The Globalisation of Juventus Brand: Financial Analysis vs. Fan Engagement

This research paper explores the impact of globalisation on the Juventus brand, focusing on financial analysis and fan engagement. It discusses the importance of a fan base and how globalisation affects the financial position of the club. The paper also reviews articles and journals related to the topic and presents the research methodology and findings.

Running head: THE GLOBASITAION OF JUVENTUS BRAND: FINANCIAL ANALYSIS vs.
FAN ENGAGEMENT
THE GLOBALISATION OF JUVENTUS BRAND: FINANCIAL ANALYSIS vs. FAN
ENGAGEMENT
Name of Student
Name of University
Author’s Note

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ABSTRACT
This research paper deals with problems related to the globalisation in the football world, the
importance of a fan base and impact of globalisation and alteration in the fan base in the
financial position of the club. Juventus football club has been chosen for the analysis. In search
of the answer to the research questions, many articles and journals are reviewed. The lack which
the explained articles and journals have also been discussed in the literature review chapter. The
next section states the reason behind the adoption of the research approach, which in turn
provides a base to the research paper. The primary research approach has been adopted for the
development of this research paper. The data analysis is conducted after reviewing and analysing
the primary research data. The last part of the research paper shows answers to the research
questions based on the analysis made on the research data collected.

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TABLE OF CONTENTS
1.INTRODUCTION........................................................................................................................5
1.1 Background of the study............................................................................................................5
1.2 Impact of Globalization on Juventus.......................................................................................10
1.3 Research Objectives:...............................................................................................................11
1.4 Research Aim......................................................................................................................11
1.5 Research Questions.............................................................................................................12
2.LITERATURE REVIEW...........................................................................................................13
2.1 Introduction..............................................................................................................................13
2.2 Perception of supporters..........................................................................................................13
2.3 Effect of globalisation on Football club..................................................................................15
2.4 Utilization of impact of globalization......................................................................................15
2.5 Relation of globalisation with trade circuits............................................................................18
2.6 Local tradition versus globalisation.........................................................................................19
2.7 Effects of globalisation on financial performance of football club.........................................20
2.8 Effects on performances of football team on fan base............................................................24
2.9 Effect of globalisation on brand extension..............................................................................28
2.9 Effect of supporters on commercialisation of football............................................................30
2.10 Gap in Literature....................................................................................................................30
2.11 Research Hypotheses.............................................................................................................32

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3.RESRACH METHODOLOGY..................................................................................................33
3.1 Introduction..............................................................................................................................33
3.2 Research Methodology Outline..........................................................................................34
3.3 Research Onion...................................................................................................................34
3.4 Research Philosophy...........................................................................................................35
3.5 Justification for the Chosen Research Philosophy..............................................................36
3.6 Research Approach.............................................................................................................36
3.7 Justification for Chosen Research......................................................................................36
3.8 Research Design......................................................................................................................37
3.9 Justification of the Chosen Research Design...........................................................................37
3.10 Selection of Sample Size and Sampling Models...................................................................37
3.11 Data Collection Method.........................................................................................................38
3.11.1 Primary Research................................................................................................................38
3.12 Data Analysis.........................................................................................................................39
3.12 Research ethical consideration...........................................................................................39
3.13 Research Limitation...............................................................................................................39
3.14 Time horizon..........................................................................................................................40
4.RESULTS AND DISCUSSION.................................................................................................41
4.1 Introduction..............................................................................................................................41
4.2. Summary of the variables.......................................................................................................41

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4.3 Descriptive statistics................................................................................................................41
2.3 Correlation analysis.................................................................................................................52
2.4 Regression analysis..................................................................................................................53
5.CONCLUSION AND RECOMENMDATION.........................................................................56
5.1 Conclusion...............................................................................................................................56
5.2 Linking with the objective.......................................................................................................57
5.3 Recommendation.....................................................................................................................58
5.4 Limitation and future work.................................................................................................59
6.REFERENCES...........................................................................................................................60

