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| Tekijä: | Dietl, H.M. Pauli, M. |
| Otsikko: | Die Finanzierung von Fussballstadien - Überlegungen am Beispiel des deutschen Profifussballs |
| Lehti: | Zeitschrift für Betriebswirtschaft
2002 : VOL. 72:4, p. 239-262 |
| Asiasana: | GERMANY SPORTS INDUSTRY ANALYTICAL REVIEW |
| Kieli: | ger |
| Tiivistelmä: | Germany's professional football teams need modern stadiums in order to be able to increase ticket revenues. The construction and modernization of these stadiums is expected to cost about four billion Deutsch Marks. The authors show that private investors will underinvest in stadium projects because of high investment risks. This hold up problem can be solved by vertical integration. However, clubs that invest into their own stadiums will be at a competitive disadvantage if other clubs within the league receive direct or indirect stadium subsidies. Clubs that receive stadium subsidies are able to outbid competitors in the market for player talent. Less player talent results in a smaller probability of winning which, in turn, leads to lower ticket revenues and smaller stadium returns (original in German). |
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