Discussion Paper of the Institute for Organisational Economics 9/2013

Der Einfluss der Champions League auf den Marktwert eines Bundesligaklubs und das (Transfer-)Verhalten des Managements
Christoph Partosch
September 2013




The Impact of the Champions League on the Market Value of German Football Clubs and the (Transfer) Behaviour of Club Officials

This study examines how the UEFA Champions League impacts the market value of participating German football teams and the transfer behaviour of their managers. The goal is to verify the findings of a formerly conducted case study by a quantitative-empirical approach. It is shown that teams start a season with a significantly higher market value when participating in the Champions League. The main reason for that is a value increase of players who already belonged to the squad the season before. The results also indicate inefficient transfer behaviour of club officials when they have Champions League money at their disposal. Furthermore the study finds that clubs can only maintain the higher market value by regularly qualifying for the Champions League.