Elgar original reference
Edited by John Goddard and Peter Sloane
The economic analysis of football dates back over 40 years. The editor of a collection of previously published articles (Gerrard, 2006) concluded that: In common with other professional sports, there has been a marked increase in the application of economic analysis to football, particularly in the UK, from the early 1990s onwards. This coincided with the formation of the FA [Football Association] Premier League in England and the accelerated rate of commercialisation in the ‘beautiful game’, particularly in Western Europe. In the few years since the publication of that volume we have witnessed a new television contract between the English Premier League (EPL) and a number of broadcasters, which with foreign sales is likely to amount to over £5.5 billion over the seasons 2013 to 2015, an increase of some 40 per cent or so over the previous contract. Yet, the number of clubs going into administration continued at a high level and in Scotland Glasgow Rangers, which held the record for most championship titles, entered administration with substantial debts in 2012, which eventually resulted in liquidation, the formation of a new club and relegation to the fourth tier of the Scottish Football League. In an attempt to control escalating player costs the Union of European Football Associations (UEFA) introduced new Financial Fair Play regulations in order to limit the extent to which clubs entering the two major European club competitions could operate at a loss.