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1.INTRODUCTION
1.1 Background of the study
The term ‘globalisation’ refers to the connection among different parts of the world,
which results in expansion of the international cultural, political and economic activities. The
process of globalisation mainly involves motivation and integration of various goods and even
among different people who are residing in different countries. There are many advantages and
disadvantages of globalisation (Block 2016). The state of globalization depends on economic,
political, social and cultural environment. These attributes of globalization determine success of
widely spread process of globalization. In addition to economic sphere, the on-going process of
globalization holds an important position in sports world. Football is one of the most globalised
games as stated by many famous magazines, sports channels and different economic and
financial magazines. In the football world, it is observed that the sporting teams hailing all over
the globe have demand for the players from foreign countries especially from Europe and Latin
American countries (Yang et al. 2014). The clubs spend a significantly high amount of money to
pay for such talent irrespective of the country from which the player belongs to. Before the year
of 1995, it can be seen that Football associations used to have a rule of restricting the number of
players to some specific club around the world. During that period a Belgian player revolted
against the rule which inflicted on player transfers and absorptions by the Federation. The
transfer rule was mainly applicable to foreign player transfer. The player protested on the ground
of violation of the regulations in regards to the laws on labour mobility and on the discriminating
practices. After that, there was relaxation of the restrictive practice limiting number if foreign
players (Connell 2018). Since then players can freely move from one place to another or from

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one club to another club. Elimination of such restrictions opened a new door where new skilled
players could be recognised in the whole world.
The talents are mainly clustered in the international clubs who hold a considerable
amount of budget which provides the power to purchase the potential for the new abilities. Many
clubs also start nurturing the players at a very young age so that they can build the talent and
enhance the expertise to the fullest. There are other professionals as well required for the
development of the team and nurturing the talent. The supporting team includes the doctors,
economist, banker, engineers and other staffs providing immense help from the back (Pfister,
Klein and Tiesler 2014). Among these factors, fan base is one important one. In case of the
clubs, the fan base is an essential aspect as they are ones who form the plinth to the club and
provide the most support. Another element of the supporting team includes the financing part of
the company. For many of the billion spectators who watch the football tournament gap in
Rustenburg, Republic of South Africa, the word “globalisation” might have returned to mind.
From advertisers to spectators, football embodies globalisation like no alternative sport (Frawley
and Van den Hoven 2015). Moreover, for players, football represents globalisation like no
alternative profession.
The marketplace for skilled football players is, by far, the leading globalized
marketplace. The enormous push to the free movement of labour in football began in 1995 once
the questionable Bosman ruling came into effect. Belgian player Jean-Marc Bosman complained
to the EU Court of Justice against rules that then restricted the number of foreign players to 2 or
3 per club. The foundations were, Bosman argued and won, in crying violation of freedom of
movement and equity labour laws inside the EU Union (Vrontis et al. 2014). The upraised ruling
limits on EU players, and shortly alternative limits on African, East European or resident players

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were formally abandoned or created irrelevant. Thus, international quality in one little market,
for prime skilled football players, became nearly complete. Today, many of the most
straightforward clubs do not have any players in any respect from their “own” countries (Lee
2014). The lay to rest Milano squad had no Italian starters solely several weeks ago once
winning Europe’s most prestigious competition, the Champions League.
The first one cannot be quantified; however, most observers agree that the standard of the
sport has improved: players have more substantial physical stamina with higher ball management
skills and techniques (Connell 2018).
The international quality of labour combined with a capitalist system within which the
wealthiest clubs can purchase the most straightforward players while not earnings caps or
alternative limits concentrating on quality. Some of the most affluent football groups obtain the
most straightforward players and collect the first trophies. This encourages the clubs to boost
their quality, develop a global fan base, commercialise new jerseys and advertisements, add to
their coffers and ultimately shop most talented players (Trequattrini et al 2016).
The gap between the wealthiest clubs and the rest has widened in key Europeans leagues.
Throughout the last fifteen years, all English football championships were won by the
questionable "Big Four": Manchester United, Chelsea, Arsenal and port (Trequattrini et al 2016).
The concentration is more significant in Italy: just the once throughout the last twenty years
encompasses a non-top-four club won the Italian Serie A. It is no surprise that the highest four
Italian clubs just like the prime four English clubs are counted on the list of the twenty wealthiest
clubs within the world. In Spain, Real national capital and Barcelona shared seventeen out of the

