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Risks, opportunities, and valuations in the football industry: evidence from FC Inter Milan
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This thesis was developed under the Field Lab format and is composed of a shared group
component and an individual contribution. The group component, developed collaboratively,
includes the Introduction and Industry Overview, which set the stage for the individual
analyses. These sections explore the growing financialization of football, the increasing role of
private capital and institutional investors, and the evolving operational landscape of the sport.
They highlight key sector-wide dynamics such as post-COVID financial recovery, the impact
of UEFA’s Financial Sustainability Regulations, digital innovation, internationalization
strategies, and the role of youth development and stadium infrastructure in shaping long-term
club value. This common foundation ensures consistency across the individual case studies.
The individual contribution focuses on FC Inter Milan, addressing two central research
questions: (1) which structural and operational factors investors should consider when
assessing a club’s long-term value potential, and (2) whether a hybrid valuation framework
offers more realistic and investor-relevant results than traditional models.
The analysis begins with an operational review of squad value trends, youth development,
stadium infrastructure, and ownership structures, followed by a financial assessment of
revenues, costs, and profitability from 2016 to 2024. To estimate enterprise and equity value,
a Football Field framework is applied, combining five methods: Discounted Cash Flow (DCF),
revenue and EBITDA multiples, asset-based valuation, market capitalization (where
applicable), and the Markham Multivariate Model.
The findings reveal that a multi-method approach is better suited to capture both the financial
fundamentals and the football-specific aspects that shape a club’s value. By combining
traditional valuation tools with models tailored to the industry, the framework reflects not only
financial performance but also factors such as sporting success, operational structure, and
intangible brand strength. This approach offers a more comprehensive and adaptable tool for
investors navigating the complexity of the football sector.
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Risk FC Inter Milan Valuation Markham Model DCF