Hardening the soft budget constraint in professional team sports: why is it so hard?

Wladimir Andreff

Chapter 3 in Professional Team Sports and the Soft Budget Constraint, 2022, pp 33-76 from Edward Elgar Publishing

Abstract: The chapter first identifies the legacy of Kornai's economic analysis to sports economics, then it digs deeper into understanding the soft budget constraint (SBC) in different macro, micro, and meso-economic contexts. In professional team sports, SBC is rooted at micro level of club governance and management, and measures likely to harden it are examined. At meso level, the professional sport league's one, SBC determinants pertain to the league rules, regulations, supervision and monitoring of clubs; hardening SBC measures must be thought of as changing some league rules or better enforcing the existing ones. At macro-level, institutions, laws, macroeconomic regulation and policies are at stake which implies, in order to harden the SBC, some change in policies or behaviour on the side of regional and national governments, financial institutions, and law enforcement. At all levels it is hard to harden budget constraints in the team sports business.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2022
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