October 7 - Office work ( 6 hours)

This week focus is about the value of sport clubs. The common view is that it is unreasonable to invest in a sports club as the investment would be more comparable to a bet on competitive results than a real economic and financial performance. World football still has wide margins of appreciation if pay TV and sponsors used the same investment parameters they use in the USA for football, hockey and basketball. Investors are beginning to be less skeptical about betting on sports clubs. If in the past the vast majority of investors (often even institutional ones) have always been very skeptical about betting money on a sports club, today it is much less so. The common orientation, in fact, is that it is not reasonable to invest in a sports club as the investment would be more comparable to a bet on sports results than to a real economic and financial performance. But the situation changes if you look at the value of a sports club no longer just for the competitive results obtained on the field, but for the team's ability to make more and more revenues thanks also to television rights and sponsors. With great surprises for those who decide to focus on the titles of the football teams. Sports clubs sell entertainment and therefore their value is increasingly disconnected from sports results. The latter certainly remain important for the sustainability of the value in the long term, but television rights and sponsors, which are becoming the most relevant sources of revenue, tend to be increasingly based on popularity on the web and on social media