Economics and Finance Assignmet Sample
SERIE A FOOTBALL LEAGUE (ITALY)
PART 1: A financial and economic review of a sports league
1.1 Introduction
The Serie A league was the most famous a few years back and currently, it is suffering from a financial and economic crisis. This study also focused on describing the promotion and relegation strategy that has been used by this league to improve their financial and economic crisis. Taking this economic crisis Serie has taken different market restrictions such as salary caps, revenue sharing, and the transfer window and so on. Taking this into consideration and the financial data will be helpful for this football league to improve their financial performances. This report also provides a comparison from t6he previous financial performances and also analyses the current condition of this league. This comparison will be helpful for further future improvement of this league in the case of economic and financial structure.
1.2 Background of this league
Different strategic decisions are taken by organizers to improve performance however the Serie A league has failed to provide that thriving event to its audiences. As cited by Buzzacchiet al. (2021), financial performance has decreased due to match fixings and entire league matches are interrupted due to this reason.
Previously Series the football league in Italy was the most populated show in all over the world mostly for the youngsters. The best players in the world have represented this club and it was the most populated show in the world. After the year 2014, most of the Italian people moved to Spain and it reduced the number of spectators in the stadium (Lima et al., 2018). Further, most of the people watched this football show from the bars and it reduced the number of people watching from the stadium. Thus it automatically impacts their financial structure that changes their economic sustainability and increases their expenses. Thus it seemed that this league has faced reduced revenue of 1.7 million for this reduction of the number of the audience into their stadium. Further due to resolving this problem this League has used data-driven innovation for enhancing their game and improving their financial performances. Besides this, taking this data-driven innovation has been helpful for the league to increase their audience. The reason behind the relegation of this Serie A league is that after the max fixing scandal by this and it directly impacted the number of the audience (Porro et al., 2021). Knowing this match-fixing scandal that automatically changes the interest of the people and it directly impacts their financial and economic performance.
1.3 Economic review
1.3.1 Structure and market restrictions used by Serie a league
Sustainable economic structure is required to manage a sports league and investment proposals must be made on upcoming opportunities. As opined by Colucciaet al. (2018), almost a three years plan is made in this league and most of the investments are collected from the owner of this league.
As cited by Ikaet al. (2021), broadcasting rights are the main source of revenue of this league, and broadcasting channels and other deal has expired in 2019-2020.
As per the opinion of Alaminos et al. (2020), annual revenue has decreased and most talented footballers have left this league for better offers from European leagues.
The management of this league has taken different strategies for improving the financial as well as economic performances. But they failed to develop the economic performances because the economic structure that has been presented by this management team has been running behind from 10 to 20 years from other football leagues (Tertuliano et al., 2018). The management team has used traditional promotional strategy to make them economic but it is not quite effective in their financial improvement. Moreover, the economic structure of this league has collapsed because of the less involvement of the stakeholders after the scandal of match-fixing happened by this league. After this scandal, there are lots of investigations and punishments that tend to reduce the sustainability of this match. Moreover, the management team of this Serie A league has distributed the revenue equally and maintains the economic structure. Thus it seemed that the collection of the TV money has been distributed by taking 50 per cent of the equal share and using 30 per cent of the share as per performances basic (Razali et al., 2021). Therefore, the economic structure of sharting the revenue has effectively maintained their financial structure.
Further in this current time, the management team has decided to increase the sharing revenue 40 to 50 per cent after the basis of the recent performance. The league has fixed their target revenue of 3 billion which is 20 per cent from the previous minimum revenue target. Further, the revenue has been distributed by the teams according to the performances of the teams in the league. It seems that the team SS Lazio has earned their revenue of 57.8 million whereas the Toronto FC has generated their revenue of 45.5 million according to their performances. Thus this economic structure adopted by the management team of this league has been quite controversial and created a conflict among the team members. On the other hand, this Serie A football league has tried to focus on the improvement of their commercial development over the years of 1980 to 2007 (Bond and Addesa, 2020). Previously the management team of this league has used traditional commercial methods to broadcast their league which did not feel common interest by the people in Italy and the worldwide basis.
Thus it automatically reduced their revenue structure and decreased their profit margin. Further, after the year 2006, the management team of this league has decided to use an online platform to promote their league and has been showing their matches on the online platform that are attracting most of the people worldwide. Using this online platform, and also using data-driven technology has been helpful for them to smoothly provide live matches for their consumers. Further using this online platform the league has generated 20 per cent more revenue from online watching rather than showing the match from the stadium. Further, the management team of this league has also used the strategy of the sponsorship and promotion of other companies live from their stadium (Grant et al., 2018). Adoption of this economic strategy has been helpful for this league to get lots of sponsorship and strengthen its financial structure. The Serie A league has generated more than 375 audiences and fixed their goal to achieve the target of stake 10 per cent to get the maximum equity of around 1.71 billion euros. Moreover, the league also faced a financial crisis in the year between 2008 to 2009 because of the recession. This directly impacts the number of investors and earns money for their leagues.
