Attendance, Revenues, Profits and the On-Field Performance of the Greek Football Clubs

In the present study we examine the financial performance of clubs in the Greek Super League, as well as the factors that contribute to this performance, over the period from 2007 to 2013. The results indicated that match attendance and the profitability of the football clubs are positively associated to their short and long run success, but not on the seasonal uncertainty of the league. Additionally, the size of the club, measured as a fraction of the club?s assets, is a distinct factor which affects the financial performance positively. Finally, the level of cash flows per assets reported by the clubs proved to have a significant positive impact on profitability suggesting that those football clubs that are more able to generate cash flows are more efficient by means of profitability.