APPLYING GREY RELATINAL ANALYSIS TO ITALIAN FOOTBALL CLUBS: A MEASUREMENT OF THE FINANCIAL PERFORMANCE OF SERIE A TEAMS

Extantliterature on the financial analysis of football clubs has applied a vast arrayof techniques in determining the fiscal stability of such entities. Althoughmany studies have provided useful comparisons and analyses of the states ofvarious clubs, direct research comparing the financial performance amongvarious clubs is still scant. Hence, we present an application of financialratio analysis to the greater Italian football market within the Serie A. The mainpurpose of this study is to assess the financial performance of the top threeItalian football clubs currently listed on the Borsa Italiana (Italian StockExchange), those being: Juventus F.C., A.S. Roma, and S.S. Lazio. In accomplishingthis, we offer a comparative analysis of these clubs through the usage of greyrelational analysis (GRA), an optimal performance technique derived from engineering.Overall, our results suggest that S.S. Lazio appears to be the most financiallystable club among the sampled, publicly traded Serie A teams. In light of thesefindings, this study furthers the application of economic evaluation intolarger segments of international football.