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to strengthen the security of savers investors and the financial systemAnnual balance sheet there was little question yesterdayread the editorial by Philippe Escande page 12One of our Russian clients just pay EUR 6Love of stability foreign groups are concerned He called our services says the Director6 previously entered into force on 1 JulyIn the United States Chevron decreased 2A resistance due to the mobilization of immigrantsThey say for a world environmental organizationWhile members examine the Bill on the possibility for sports clubs and French to appeal to the public savings and Olympique Lyonnais prepares its introduction on the stock market (1), the balance sheet of the rated foreign clubs seems quite mixed. The DJ Stoxx Football index, which includes 27 European clubs, displays a poor annualized performance. Based 100 at 31 December 1991, he recorded average annual increase of 1.94, according to calculations by Dow Jones, in late June 2006.
However, recent months, this index is is a little again. With a gain of 32,83 in 2005, he had beat the DJ Stoxx 50 ( 20.70). Similarly, since the beginning of 2006, it increased by about 15 (against some 5.50 for the European index). Growth primarily from its second weighting, Danish Parken Sport & Entertainment (11 of the index).
"For a long time, the clubs were managed in an optical sport, even buy players at any price, says Sébastien Lemonnier, co-managing the (specialized in sport) Olympus in Tocqueville Finance Fund.". "But, in recent years, professional investors who entered the big clubs have provided best management practices, which helps explain the improvement of their stock market behavior."
A very particular context
So, in this index, the difference between the values goes about 50 for Turkish Besiktas to 180 to Parken, in 2006. And the route of many of the actions remains erratic. The title to Juventus of Turin, for example, has lost more than half of its value between its highest annual early May and his lower mid-June. It is now treats around 1.70 euro, an increase of approximately 52 since mid-June and 24 from the beginning of 2006, although the team had been relegated in second division scandal of rigged games.
Sudden values behaviour is probably linked to the fact that the clubs have a low liquidity and a limited float, "which essentially is probably made of individual investors", indicate the authors of Vernimmen (2).
Beyond financial performance, the new sports play. A study of José Allouche and Sébastien Soulez on English clubs resumed in the Vernimmen letter, shows that action beats on average 0.5 the day after a won game, against an underperformance of 0.7 in the case of defeat. "For clubs that are not owners of a stage, performance appears volatile and dependent players and their image capital", adds Wladimir Andreff, Professor at Paris I University, specializing in sports economics. In addition, it is difficult to apply purely financial thinking on the many anomalies of the sector. The ratio of courses on benefits of Juventus reached 100 in 2003, last year where the club obtained positive financial results.
37 Rated European clubs represent 1.7 billion, i.e. 0,00002 of European market capitalisation. However, the Manager of Tocqueville, investment in football should be more promising in the future: "the clubs are for the most part in restructuring and could generate good surprises." Since a few months, or even a few years for some, they seek to diversify their income through their stage or their land heritage valorization and derived products. "They should thus be of more interest to investors".