Further, the league of Serie A has faced financial disbalance on their market restriction in their salary caps. Thus it seems that the minimum annual salary cap that has been provided by this league is 8 million euros in this session where they fixed their target of achieving 124 million euros of salary caps. Thus the management team of this league has decided on an economic strategy that is helping to improve their financial structure (Pijetlovic, 2018). They decided that they will consider 20 clubs which they can spend an average of 44. 10 million salaries per player. The management team in this league has used economic salary caps based on their performances which directly impacted the skills of the p[layers. From the below graph it has been seen that different player salaries in the year of 2020 according to a team. From the below graph it has been seen that the Juvendars have paid the highest salary around 10.1 million US dollars. On the other hand, Roma in this league has paid the lowest salary cap in the session of 2019 and 2020 session that 4049 million of Us dollars that create a quiet conflict among the team performances and directly decrease the sustainability in this league.
1.3.2 Competitive balance analysis of league
As cited by CDFMR et al. (2019), financial growth is low in Serie A league and the audience has lost the thrill of competition in this league. As cited by Longo et al. (2019), Serie A league has been found for match-fixing and other scandals. AC Milan and Juventus are the heart of this league and other teams do not have much popularity and audience base so it is hard to get global audience support from two teams.
Competitor league organizers have various types of teams and every team has a separate fan base globally which creates competitive disadvantages for Serie A league. As cited by Sánchez et al. (2020), a lot of complications have been seen in management due to the weak Italian economy and many match fixings have been made due to the financial crisis. Over all competitiveness is poor in this leagueandfew selected teamshavethe capacity to perform in big matches.
As cited by Porroet al. (2021), a lot of viewers have observed that the Serie A league is not able to afford star players and that the lack of star players is one of the major issues for this league. Entire fan bases were wiped out for match fixings and their attention turned into other leagues.
As cited by Casascoet al. (2021), football tournaments are one of main sources of foreign exchange and the government has not supported league organizers to improve infrastructure due to the economic crisis.
The European League of Spanish football teams has tried to encourage the investors to provide the highest rate of investment by promoting them into their live football matches. On the other hand, most of the players have taken the defensive approach to achieve their goals in low matches leagues. But in the case of the Italian team, they were taken defensive in nature which was quite interesting and attractive for the consumers in the match. Moreover, Serie A has used the transfer window to balance their team and make it economic (NAMAI, 2020). Thus it has seemed that the Italian transfer market has taken characteristics of the impulsive decisions in their career assessment. Moreover, it has seemed that after the match-fixing scandal has happened the Italian team has faced the transfer action which has reduced their 1.4 million of revenues. Further, the Italian team has gotten the penalty of time on the duration of the transfer window by taking a common club executive. After taking the irrational strategy the clubs are faced with closing the advancing transfer and also faced strong pressure in receiving offers. The competitor league of this series has taken partner of the English premier league, German Bundesliga and Spanish La Liga to get consistent growth in their league. Besides this, most of the target audience belongs in the average group of 15 to 60 years that are highly inspired by the adoption of the digital portal to show their games (Caunic, 2019). Thus the adoption of the digital platform and providing live streaming in their game means that the consumers can easily interact with others and provide live conversation into the streaming. This adoption of the strategy has given potential advantages to increase the consumers’ enthusiasm and increase their profit margin by several stakeholders. Further, this football tournament has tried to use foreign direct investment and also used government-sponsored funds to improve their infrastructure and financial crisis. Thus after the use of foreign direct investment and government sponsorship the league has increased their financial structure by 400 million Euros.
1.4 Review of financial performance
1.4.1. Financial performance analysis of Serie A league for the year end 2018
Debt financing is costly and Serie A league has suffered from collecting equity funds that it is completely depends on debt. Cost of total debt has increased over years however the lowest debt of this league was seen in 2013-14 that was approximately 37 million Euros. Revenue opportunities have decreased with time because lease money and burden of government tax on debt financing affected entire financial decisions of these league organizers.
Serie A league has around 37 million Euros net equity in the year 2014-2015 where its fixed assets are almost 2232 million Euros and total debt 3386 million Euros. Net equity has increased to 490 million Euros and net debt increased to 4266 million Euros in Serie a league in the year 2017-2018. This league depends on debt financing and its CAGR value of production has increased by 6.8% and cost of production by 4.3%.
