OVERVIEW

The course analyzes the economic and financial dimension of the sports sector by integrating:

• Public economics of sport
• Finance of sports organizations
• International regulation and governance

The course addresses both the role of the State and public institutions (public goods, externalities, economic impact, tax system, PPPs), and corporate finance tools applied to professional clubs (valuation, sustainability, financial structure, economic regulation).

Special attention is devoted to the international comparison between European and North American models and to the analysis of real-world cases.

AIMS AND CONTENT

LEARNING OUTCOMES

A) There are three educational objectives of the teaching: 1. knowledge objectives: to know the features of the economy and finance related to the sports sector; 2. competence objectives: to acquire the ability to develop and implement financial policies and programs for sport 3. Behavioral objectives: to be able to manage, from an economic point of view, production organizations operating in the sports sector in a context of economic, environmental and social sustainability B) At the end of the course the student is able to: - know the basic methodological tools for economic and financial analysis; - develop critical judgment skills; - develop studies and policies on sports economics and finance; C) The course aims to provide the essential features of economics and finance related to the sports sector. At the end of the lessons the student will be able to critically evaluate and develop and implement financial policies and programs for the sport sector and to manage organizations operating in the same sector in a context of sustainability.

AIMS AND LEARNING OUTCOMES

The course aims to provide students with:

1. An understanding of the role of sport as an economic sector with significant public and private implications.
2. The tools to analyze public intervention in the sports sector (externalities, territorial impact, taxation, infrastructure financing).
3. The skills to assess the financial sustainability of professional sports organizations.
4. The ability to apply corporate finance tools (present value, FCF, WACC, DCF).
5. A comparative perspective on regulatory models (UEFA FFP, salary cap, budget cap).
6. An integrated approach combining policy, governance, and finance.

By the end of the course, students will be able to:

• understand sport as a public good and a generator of externalities;
• analyze the economic and social impact of sporting events;
• understand the tax system applied to sports companies;
• understand public financing mechanisms and PPPs;
• analyze the economic and financial structure of a club;
• understand the main financial valuation tools;
• understand international regulatory models.

PREREQUISITES

Political Economy

TEACHING METHODS

• Lectures
• Analysis of real cases
• Guided discussions
• Guest practitioners
• Applied project work

Classes are held in person and may, if necessary, be conducted via TEAMS. The TEAMS code will be communicated via Aulaweb if applicable.

SYLLABUS/CONTENT

• Structure of the sports sector
• European vs. North American models
• Financial architecture of the sports system
• Sport, the State, public goods and externalities
• Economic and social impact of sport; mega-events
• Financial Fair Play, salary cap
• Revenue model (TV, sponsorship)
• Cost structure and wage ratio
• Enterprise Value and Equity Value
• Working capital and financial structure
• Free Cash Flow
• WACC and DCF
• PPPs for sports facilities and public evaluation
• Economic and financial valuation of stadiums
• Player trading and risk
• Investment in players and ROI
• Italian tax system applied to sport
• Tax regime for companies and athletes
• Institute for Sports Credit
• Governance and financial management of a professional club
• Turnaround and value destruction
• Public concessions and sports regulation
• Systemic crises and vulnerabilities of the sports model
• European public expenditure on sport (comparative analysis)
• ESG and financial sustainability
• In-depth analysis of territorial impact and public evaluation

RECOMMENDED READING/BIBLIOGRAPHY

Optional:

• Fried, DeSchriver, Mondello, Sport Finance
• Beech & Chadwick, The Business of Sport Management
• A.F. Giudice, La Finanza del Goal
• A. Goldstein, Quando l'importante è vincere. Politica ed economia delle Olimpiadi, Il Mulino

Required:

• Slides and teaching materials provided by the instructors

TEACHERS AND EXAM BOARD

Exam Board

LUCA GANDULLIA (President)

ENRICO DI BELLA (President Substitute)

ALESSANDRO FRANCESCO GIUDICE (President Substitute)

MARCELLO MONTEFIORI (President Substitute)

SARA PRETI (President Substitute)

LESSONS

LESSONS START

February 18, 2026

Class schedule

The timetable for this course is available here: Portale EasyAcademy

EXAMS

EXAM DESCRIPTION

The final grade consists of:

• Group Project Work
• Final individual exam

ASSESSMENT METHODS

For attending students, assessment includes a written exam at the end of the course.
For non-attending students, assessment consists of a single oral exam covering the course content.

The Examination Board is appointed by the Department Council (DISPI) and chaired by the course instructor.

Exam schedule

FURTHER INFORMATION

Students with special educational needs, disabilities, or specific learning disorders (SLD) are invited to contact the Department representative (Prof. Aristide Canepa) and the course instructors to arrange appropriate teaching and examination methods that take individual learning needs into account and provide suitable compensatory tools. In compliance with privacy regulations, students must not send their certifications directly to individual instructors.