The new UEFA Club Licensing and Financial Fair Play Regulations have encountered stiff criticism. The concerns are that the new regulations may harm football in three different ways: By forgoing the potential benefits from substantial injections of “external” money into payrolls, by...

Based on the analysis of the specific environment in which football clubs compete, this paper presents a comparative institutional analysis of three paradigmatic structures of football club governance: privately owned football firms, public football corporations (stock corporations with...