Serie A league earns revenue from match day income from stadium, broadcasting, and commercial activities. Commercial activities include sponsorship of different sports companies however around 57% of revenue is going to be earned in 2021-2022 from broadcasting. Broadcasting right breakdown has increased over years in Serie A league that has reached to around 1048642 thousand Euros in the year 2017-2018. Contrast of the football league is made for three years and it has to reinvest funds in the three years gap however losing broadcasting rights has affected annual income.
A large number of funds are invested in the football league that its annual revenue has decreased to 4502 million Euros. Loss before tax of Serie A is almost (81,657,094) Euros in 2019-2020 and around (58,650,566) Euros is used in operating management. A large amount of funds has been invested in purchasing players’ rights that caused profit disposal of Serie A league over years. Average profit per disposal is almost 3.4 million in the year 2017-2018.
Revenues from director selling of sports material have decreased because of increasing demand for European leagues. Players are paid a high number of financial resources by European and Spanish leagues that registration costs of players are higher than expected.
As opined by Syukmanaet al. (2020), investors have found that the return rate is declining over the years and the release of talented players has decreased its fan base and financial growth has stopped in this organization. The financial performances of this Serie league have provided strong financial performances that help to provide quality of matches and improve the broadcasting of their matches for their consumers. But doing this they have faced an increase in their total debt has more than 37 million euros (Ženka et al., 2020). The reason behind this decrease in their debt is that getting less opportunity from the government directly impacted their debt financing. Besides this, Serie has found net equity of 37 million euros in the year of 2015 and it tends to increase their total debt of 3386 million from 2232 million. Further, this league has also faced a debt increase of 4266 million euros in the year 2018 and it also increased the CAGR value by the percentage of 6.8 per cent of the cost.
1.5 Financial trend analysis
As cited by Jafarzadehpooret al. (2018), gross profit margin of companies is analysed as one of most effective indicators of financial performance of an organization. After the analysis of the trends of the financial structure of this league, it has seemed that the league has faced a decrease in their financial structure in the pandemic situation and the recession time in the year 2010. After the impact of the covid 19, the league directly faced reduced government sponsorship and other industrial sponsorship. Moreover, the Serie A league has shown less interest in buildings and zero earnings from their stadiums (Ženka et al., 2020). But after the pandemic situation, the league has faced increased maintenance costs without zero investment. After the covid situation, Brexit has faced less investment and it directly impacted the country’s financial performances that have collapsed. In addition due to this pandemic situation and the lockdown occurring it directly reduced their audience in the stadium and sold fewer tickets of their matches also reducing their financial structure.
1.6 Competitiveness review of Serie A league for last 5 years
Serie A is one of the most famous and strongest national football leagues in the world in 2020 as per IFFHS. According to the conflicts of the UEFA league Serie A is in third position among all European football leagues. Based on the previous five years result of Serie A league it has been found that Juventus is the most successful team for this league andhas won four seasons consistently till 2019-20however,this league hasgot new winner in 2020-21 that is Inter Milan (worldfootball.net, 2022). This league is highly competitive, however the dominator for this league is Juventus because of its quality players and effective investment planning on every league. Serie A is a defensively and tactically sound league and this league is famous all over the world for its performance.
PART 2: Economic solutions to improve the financial performance/sustainability of the league
2.1 Background
As it has been evident from the financial reports of the company, the league has been sinking with many of the footballers being forced to let go as the league has been unable to pay them (Ramchandani et al. 2018). Furthermore, the inability of the league to win any continental title for over a decade along with the current global pandemic has caused the Serie A clubs to lose money worth 754 million euros as estimated by the end of 2021. The following section will highlight the solutions that can be undertaken to help the league receiver from such a drastic financial situation. After analyzing the financial report it has been seen that the management team of this league has faced a financial crisis that they can not pay many of the footballers after the impact of the covid 19 crisis. Moreover, after analyzing the financial report, it also shows that after the league win by the team in Serie A they could not provide a proper salary cap because of their high expenses and the low income from their tickets and government sponsorship during their pandemic time (Ženka et al., 2020). Further, they also faced a decrease of the money 754 million euros at the end of the year 2021. Further due to their financial crisis the management team also provided different strategies in improving their financial structure and broadcasting framework that are effective.
2.2 Solutions
2.2.1 Improve the financial performance of clubs in the league
As opined by Bond and Addesa (2020), the use of this method prohibits the clubs from spending over a certain amount on the condition that they will not be able to participate in any other leagues across Europe.
Another negative aspect that has been plaguing the clubs is the huge bank debts they are under which is discouraging the inventors from spending money on these clubs (Ramchandani et al. 2019). However, the major issue they face is that they have little know knowledge of how to sustain a business and thus financial issues arise (Calemme, 2021).
