Abstract
This study measures the impact of Financial Fair Play (FFP) in the Spanish football league by considering three objectives: (1) the probability of qualifying for European competition, (2) if sporting objectives can be related to the financial situation of the clubs, and (3) changes in the financial-accounting structure. The sample contains 176 observations from 13 Spanish clubs between 2004-2019. The empirical findings reveal that the likelihood of qualifying for European competition is sensitive to certain financial items. It was found that the greater the intangible assets were (pre-FFP), the higher the probability of participating in European competition was. A shift toward financial efficiency was observed due to regulatory change in terms of earnings before interest and taxes (EBIT) and ratio of personnel expenses/operating income, which allows us to conclude that the FFP has opened a new dimension in the profession-alization and innovation of financial management in football.
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