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last twenty championships. In Germany, thirteen out of the last sixteen championships were won
by 2 clubs (Lardo et al. 2017).
Winners of the EU Champions League square measure systematically from a narrowing
circle of prime wealthiest clubs. The Champions League is contending annually, and over a five-
year or more there are forty completely different groups in the quarter-finals. Since then, each
sequent five-year amount created a smaller range of groups, with single twenty-one within the
amount ending in 2010 (Trequattrini et al 2016). The day may return once constant eight groups
play within the quarter-finals, year in and year out – a little boring so.
At the club level, globalisation is combined with commercialisation and therefore
produces two outcomes: higher quality of the sport that in the political economy is equivalent to
more massive output; and more significant concentration of winning clubs that is equal to the
more substantial difference.
The question is, will the more prodigious output be preserved, whereas mitigating the
consequences of inequality? Affirmative, although not at the club level mentioned up to now.
Solely at the national level – say, team USA, team European nation – wherever completely
different rules obligatory by the Federation hymn DE Soccer Associations (FIFA) apply. At the
national level, expatriates cannot play for the countries wherever they live; however, they should
play for countries of origins. To some extent, this reverses the "leg drain," most magnificently
therefore once each four years throughout the planet Cup – love Cameroonian doctors primarily
based in France getting back from time to time to perform operations in an urban centre or
national capital. As an example, during this tournament, out of twenty-three footballers on either
Cameroonian or Ivorian listing, one plays the reception (Cleland 2015). For Ghana, the number

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domestic players restricted to 3 out of 23 players and within the case of an African nation – zero.
The even reclusive Democratic the People's Republic of Korea has on its listing three players
WHO do not play within the country (Cleland 2015).
It would appear that this reversal ought to be equalised the outcomes somewhat, notably
as players from little African leagues play in more extensive English or Spanish leagues. This is
much like a doctor from the developing world returns with skills Associate in Nursing
connections non-inheritable once an education at Stanford or Yale.
Moreover, indeed, variations between national groups, most notably at tournament
games, have steadily diminished. At last 3 World Cups, the conventional distinction in goals per
game between winning and losing groups has ranged between 1.2 and 1.3, as against opposition
1.7 some thirty years ago (Cleland 2015). The decrease is gouger for the highest eight national
teams: from 1.6 to 1.0.
In other word the gap in performance among national groups is little with most games
ending with one goal separating the 2 sides, in ties, or overtime tie-breakers within the knock-out
stage. Not like at the club level, the top-eight tier among nations competitor for the planet Cup is
open.
Nation-level Football suggests that globalisation is often created a property and lowering
international differences is a part of that property (Yang et al. 2014). Except that international
rules should be accompanied with globalisation where losers get one thing for agreeing to play
the sport. Some language is also reversed by imposing particular short come back duties on
migrants.

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It would need international coordination where countries would issue work permits
obliging the migrants to pay one in one certain interval say in every five years’ operating in their
own country (Yang et al. 2014). A stint back home would be a condition for extension of labour
allow with the system continued for three more or fewer rounds the system would need policy
coordination by most made countries.
This precise modality, additional broad-minded immigration policy ought to be combined
with special duties for migrants, the largest beneficiaries from the freer movement of labour,
from that their countries of origin would derive some profit too.
1.2 Impact of Globalization on Juventus
In last two decades, the number of managers and foreign players has increased massively
in Seria A. Moreover, the advancement in mass media technology like improvement in satellite
technology and introduction of social media made the fan base of Juventus high. The
commercialization of the club is also one of the biggest factors which adds fuel to the club’s
increasing fan base (Zhang, J.J., Pitts, B.G. and Kim 2017). The increasing fan base around the
world also led to increase in the financial structure of the club. Juventus already remained one of
the richest clubs in the whole world. The club has also held the title of the oldest club in the
world. These factors bundling with the effects of globalization and commercialization helped the
club to attract more new investors around the world. The increasing fan base also helped the club
to bagged some of the high grossing sponsorship from big brands around the world. The
introduction of Cristiano Ronaldo in the Juventus team helped the club to increase the fan base
and even attract new sponsors around the world. The performance in the Champions League also
one of the focal points, which helped the club to grow and expand (Alvito 2013). The biggest
effect of globalization can be seen in the viewership index in the Juventus’s game. The

