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1 Financing through Stadium Securitization \ Case Study of Professional Football Clubs in England \ õ Yoshiaki IIDA * Abstract The purpose of this study was to clarify the way in which the stadium securitization was introduced to finance professional football clubs in England during the period of 1989 to 2002, and also to analyse the general structure and current practices of such deals. First phase of this development was the modernization of stadiums, prompted by the Taylor Report. The second phase was characterised by the transformation of clubs into joint-stock companies for more stable financing, which also coincided with the stadium refurbishment and the consequent spread of stadium hospitality business. The third phase was where the clubs discovered securitization of stadiums as a method of attaining long-term financing. It was discovered that the place of stadium in the club's financial operation was thereby changed. It was also found that securitization is a large and long-term source of finance, which also happens to be more flexible than loans from banks, and therefore easier to use. However, it also became clear that this method of financing requires each club to maximize their stadium revenues. These English cases also suggest that depending on where the money is reinvested, such financial practices can potentially put club finances in danger. Key words : Professional Football Club, Stadium, Securitization, Finance *Senshr4 University, 2-1-1, Higashi-mita, Tama, Kawasaki, Kanagawa, Japan ( )

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10 12) Soccer Analyst ; Football securitisation Vol.3, pp.6-11, ) Euro Week ; "Football securitisation" Issue 23, Nov/Dec 2002 ( 14) King, A.; The End of the Terraces: The Transformation of English Football in the 1990s. Leicester University Press, London and New York, ) Williams. J. ; ethe Stadium and The City : English Football Stadiums after Hillsborough', in John Bale and Olof Moen (ed). Keele University Press, pp , ) Pierre Bourdieu, ; "The State, Economics and Sport : FRANCE AND THE 1998 WORLD CUP

11 -The National Impact of a World Sporting Event", in Hugh Dauncey and Geoff Hare (ed). FRANK LASS, London, pp.16-18, ) Hone, John, Alan Tomlinson, et. al. ; Understanding SPORT-An Introduction to the Sociological and Cultural Analysis of Sport, E & FN Spon, an imprint of Routledge, pp ) Williams, J. ; 'The Stadium and The City : English Football Stadiums after Hillsborough', in John Bale and Olof Moen (ed). Keele University Press, pp , ) DELOITTE & TOUCHE ; Annual Review of Football Finance : Financing the Clubs, pp.61-70, ) Soccer Analyst ; Football securitisation Vol.3, p.6, ) Soccer Analyst ; Football securitisation, Vol.3, p.6, ) Soccer Analyst ; Football securitisation, Vol.3, p.6, ) Euro Week; "Football finance" Issue 810, Friday July 4, 2003 ( 31) Soccer Analyst ; Football securitisation, Vol.3, p.8, ) DELOITTE & TOUCHE ; Annual Review of Football Finance : Financing the Clubs, pp.61-70, ) King, A. ; The European Ritual -Football in New Europe- ASHGATE, pp , ) Brown, A ; "The Football Task Force and the ' regulator debate' : FOOTBALL IN THE DIGITAL AGE - Whose Game Is it Anyway? -, pp , 2000.

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