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Multi-club ownerships (MCOs): a critical analysis of transfer dynamics and sports integrity

T. Quansah,Christoph Breuer

Published 2025 in European Sport Management Quarterly

ABSTRACT

ABSTRACT Research objectives Multi-club ownerships (MCOs) are becoming increasingly common in sport management, especially in football. Despite their growing importance, academic research on MCOs remains limited. MCOs are often considered advantageous for securing, developing, and retaining playing talent, but concerns exist about potential integrity issues, such as the manipulation of player transfers. This study aims to address these gaps by investigating the characteristics of player transfers within MCO networks. Specifically, it examines whether player transfers within MCO networks differ in transfer types and prices compared to those involving conventional clubs. Research methods Two studies were conducted with distinct datasets. The first study analysed 69,217 fee-based, non-fee-based, and loan transfers across 419 leagues from 2020 to 2022. The second study examined 11,852 permanent player transactions involving 2,294 football clubs across 293 leagues from 2017 to 2022. These datasets were complemented by and aligned with a third set of data consisting of 89 MCO groups and 261 MCO affiliated clubs. Propensity Score Matching was used to identify differences in transfer types (Study 1) and transfer prices (Study 2) of MCO affiliated clubs compared to independent clubs. Results and findings Study 1 shows that MCOs have a greater propensity to use loan deals within their networks, suggesting a strategic approach to player development and retention. Study 2 demonstrates a subtle yet significant positive effect of MCO membership on transfer fees, suggesting that MCO networks may influence transfer prices. Together, these results indicate that MCOs leverage their internal networks for both player development and financial strategy. Implications The findings have important implications for both football club managers and regulatory bodies. For clubs considering an MCO strategy, this study provides empirical evidence that MCOs can realise the theoretical benefits of securing and retaining talent through internal networks. However, managers must ensure that transfer activities comply with fair value practices to avoid regulatory scrutiny. For governing bodies, the observed pricing differences in MCO-affiliated transfers highlight the need for vigilant oversight to maintain market integrity and ensure fair competition.

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