俱乐部的存在具有影响。该论文发现财务状况对俱乐部的体育表现有负面影响，运动成绩不会对盈利能力产生负面影响。而且，所有权集中度对两个绩效变量都有负面影响。这些发现表明，追求体育成功可能会损害俱乐部的盈利能力和可持续性，并且投资者可能更少关注体育成果，而更多地关注最大化其投资的财务回报。