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Finance and Accounting in Professional Sports

Module name (EN):
Name of module in study programme. It should be precise and clear.
Finance and Accounting in Professional Sports
Degree programme:
Study Programme with validity of corresponding study regulations containing this module.
Accounting and Finance, Master, SO 01.04.2025
Module code: MARPF-577
SAP-Submodule-No.:
The exam administration creates a SAP-Submodule-No for every exam type in every module. The SAP-Submodule-No is equal for the same module in different study programs.
P420-0596
Hours per semester week / Teaching method:
The count of hours per week is a combination of lecture (V for German Vorlesung), exercise (U for άbung), practice (P) oder project (PA). For example a course of the form 2V+2U has 2 hours of lecture and 2 hours of exercise per week.
4VU (4 hours per week)
ECTS credits:
European Credit Transfer System. Points for successful completion of a course. Each ECTS point represents a workload of 30 hours.
6
Semester: 1, 2, or 3
Mandatory course: no
Language of instruction:
German
Assessment:
Written examination

[updated 23.09.2025]
Applicability / Curricular relevance:
All study programs (with year of the version of study regulations) containing the course.

MARPF-577 (P420-0596) Accounting and Finance, Master, SO 01.04.2025 , optional course
Workload:
Workload of student for successfully completing the course. Each ECTS credit represents 30 working hours. These are the combined effort of face-to-face time, post-processing the subject of the lecture, exercises and preparation for the exam.

The total workload is distributed on the semester (01.04.-30.09. during the summer term, 01.10.-31.03. during the winter term).
60 class hours (= 45 clock hours) over a 15-week period.
The total student study time is 180 hours (equivalent to 6 ECTS credits).
There are therefore 135 hours available for class preparation and follow-up work and exam preparation.
Recommended prerequisites (modules):
None.
Recommended as prerequisite for:
Module coordinator:
Prof. Dr. Jochen Pilhofer
Lecturer:
Dr. Marc Strauß


[updated 13.10.2025]
Learning outcomes:
After successfully completing this module, students will:
• be able to explain the specific legal forms of professional sports organizations,
• understand the legal basis and limitations of association law in professional sports and be able  evaluate the various forms of corporations and their suitability for professional sports organizations,
• be able to compare international legal forms and ownership structures in professional sports,
• understand how investor and investment models work in professional sports and be aware of their legal restrictions and implications,
• be able to explain the structural differences and revenue distribution in German and international sports leagues,
• be able to compare the cost structures of German sports leagues and clubs and describe their specific characteristics,
• be able to explain the various forms of equity financing in professional sports,,
• be familiar with the legal regulations applicable to the accounting of associations and corporations in professional sports,
• be able to identify the legal requirements for accounting in professional sports and the specific features of accounting for professional soccer companies,
• be able to understand the relevant financial indicators for professional sports organizations as well as sports-specific indicators and their significance,
• be able to perform benchmarking between clubs and leagues, be familiar with the specific controlling instruments used in professional sports, and understand the special features of budget planning and forecasting in professional sports,
• be able to name the various areas of DFL licensing and know the details of the economic licensing process,
• be able to fully explain the licensing procedure and explain liquidity as a key decision-making criterion, as well as the system of requirements and conditions,
• be familiar with and understand the concept of financial fair play in professional soccer at the national and international levels.
 
 
 
 
 
 


[updated 23.09.2025]
Module content:
I. Principles and legal forms in professional sports
I.1. Introduction to sports economics
•        Special features of the sports industry as an economic sector
•        Historical development of commercialization in German sports
•        Economic features of sports leagues
•        Stakeholders in professional sports: clubs, associations, media, sponsors, spectators
I.2 Legal forms and special features of corporate law in professional sports
•        Association law: registered associations (e.V.) and their limitations
•        Corporations: GmbH, AG, KGaA (Ltd., Inc., partnership limited by shares)
•        Hybrid structures: non-profit association with corporation
•        Spin-off of professional departments to a corporation
•        Corporate structures in professional soccer in practice
•        Investors and investment models
•        Restrictions on shareholdings (including the 50+1 rule as a national peculiarity)
•        International comparisons (Premier League, La Liga, Serie A, Ligue 1)
II. Revenue structures and financing in professional sports
II.1 Revenue structures in professional sports
•        German soccer leagues (1st–3rd  division): Structural differences and revenue distribution
•        Other German professional sports leagues: BBL (basketball), HBL (handball), DEL (ice hockey)
•        Top 5 European soccer leagues: Premier League, La Liga, Serie A, Ligue 1
•        US sports leagues: NFL, NBA, MLS (salary caps and revenue sharing, draft systems)
•        The current situation in German professional soccer, including:
        - Media revenue: TV contracts, streaming rights
        - Sponsoring and naming rights
        - Ticketing and merchandising
        - Transfer proceeds and loan transactions
II.2 Cost structures in professional sport
•        A comparison of German sports leagues
•        International comparison of sports leagues
•        The current situation in German professional soccer, including:
        - Personnel expenses: player salaries, coaching staff, administration
        - Transfer expenses and depreciation
        - Infrastructure expenses: stadiums, training facilities
        - Game operation expenses
        - Expenditures for youth academies and women´s section
        - Other operating expenses: travel, medicine, supervision, etc
II.3 Forms of financing, taking into account the specific characteristics of the industry and legal form
•        Equity financing:
•        Debt financing
•        Hybrid forms of financing
•        Crowdfunding and fan investments
•        Government funding and subsidies
•        Impact of licensing procedures on financing
         Special features of financing sports facilities
 
