Mutuality for football clubs? Lessons from the financial sector

Andrew Adams, S. E. Armitage

Research output: Contribution to journalArticlepeer-review


The mutualisation of two English third division football clubs in 2001 and the creation of a large number of supporters' trusts make it timely to consider whether there is a case for mutualisation of football clubs. This paper assesses whether mutuality would be of economic benefit for clubs, drawing heavily on the experience of mutuals in the financial sector. Our conclusions are mixed. The economic case rests on the distinctive feature of customer loyalty to a club, presuming this to be much stronger than loyalty to a financial institution. However, club members in a mutual must expect to be called upon to provide financial support.
Original languageEnglish
Pages (from-to)26-41
Number of pages16
JournalStudies in Economics and Finance
Issue number1
Publication statusPublished - 2004


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