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Ekonomiczne aspekty wejścia klubów piłkarskich na giełdę

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  • Wyszyński, Artur

Abstract

The article discusses issues related to initial price offerings (IPO) involving sports clubs. The author examines the case of Poland’s Ruch Chorzów top-division soccer club, which entered the Warsaw Stock Exchange’s NewConnect alternative market Dec. 4, 2008. Based on a review of available literature, Wyszyński looks at the potential advantages and disadvantages of an IPO for a sports club as well as the responsibilities involved. Additionally, the author analyzes the economic, financial and sports implications of Ruch Chorzów’s decision to be listed on the stock exchange in two periods: before the IPO (2005-2007) and after the IPO (2008-2010). The analysis shows that the main benefit of the IPO for the club was that it gained access to a new source of funds, the author says. The IPO was preceded by a private placement of some of the company’s shares (G, H, I, J and K series) from 2008 to 2011. The IPO resulted in an increase in the share capital and improved the club’s financial condition as well as its sports performance. The increased share capital helped reduce financial risk and improve financial liquidity in comparison to other Ekstraklasa top-division clubs, according to Wyszyński. After the IPO, the club achieved its best sports results in the 2009/2010 and 2011/2012 campaigns, finishing 3rd and 2nd in the Ekstraklasa league respectively, the author says.

Suggested Citation

  • Wyszyński, Artur, 2013. "Ekonomiczne aspekty wejścia klubów piłkarskich na giełdę," Gospodarka Narodowa-The Polish Journal of Economics, Szkoła Główna Handlowa w Warszawie / SGH Warsaw School of Economics, vol. 2013(5-6), June.
    • Handle: RePEc:ags:polgne:358688
    DOI: 10.22004/ag.econ.358688
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    References listed on IDEAS

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    1. Helmut M. Dietl & Egon Franck & Markus Lang, 2008. "Overinvestment In Team Sports Leagues: A Contest Theory Model," Scottish Journal of Political Economy, Scottish Economic Society, vol. 55(3), pages 353-368, July.
    2. repec:bla:jfinan:v:53:y:1998:i:1:p:27-64 is not listed on IDEAS
    3. Ljungqvist, Alexander P., 1997. "Pricing initial public offerings: Further evidence from Germany," European Economic Review, Elsevier, vol. 41(7), pages 1309-1320, July.
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