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viewership of the club has increased to a considerable amount in the last decade. The fan page of
the club in social media are getting more subscribers. The sales of the merchandise of the club
are also seen a considerable growth in the last decade.
1.3 Research Objectives:
Research objective is the main base of any research paper. This part of the research paper
explains the pathway for the whole research part. The specific research objective of the current
study is as follows.
 To find out the effect of globalisation process on fan engagement in the particular case of
Juventus.
 To find out reaction of fans to changing logo of Juventus
 To find out whether customer loyalty and long-term association often overlooked for
short term revenue growth.
 To find out whether it is possible to expand globally without negatively impacting the
historical fan base.
1.4 Research Aim
Research aim is one of the important part of the research paper. The research aims at
discussing negligence of fans perspective and the role this neglect has on the process of
globalisation. In recent years, Juventus has embarked in a new strategy of focusing on rebranding
and globalisation. This goes by the general trend of the industry. The new approach changes
revenue stream of the club. The club has focused on introducing new interesting themes which
are required to be analysed carefully. The aim of the research paper is to analyse the combined
effect of fan engagement and loyalty and globalization process.

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1.5 Research Questions
The research objectives and research aims of the paper can be translated into following
the research questions
 Does the globalisation process affects fan engagement in the particular case of Juventus?
 What is the fans reaction to Juventus changing its logo?
 Are customer loyalty and long-term association often overlooked for short-term revenue
growth?
 Is it possible to expand globally without negatively impacting the historical fan base?
2

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2.LITERATURE REVIEW
2.1 Introduction
In this part of the research paper, a series of past literatures have been reviewed published
in the form of research paper, article and journal which are based on the globalisation of the
football club and as a fan. The review will mainly depend on the financial analysis related to the
fan engagement of the club. The fans are to be termed as the bifocal point of any club residing
from any game and from any country in this world. This part of the research paper states that the
base which will help the research paper to move forward and hence transfer the research paper
into a more objective oriented research paper. Analysis of previous papers helps the research
study to reach the research objective and ultimately is able to answer the research questions
which are being provided. This review of the research helps to understand the importance of the
financial position of the club and its relationship with the growth of the club (Yang et al. 2014).
It will also help the research paper to analyse the financial position and the financial statement of
the football club. This part of the research paper will also help the researcher to form the
relationship between the financial statement analysis of the club and the fan engagement of the
club (Fillis and Mackay 2014). This also makes the base for the research objectives of this
research paper that whether there is any kind of relationship between the financial analysis and
the fan engagement of the club and whether this enhances the financial position of the club.
2.2 Perception of supporters
One research paper conducted by Jo Welford, Borja Garcia and Brett Smith (2018)
focused on healthy future in respect to the supporter’s perceptions of the current state of English
football. In this research paper, the researcher has provided a public policy, which is in favour of

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engagement of fan that is associated with the club. This fan engagement of the club depends on
the governance of the football which has developed (Welford, García and Smith 2015). The
paper is based on the assumption that the supporters are being dissatisfied as per the current
government which is related to the structures inside the boundary of the sport. There is no
presence of the empirical evidence regarding this matter, and hence, it cannot be authenticated.
This research conducted research on the topic as mentioned above. The data used in the research
paper collected by the qualitative fieldwork. In this research paper, the researcher has selected
the method of primary research for the development of this research (Hewer, Gannon and
Cordina 2017). In this primary research, 21 football fans were asked to take a photo of the club
and its games straight for eight weeks and finally makes a photo album. Then the respondents are
being asked for individual interview. The researcher asked the respondents the reason for taking
a photograph, which is being made by the respondents based on the football club. Some of the
fans also went for photographs which express the dissatisfaction about the governance of the
football club and the issues which are related to it. The issues include the financial position of the
club and an implementation of the finance which are being developed for the betterment of the
football club (Gerhards and Mutz 2017). The way the health of the football club is hailing from
England causes part of the dissatisfaction of its fans. In addition, social health of the club became
part of the dissatisfaction of the fan who are the fan of the English club (Fillis and Mackay
2014). This was indicated by the number of the implication which is included for the fans as well
as the future state of the game. This research paper has many problems regarding the financial
structure of the company and its involvement of the fan engagement. The obvious lack is that
there is no information mentioned in case of the globalisation of the club which will ultimately
increase the fan following of the club and also the financial health of the club as the club will

