In this paper, we propose a use of insurance or securitization for injury risk management for sport teams. We focus on injury risks of star soccer players in the J.League, the Japanese professional soccer league, since injury risks of the stars for J.League clubs are quite significant. In this paper, we first show how we can evaluate these insurance or securitization. We utilize Wang transforms for valuing these securities since Wang transforms allow us to take the incompleteness of the market into consideration. Second, we show how these securities improve the corporate value of the soccer teams. Wang transforms can be used for risk management since they can capture the risk aversion of the managers for the valuation. We show how use of these securities improves the corporate value depending on the risk aversion of the managers when using these securities. Underlying of the proposed insurance or securitization is the number of games missed due to the injury of the insured star players. The underlying can be a single player or multiple players. The premium of the insurance or the securitization based on the multiple stars is lower as the number of insured is lower as long as the correlations among underlying players' injury risks are low enough.
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