After the impact of the covid pandemic situation, the football club has faced a huge financial crisis that directly affected they’re providing economic structure because of the high increase in their expenses in less income margin. That the management team has taken different strategies to improve their profit margin and financial structure The Serie club has used different promotional strategies of their leagues and matches to attract most of the consumers after the pandemic and scandals (Ramchandani et al., 2018). Thus they have provided an online portal to promote their leagues worldwide. Besides this, they have also used data-driven technology after the year 2020 in providing live streaming of their football matches to attract most of the consumers towards them. Thus they have increased their TRP and number of views to increase their profit margin. Besides this, in the online streaming, they also provided live chat for the followers so that they can easily interact with the person according to worldwide basis and increase the interest among the youngsters by providing live chat. On the other hand, the management team has provided Chatbot in the online portal that they can share their issues with the technical staff of this league and they can easily solve the customer queries as they can enjoy an effective match (Ramchandani et al., 2018). Further, the methods applied by the Serie football match have also helped to motivate the consumers by taking different precautions in the gallery and the sanitizing system. Further adoption of these strategies also motivated the club owners to develop their budget by reducing the number of losses.
After the impact of the pandemic situation, it directly impacted the crumbling financial situation and directly reduced the financial economy of the country in Italy. The huge loss in the pandemic situation has caused the revenue generated and the players can not get proper salary as per their demand. Thus it automatically reduced their growth mentally of playing quality games which motivated them to change the team in this league (Ramchandani et al., 2018). Thus the management team of this Serie A league has provided proper strategies for the players motivation and provided them with a proper salary cap as per their demand. In that time the club has got major support from the sponsors to back up their lending money and generate their money for further expenses in this league. Further, the management team of this league must have to notify their bankruptcy that they faced, major problem in this pandemic time. In this situation to improve this the club must have to approach enough sponsors and attract them with their high number of consumers and provide popular shows of their football match. Getting proper investment from the industrialist the Serie A club can lend back all the money from the bank and maintain their economic balance (Porro et al., 2021). Beside this, the footballers in this league have faced management conflict by not taking proper leadership style to manage all the resources for the matches that directly increase their expenses. Due to improve this management structure it must adopt proper leadership style to improve the management team and easily maintain all the financial structure to reduce the crisis and provide for it economically. The best solution to financial analysis by the management team, is to adopt proper software that easily calculates the financial and balance all the structure properly. Moreover, it also helps to indicate the existing losses in their financial structure by other software that the management team can easily rectify this financial structuring by breaking different precautions.
2.2.2 Ensure the sustainability of the league (and the clubs)
Sustainability has become one of the major factors across the world to ensure the safety of the environment. According to Migliaccio and Corea (2019), several football clubs across the world have started working towards being more sustainable and contributing positively to the environment.
This can be easily achieved through the installation of renewable energy sources such as solar panels, wind turbines, among others, and having the ability to provide the same amount of energy required by the clubs (Buzzacchiet al. 2021).
Thus, the grass needs to be grown and managed through the use of natural methods, as in this way it will not cause harmful pesticides otherwise used to harm the environment (Rossi et al. 2019).
In case of maintaining the sustainability of the league and proper environmental structure in this covid situation the management team has used a different strategy (Porro et al., 2021). Thus the management has taken proper precautions in the gallery by taking sanitization and maintaining proper social distancing. Beside this, the management team also provided a 50 percent permit of audience in their stadium to watch their live football match.
2.2.3 Grow demand for the league
As per the view of Caruso et al. (2019), this can be made possible by selling the rights of the game to major streaming channels in these nations making it easier for football fans to access it easily. This will help in generating interest for the players and thus attract new fans to the Italian game (Riboliet al. 2021). The clubs can also provide opportunities to budding football stars across the globe providing them with an opportunity to play for their clubs and thus generate demand for their game. All of these solutions can be easily applied to gain positive results for the league. Due to increasing the demand of this league the management team has decided to give the platform of the football match internationally to increase the demand factor. Further they have to provide proper online platforms and channels to provide live shows for the international consumers with less error in their broadcasting.
2.3 Maintain competitiveness for the league
Italian Serie A-League was one of the major leagues to look out for back in the 1990s before it was overshadowed by the likes of EPL and UEFA Championships. This will help the players stay prepared for the level of football that is being played around Europe and thus make them more competitive (D’Angelo, 2018).
2.4 Conclusion
It can be concluded that there exists a lot of underlying issues with the Serie a Football League in Italy which if not mitigated will make it significantly difficult for the league to survive in the long run. The league is already going through several economic and financial issues over the past decade which has further been aggravated due to the Covid-19 pandemic. In such a situation the league needs to find effective solutions to mitigate the underlying issues and make the league successful. There have been several solutions provided which are easy to implement and have the ability to bring positive results and make the league success in the future.
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