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able to sell more tickets as well and more merchandise which in turn improves the financial
health of the club.
2.3 Effect of globalisation on Football club
In a research paper where the researcher, Richard Giulianotti (2014), has discussed about
the world football that has gone through the greatest change in terms of the information that are
changed in case of the information for the purpose of the profit of the club. It includes money
and the financial structure of the company (Salguero and Rivera-Camino 2016). It has been seen
in the past ten years of the club or the entire experience of the football club. This research paper
mainly examines on the process of the forms of the spectator identification who are associated
with top football club around the world. As per the previous researcher, it can be stated that the
researcher has stated there are four types of the spectators for the football clubs which include
supporters, followers, fans and flaneurs (Onyebueke 2014). There is a broad trend which ate
related with away from the supporter model, which has been mentioned in the research paper. It
has been done in the case of the local clubs, and focused on the more detached, fresh, consumer-
oriented identification-related with the flaneur (Fillis and Mackay 2014). This research paper
also states about the supporter, but it does not provide any data regarding the financial structure
of the club and hence with this research paper it cannot be understood the economic effect and
the relationship between the economic effect and the fan following of the customer.
2.4 Utilization of impact of globalization
In a research paper developed by Mya Pronschinske, Mark D. Groza and Mathew Walker
(2015), has stated about the strategy of attracting Facebook fans, which include the importance
of authenticity and engagement as a social networking strategy for professional sports teams
(Sandrelli 2015). This research paper has stated the availability of the usage of the social network

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sites to increase the fan base for the club. In this research paper, professional sports teams are
being drawn to the medium as a way to reach new and foster the existing relationship between
the companies. There are lack of information regarding the attracting the Facebook fan for the
club (Tamir 2014). The data which are available lacks practical information about the page. This
research paper has stated the attributes and other strategies and influences the user participation.
This research paper deals with the relationship between the Facebook official page of the club
and the involvement of the users who are termed to be the fan of the club. It states the popularity
of the club and hence this helps the club to gain specific knowledge about the club, and it is
observed that the football clubs tend to invest in the increasing position around the different page
of the club (Jaskulowski and Surmiak 2016). To conduct the research, the researcher has gone
for the creation of the econometric model, which helps the researcher to achieve the research
objective and finally answer the research question. This econometric model is being developed
and tested to deter the page attributes of the Facebook page of the club. The Facebook page has
provided a census sample of 114 professional sports teams. As per the results which are detected
from the attributes about the signalling of the authenticity of the club and also user engagement
of the club which have the more significant impact on the purpose of attracting and as well as
maintaining the Facebook fan page (Sandrelli 2015). This research paper lacks scope of
improvement of the financial position of the club by inducing new fan base with the help of
social media sites. In this research paper researcher only speaks about the increasing the fan base
which will lead to the globalisation of the club but it did not help the way they can use the data to
improve the financial position of the club and hence the club will improve as a whole (O’Brien
2014). This research paper also did not indicate the relationship between the fan and the financial
analysis of the club, and hence, the globalisation effect cannot be understood.

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The research paper as developed by Richard Giulianotti and Roland Robertson (2014) on
the globalisation of football which includes the study in the globalisation of the severe life. In
this research paper, it can be stated that the company wants to receive a sport which constitutes
the globalisation effect. It includes the sport known as football which is termed as the dynamic
and sociologically domain and promotes globalisation (Szymanski 2014). This research paper is
on the globalisation of football. In this research paper, the researcher has mainly examined the
football’s culture which is a part of the globalisation. It can be the concept through which
football becomes the part of interdependence of the local and global processes. These global
processes are to be found out in the game’s identities and part of the institutions. In this research
paper, the researcher has addressed the globalisation of the football, which is related to the
economics and financial structure and improvement of the club. In this research paper, the
researcher has considered the world’s leading football club as local transactional corporations.
The researcher also assesses political globalisation, which is related to the game of football. The
sport of football enhances democracy, which is related to the government that governs the game
and can be done internationally. The research paper has provided some insight regarding the
utility of sports in advancing the empirical understanding and the theoretical understanding,
which is the part of the globalisation processes. The research paper presented every kind of view,
but it will not have become exceptional as it only explains the globalisation and its relation with
the economics of the company, but it does not state the financial health and the impact of
engagement of the fan.
In this paper, the researcher has focused on globalisation and sport, which includes
sketching a theoretical model for empirical analyses. In the article the model which is created for
the analysis of the impact of sports globalisation on the basis of the national sports team systems

