英格兰足球俱乐部的公司治理【外文翻译】.doc

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外文翻译
The Corporate Governance of Professional Football Clubs in England
We analyze the corporate governance of professional football clubs operating in England’s Premier and Football Leagues. Good corporate governance is essential if clubs are to be managed effectively and to survive in the difficult economic circumstances surrounding the football industry. The past couple of years have been especially testing, as Football League clubs have had to deal with the aftermath of the collapse of the ITV digital contract. Our analysis reveals that while there are some noticeable improvements in governance standards, many clubs would benefit from following best practice guidelines on information disclosure, the appointment of directors, position, induction and training of directors, risk management and consultation with stakeholders. Despite improvement in some areas over the past three years, standards of corporate governance in football clubs are significantly below those of panies as a whole and there is thus considerable need for improvement.
The peculiar economics of football
The peculiar economics of professional sports leagues has been long been recognized (see Neale, 1964).Traditionally, the essence of the problem was seen to lie in the fact that sports leagues and the individual clubs that make up the league provide a joint product that depends on effective cooperation peting clubs. Clubs agree to join and to be regulated by a league because co-operation in the supply of a joint product increases the economic value of the product supplied by each individual club. The output of the league and its constituent members is maximized when there is some degree petitive balance in the league so that the e of matches is uncertain.
A second major peculiarity relates to the need to balance financial sustainability on the
one hand with playing ess on the other. This latter imperative introduces an incentive to “invest”(or gamble) on ess, through buying playe