The Financial Crisis in Spanish Football

The authors analyze the financial situation of the Spanish football industry. They first
argue that a relevant analysis of the industry’s financial results relies on a careful description
of how historical and cultural factors have influenced its organization. Moreover,
they stress the important relationship between the industry and television. The authors suggest
that the situation of the Spanish football industry suffers from some structural weaknesses
in its accounts. However, the situation seems less severe than in other major European
football leagues, partly because local authorities in Spain have strong incentives to
back football teams.