Modelo de valoración de clubes de fútbol basado en los factores clave de su negocio

I have designed a valuation method adjusted to the specific characteristics of Spanish professional soccer clubs under the hypothesis that clubs behave financially reasonably. I analyse the factors that define the context where soccer business takes place. I have built a conceptual model that links support, squad quality (proxy by financial criteria), sports results, revenues, investment and socio-economic variables with cash flows, from wich. I obtain the club value. The work is structured in three sections. The first one is a historic and strategic analysis of the sector. The second one deals with the study of the essential factors for value creation in football and the las one shows the valuation methos based on the discounted cash-flow model, using the estimated free cash-flow claculated according to the relationships reached in the previous chapters. I have checked the existence of a high tange of beta value in function of the period of time used on their calculation. So, I propose the use of qualitative betas that gather aspects linked to business risk, financial structure and the characteristics of the managerial team. Afterwards, I determine the weighted average cost of capital and, with it, reach the value of a benchmark club. Finally, I show the viability of the model, not only for valuation, but also in order to manage professional football clubs to create value for shareholders.