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Estimating the fundamental value of sports clubs and stadia: Application to Panathinaikos FC and Leoforosmes

Georgios Bertsatos & Gerassimos Sapountzoglou

Review of Economic Analysis2025https://doi.org/10.15353/rea.v17i2.5629article
AJG 1ABDC B
Weight
0.50

What the paper says

We propose a fundamental valuation model for sports clubs and stadia using discounted (adjusted) revenues. We argue that a sports club is a “quasi firm” that aims to balance budgets, achieve an efficient allocation of financial resources, and maximize revenues. Under this objective the sports club’s welfare and value are maximized. Then we offer a method for estimating the value of a sports club’s stadium. The proposed valuation model can be useful during acquisition negotiations or for assessing managerial performance. Combining the proposed model with stochastic Monte Carlo simulations, we estimate the brand-name value and the club’s total value of the football team of Panathinaikos, as well as the value of its iconic home ground, Apostolos Nikolaidis Stadium (known as Leoforos) located in the heart of Athens at Alexandra’s Avenue

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https://doi.org/https://doi.org/10.15353/rea.v17i2.5629

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@article{georgios2025,
  title        = {{Estimating the fundamental value of sports clubs and stadia: Application to Panathinaikos FC and Leoforosmes}},
  author       = {Georgios Bertsatos & Gerassimos Sapountzoglou},
  journal      = {Review of Economic Analysis},
  year         = {2025},
  doi          = {https://doi.org/https://doi.org/10.15353/rea.v17i2.5629},
}

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.