III. Accounting and annual financial statements in professional sports
III.1 Obligation of professional sports organizations to prepare financial statements (individual and consolidated financial statements)
•        Legal requirements for associations
•        Legal requirements for corporations
•        Regulations governing associations
III.2 Special features of accounting for professional sports organizations
 
III.2.1 External accounting
a)        Balance sheet
•        Accounting for player values in asset-liability management
•        Accruals
•        Equity (disclosure & special features)
•        Specific liabilities (fan bonds, profit participation rights, mezzanine financing)
•        Specific provisions (in particular VBG)
 
b)        b) Profit and loss statement
•        Specific association law classification scheme
•        Deferred revenue, especially for season tickets and sponsorship
•        Periodizing transfers
•        Special tax considerations for associations
III.2.2 Key figures and controlling
•        Financial key figures
•        Sport-specific key figures
•        Benchmarking between clubs and leagues
•        Controlling instruments in professional sports
•        Special features of budget planning and forecasting
 
IV. Licensing procedures and financial fair play
IV.1        Overview of licensing procedures in German sports leagues
IV.2        The DFL licensing procedure
•        Areas of licensing
•        Cost-effective licensing procedures
•        Licensing procedure
•        Liquidity as a key decision-making criterion
•        Net equity
•        Terms and conditions
•        Post-licensing during the season
 
Case study as group work on the licensing process (teaching practical knowledge that can be applied in real life)
Students work through the entire DFL economic licensing process using a case study.
o        Defining the scope of consolidation
o        Determining the licensee company
o        Preparing the income statement from accounting figures according to the DFL classification scheme
o        Creating the DFL liquidity calculation scheme, taking into account specified maturities according to the statement of receivables and liabilities
o        Deriving and processing terms and conditions
o        Identifying negative equity and its consequences
IV.3 Financial fair play
•        Financial fair play on a national level
•        The UEFA’s financial fair play concept


[updated 23.09.2025]
Teaching methods/Media:
Teaching formats
Lecture
•        Synchronous face-to-face teaching with interactive elements
•        Possible inclusion of guest lectures by other practitioners from professional sports, especially from the Bundesliga (German soccer league).
•        Current case studies from practice
•        Use of digital media and online resources
Exercises/case studies
•        Intensive case study work in small groups
•        Analysis of original annual financial statements
•        Simulation of the DFL licensing procedure (see above)
•        Group presentations and discussions
Study trips/other
•        Visit to a Bundesliga and/or second division club with exchange between students and club representatives on the above topics


[updated 23.09.2025]
Recommended or required reading:
Brast, C./Kasper, C. (2012): Rechnungslegungs- und Prüfungspflichten in der Fußball Bundesliga, in: Schewe/Littkemann (Hrsg.): Sportmanagement – Der Profi-Fußball aus sportökonomischer Perspektive, 3. Aufl., Schorndorf 2012, S. 11-65.
Caglio, A./, Laffitte, S./ Masciandaro , D./ Ottaviano, D. (2023), Has financial fair play changed European Football?, London 2023.
Carotenuto, R. (2023), Die Vereinslizenzierung am Beispiel der Handball-Bundesliga, Berlin 2023.
Daumann, F. (2019). Grundlagen der Sportökonomie, 2. Auflage, Konstanz/München 2019.
Deloitte (2025). Annual Review of Football Finance 2025, Deloitte Sports Business Group, 2025.
Feldgen, R. (2025), Steuerrecht – Der Fußballverein und seine Steuern, in: Lentze/Stopper, Handbuch Fußball-Recht, 3. Aufl., Berlin 2025, Kapitel 13, S. 919-994.
Franck, E. (2014). Financial Fair Play in European Club Football – What is it all about?, Zürich 2014.
Friedrich, M.J./Friedrich, S./ Hierl, L. (2023). Kommerzialisierung des Fußballs vom Amateursport bis zur Super League, Wiesbaden 2023.
Fritzweiler, J./ Pfister, B./ Summerer, T. (2020). Vereine, Verbände und Kapitalgesellschaften im Sport , in Praxishandbuch Sportrecht., 4. Auflage, München 2020, 3. Kapitel, S. 175 ff.
Galli, A./ Elter, V.-C./ Gömmel, R./Holzhäuser, W./ Straub, W. (2013), Sportmanagement, 2. Auflage, München 2013.
Graumann, M./Thieme, L. (2010), Controlling im Sport: Grundlagen und Best Practice für Vereine, Verbände und Ligen, Berlin 2010.
Hierl, L./ Weiß, R.,  Bilanzanalyse von Fußballvereinen – Praxisorientierte Einführung in die Jahresabschlussanalyse, 2. Aufl., Wiesbaden 2015.
Holzhäuser, F./Wilkens, J. (2025), Das Lizenzierungsverfahren der DFL, in: Lentze/Stopper, Handbuch Fußball-Recht, 3. Aufl., Berlin 2025, Kapitel 29, S. 1729-1852.


[updated 23.09.2025]
 
[Thu Oct 30 09:49:45 CET 2025, CKEY=rfurip, BKEY=rpfm3, CID=MARPF-577, LANGUAGE=en, DATE=30.10.2025]