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which are based on the extensive review which is made on the literature on the globalisation and
is written by Richard Giulianotti and Roland Robertson (2014). This research paper only states
the globalisation in sport. The first section of the article provides the working definitions which
are being provided (Dixon 2016). The second part of this article, presents the issues which are
related to the globalisation of the football club. This third part includes the issues which are
related to web issues. These web issues are being explained with the help of the empirical data,
which are all related to sport. The researcher has used this data for the betterment of the data and
discussion. In this article, the researcher has created the model which helps to regroup the
attempt and consider the essential factors which are existed in tensions between the locals and
also the global part. In this article, the authors explained two web issues which can be stated that
as the two central questions that are being raised in the web issues. These web issues include the
way the web is being contributed and being transformed to be globalised. This article states to
answer the question related to the effects of the globalisation, which affects the national and state
level (May 2018). This article tries to the answer the question regarding the transformation
which is brought in the sports after accepting the policy of globalisation that includes trends
which can be stated as the homogenization which is also the part of the national diversity of the
sports. The article also states about the globalisation which will help the sports for the mass
consumption culture.
2.5 Relation of globalisation with trade circuits
One research paper conducted in this field states the understanding globalisation through
football which is the part of the new international division of labour, migratory channels and also
transnational trade circuits. The concerned research paper was developed by Jean Harvey,
Genevieve Rail and Lucie Thibault (2018). As per the research paper, the football game is stated

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as the most substantial diffusion in the last century (Davis 2015). There are existences of the
professional leagues which are present in all the continents of the world, and it is seen that the
professional footballer is on the move from one place to another. The football players are on the
move from one club to another just with the objective of reaching the wealthiest football club in
Europe. Based on the move of the football players from one club to another, it can be stated that
the article highlights some of the key features which are directly related to the economic and
financial globalisations. It also includes the new international division of labour. It also includes
the role which is played by the intermediaries which are to be bound in respect to the demand
and the supply of work on the basis of the transitional scale. It also creates the spatially
fragmented trade which is included in the circuits. These are based on the creation of the global
markets which are included in the sport of football. This was also included in the clubs and
championships that play a great role in the development of the global markets. It will help in
spreading globalisation which is functionally integrated beyond the national borders. This article
states about the globalisation of the economy in respect to the players moved to the big football
clubs, however this article will not state any issues which are regarding the fan involvement and
also the financial structure of the club.
2.6 Local tradition versus globalisation
Vic Duke wrote a research paper on the topic of the local tradition versus globalisation
which has resistance to the McDonalisation and Disneyfication of professional football in
England (Doidge 2014). This article is the one which will help the company to increase the
changes which are mentioned specially in accordance with the English club which are related
with the football and this article wants to examine the McDonalisation and the Disneyfication.
McDonaldization can be stated as the principles which are needed for the development of the

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fast-food restaurant, which is increasingly applied to the sectors of the society. On the other
hand, Dispensation can be stated as the process which includes party concepts are becoming
more dominant in respect to the society is concerned which in turn help the economy to prosper
as the company has top spend the tax to the country. This structure of the process was used in the
sports club located in America. In this article the literature of the English club has been stated in
terms of the current state and the origin of the club in the past century. The article highlighted the
gap which is present between the involvement of the fan culture and objective of profit
maximization which are oriented in the world of football (Doidge 2014). The central part of the
article states about the infiltration of the McDonalisation and Disneyfication which have
infiltrated English football club. This article states about the time from which the
McDonalisation and Disneyfication entered. The article also shows the negative approach of the
football fans which are related with the club of the England. As per the research made by the
researcher of this article which has a greater extent of resistance showed by the fans of the club.
This resistance was shown by the fan involving with the club of England. Limitation of the
article is that the article has not portrayed any information regarding the effectiveness of the
involvement of the fan and its relationship with the increasing of the financial structure of the
club.
2.7 Effects of globalisation on financial performance of football club
In a research paper related to this field the researcher has focused on the financial
performance and corporate governance in the European football industry (Turner 2017). This
research paper is written by Dimitropoulos, Panagiotis E. Tsagkanos and Athanasios (2015).
This paper has discussed the fact regarding the impact of the corporate governance which
includes the size of the club, board independence, managerial ownership, institutional ownership

