ABSTRACT

The objective of this paper is to analyse the ownership of the Big Five (Big 5) leagues in Europe, the effects of fans’ participation in the ownership of their clubs and how governance in European football can improve. The different structures used by fans to participate in the ownership of the clubs in the Big 5 leagues are analysed by showing the main features of ownership in the main leagues. The best practices of governance are identified, such as the protection of small shareholders, enhanced majorities for strategic decisions, two-tier boards with investors and fans, establishing fan representation by delegates or associations, and the limitation of voting rights or premium rights for seniority shareholders. Moreover, some flaws of the current structures should be avoided because these flaws hinder the raising of capital, increase the incentives to engage in risky management and reduce the incentives of fans to purchase shares.

摘要

本文的目的是分析欧洲五大（Big 5）联赛的所有权，球迷参与其俱乐部所有权的影响以及欧洲足球的治理如何改善。通过展示主要联赛所有权的主要特征，分析了球迷参与五大联赛俱乐部所有权的不同结构。确定治理的最佳实践，例如保护小股东、增加战略决策的多数席位、由投资者和粉丝组成的两级董事会、由代表或协会建立粉丝代表以及限制投票权或资历优先权股东。此外，应避免当前结构的一些缺陷，因为这些缺陷阻碍了资金的筹集，