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The financial aftermath of relegation: an empirical analysis of transfer activity and fire sales in European Top 5 leagues of football
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This thesis investigates the financial impact of relegation on football clubs’ transfer
activity across Europe’s top five leagues. Using a sharp regression discontinuity design, it examines changes in transfer balance, expenditure, income, and the occurrence of fire sales. Results show a significant decline in transfer expenditure post-relegation, while transfer income
remains statistically unchanged. Although relegated clubs tend to sell players more frequently
below market value, no causal fire-sale effect is confirmed. These findings highlight that relegation constrains spending but does not necessarily trigger distressed asset liquidation, underscoring the distinct financial dynamics within professional football.
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Palavras-chave
Fire sale Transfer balance Transfer expenditure Transfer income Relegation Sharp Regression Discontinuity Design Threshold value Discrete running variable Top 5 European Football Leagues Financial distress Investment decisions Treatment effects