スタジアムの証券化による資金調達問題と目的

―イングランド・プロフットボールクラブを事例として―

抄録

The purpose of this study was to clarify the way in which the stadium securitization was introduced to finance professional football clubs in England during the period of 1989 to 2002, and also to analyse the general structure and current practices of such deals. First phase of this development was the modernization of stadiums, prompted by the Taylor Report. The second phase was characterised by the transformation of clubs into joint-stock companies for more stable financing, which also coincided with the stadium refurbishment and the consequent spread of stadium hospitality business. The third phase was where the clubs discovered securitization of stadiums as a method of attaining long-term financing. It was discovered that the place of stadium in the club's financial operation was thereby changed. It was also found that securitization is a large and long-term source of finance, which also happens to be more flexible than loans from banks, and therefore easier to use. However, it also became clear that this method of financing requires each club to maximize their stadium revenues. These English cases also suggest that depending on where the money is reinvested, such financial practices can potentially put club finances in danger.