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and CEO duality which depends on the profitability and viability of the European Union’s
Football clubs which varies between the period of 2005 to 2009 (Turner 2017). This article has
researched the empirical data which are collected using the primary data collection method for
the development of the research objective, which is sated as the corporate governance quality
(Quiroga 2015). The corporate governance quality includes the fighter managerial and
institutional ownership, increased board size, independence and also the separation of the CEO
and chairman roles. This corporate governance will lead to the higher levels of the profitability
and viability of the club as well as corporate governance. This research paper was based on the
club’s profitability and also the viability which is done by analysing the data which are collected
from the data received from the primary research (Ratten, Madichie and Madichie 2016). It will
increase the corporate governance principles which are there for protecting the interests of the
shareholders and also the interests of the stakeholders. This research paper also discusses the
issues of corporate governance and its relation to the financial position of the club, which will
increase and hence, there will be fewer solvency problems (Ferri et al. 2017)). As per the study,
the results indicate that the necessity of the corporate governance which in return protects the
shareholders and other stakeholders which will help to maximize the club’s performance and
also the financial results and also the social return. As per the findings of the research, it can be
stated that the importance of the corporate governance in the club especially in place of the
management board of the club increases the determination of the club and hence the club will
prosper in terms of the financial position (Turner 2017). This research paper lacks in the field of
where the research paper unable to show the effects of the fan with the financial performance of
the club.

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As explained by Parganas, Petros Anagnostopoulos, and Christos (2014), the social
media strategy in professional football which includes the case of Liverpool FC. In this research
paper, the researcher has the purpose of the study to see the social media as marketing tools
which are used by some of the famous football clubs around the world (Hardman and Iorwerth
2014). It is one of the modern ways the club uses to increase the fan base of the club and also,
they sell the merchandise products to the fans based on the demand. The price of the product also
increases if the merchandise is signed by some of the biggest stars of the world. In this research
paper, the researcher has mainly focused on the clubs which are hailing from England who are
also the part of Premier League, Liverpool FC. To complete the research, the researcher has gone
for the primary data collection method. In this case, the researcher has gone for a one-to-one
interview with the club’s social media manager. After the collection of the data, it has been
filtered out, and data are being analysed for the purpose of the research, and hence it helps them
to accomplish the research objectives (Hardman and Iorwerth 2014). As per findings of the data
collected from the primary data collection method, the integration of all media channels of the
club which allows the club to target and engage in the approach towards the fan of Liverpool FC.
It has also led to the development of the social media strategies which has potential to provide
the increased commercial which means to gain both in the long and short-term. After taking into
consideration of the fandom of the Liverpool FC creates the primary issue is to find the balance
which must exist between the content which supports the increasing process of the fan base of
the club and also the engagement of the fan and it will also increase the commercial purpose of
the club (Nagy and Bácsné Bába 2014). This research paper lacks the financial structure and also
the effects of the financial problem which arises due to the increasing the fan base of Liverpool
FC.

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As per the researcher, Matthew D. Meng, Constantino Stavros and Kate Westberg
engaging fans through social media with the implications for team identification is one of the
essential factors for globalization (Trequattrini et al. 2016). This research paper explains about
the ubiquity of social media and its effects in the sports organization. This organization produces
opportunities to communities of the fans. This potential identification of the potentially
strengthens the team identification of the football (Scelles et al. 2017). The researcher stated the
purpose of this paper which is to contribute the emerging trend of the social media of the club
which helps the football club and also the nature of the social media which helps the football
club to increase the fan base of the club by engaging the users of the social media. It is done after
taking the data for three years long. This research paper also sees how the social media to
communicate with the fans of the club. As per the research is made, it can be seen that the
researcher has gone for secondary research. This has been collected from social media sites like
Facebook and also Twitter. As per the findings, it can be stated that the social media has used for
four types of communication which are needed to engage fans for the club. These four factors
which help the club to communicate with the fans of the club are informing, marketing,
personalizing and activating (Andreff 2018). As per the suggestion made by their searcher that
the social media is one of the important and as well as the excellent platform for the betterment
of the club as it helps the club to bring the new and also increase the fan base for the club. This is
stated as the effective vehicle for the club for the sports organizations which help them to engage
with the fans. The data which are collected for analysing the research objectives stating that the
teams should keep in touch with the fans and also the teams must communicate with fans and the
users of the social media on which they have presented for the betterment of the club as this kind
of activity will increase the fan base of the club and thus the club will see the increasing the

