On the ball

Europe’s football clubs have embraced securitisation. But do they have the tools to manage the game’s unusual risks? By Keith Brody

Almost everywhere you turn in Europe’s football industry, people are discussing risk. Relegation (demotion to a lower league, which usually hurts a club’s creditworthiness) sends many clubs into administration each year, while others collapse when decades of financial mismanagement catches up with them. Since clubs have securitised hundreds of millions of pounds worth of assets in recent years, investors are giving serious attention to these risks.

Derivatives designed to mitigate relegation

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