Sustainability of debt in the football industry. One, nobody and one hundred thousand owners

Today, football is widely regarded as one of the most significant leisure activities in people’s lives, given its considerable impact in terms of fostering social cohesion, promoting physical and mental health, generating economic and financial benefits, as well as attracting millions of viewers globally. The football industry is a major industry with a plethora of stakeholders that support a complex and dynamic multi-billion-euro industry. However, the unique and unpredictable nature of the football industry presents ongoing challenges to debt management and financing strategies. Debt in the football industry, especially at the club level, is a matter of concern and discussion among academics, as well as politicians, financial investors, and organiza-tions. This study aims to analyse the financial and economic performance of Italian football clubs, their trends, and perspectives in comparison to their European counter-parts. The results show clear economic and financial difficulties facing the professional Italian football industry. Our findings and our reflections on the opera-tional strategic consequences may be useful for both practitioners, who might know the impact of their sports-related choices in their clubs’ debts, and policymakers