The objective of this paper is to analyse the ownership of the Big Five (Big 5) leagues in Europe, the effects of fans’ participation in the ownership of their clubs and how governance in European football can improve. The different structures used by fans to participate in the ownership of the clubs in the Big 5 leagues are analysed by showing the main features of ownership in the main leagues. The best practices of governance are identified, such as the protection of small shareholders, enhanced majorities for strategic decisions, two-tier boards with investors and fans, establishing fan representation by delegates or associations, and the limitation of voting rights or premium rights for seniority shareholders. Moreover, some flaws of the current structures should be avoided because these flaws hinder the raising of capital, increase the incentives to engage in risky management and reduce the incentives of fans to purchase shares.
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Sánchez et al. (2020) studied this question.
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