Purpose This study explores the relationship between sporting success and financial performance in European football clubs. Focusing on Serie A, La Liga and the Premier League, this study aims to investigate whether on-field success contributes to profitability and financial sustainability in a highly competitive environment. Design/methodology/approach Using a panel dataset comprising 470 club-season observations spanning the 2014/2015 to 2022/2023 sports seasons, this study uses panel data regression analysis with fixed effects to examine the relationship between sporting performance and financial profitability. The authors measure profitability through three distinct indicators: earnings before interest and tax (EBIT) margin, net profit margin and return on assets (ROA). Findings Results reveal a positive and significant association between on-field performance and profitability, particularly for EBIT margin and net profit margin. However, no statistically significant relationship is found with ROA, suggesting that short-term sporting success does not necessarily translate into efficient asset utilisation. Originality/value This study advances the literature on the relationship between sporting outcomes and financial sustainability by focusing on profitability, rather than revenue alone. By adopting a multi-league comparative research design, the study provides evidence on how sporting performance relates to financial sustainability across different competitive contexts, highlighting the importance of balancing sporting ambitions with long-term financial performance.
Barresi et al. (2026) studied this question.