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amount of the fans (Galariotis, Germain and Zopounidis 2018). The communication will also
help the company to increase the presence of the club in the market and to do so the social media
is one of the best platform for the communication. This research paper has stated many facts
about the increasing the communication with the fan base but it did not touch the process which
will state that the club can increase the financial position of the club by increasing the presence
in the market and hence increase the fan base of the club.
2.8 Effects on performances of football team on fan base
Petros Paragnas, Roman Liasko, and Christos Anagnostopoulos (2015) developed a
paper on the scoring goals in multiple fields. This research paper has provided extensive data
about the strive for the football club in regards to the number of goals scored by the team in a
single match and also the number of goals scored in the league, and special moments happened
in the single match and the associated objective of profit maximization to fan expansion and
engagement. These researchers have stated that the purpose of the research paper is to
theoretically inform about the social penetration theory. This theory helps the club to achieve the
enormous fan base for the club. It has seen that the highest-grossing club around the globe uses
this theory of social penetration to increase the fan base which in turn helps the club to increase
the profitability of the club providing them a safeguard to the financial health. The social
penetration theory will help to analyse the economics of the clubs which is needed for the
benefits of the penetration theory. It also shows the association between the goals and
examination of the association between the team performance and commercial success and the
social media followers which are needed to improve the professional team sports. In this research
paper, the researcher has the data set of the 20 European professionals of the football club, which
will combine the financial revenues and financial costs of the club. Sporting and also the digital

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reach are also being considered for the three seasons which are started from the year 2013 and
ended in 2016. Authors of the paper have conducted a descriptive study for the development of
the research paper. The research study also ranges from the correlation of the statistical test and
techniques of linear modelling is being used for conducting a complete research (Lardo et al.
2017). Aforementioned statistical techniques have helped the researcher to obtain the qualitative
results from the data which are collected using thematic, secondary and the primary research. As
per the findings of the research paper, it can be stated that there are three primary sources for the
increasing revenue of the clubs. These include match-day, the commercialisation or sponsorship
and techniques of broadcasting. Result of the paper indicates that there is a positive influence of
Facebook followers on clubs. The investments that have been take into consideration in the
research paper include the cost which are positively related to the Facebook followers, albeit to a
lesser extent. In case of the higher grossing clubs, they seem to follow the approach that help
them to increase the revenues and decrease cost of the club. It helps the clubs to get more finance
and hence, the financial structure of the club has been improved a lot. In the research paper the
lack which can be detected is that it is only dependent on the financial structure, but it does not
follow any information regarding the fan base. Neither the paper has any information related to
increase in fan base.
Another research paper investigated the role of the fan club membership on perceptions
of the brand equity in football. This research paper is written by Petros Paragnas, Roman Liasko,
and Christos Anagnostopoulos (2014). This research paper has stated about the brand equity,
which is vital for the professional teams. This has focused on the examination of sports fans
which are mentioned in general. In this part of the study, it can be stated that the aim of this
research paper is to examine the differences in the team and the differences in the team brand

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which will help the company to grow (Cleland 2015). This study includes the team brand equity
and the fan club members and the non-members. The paper shows the predictive roles of the
brand equity dimensions, which are based on behavioural intentions. The data for this research
paper is being collected from the fans of the professional football league which is to be adopted
by the brand of the spectator on the basis of the brand equity scale. In this research paper, the
researcher has gathered information with the help of the confirmatory factor-based analysis,
which provides the evidence made through the psychometric properties mentioned through the
measurement scale (Cleland 2015). As per the results which are gathered, a multi-group analysis
has been conducted for the benefit of this research paper which helps this research to improve
and gain the research objectives and addresses the research questions. This shows the factorial
stability of the model which will help to maintain the latent mean comparisons revealing
significant differences in the dimensions of the brand mark and also the social interaction,
commitment, team history, organization attributes, team success, head coach, management,
stadium and internalization. There is different analysis of them which can be stated by using the
SEM analysis, which reveals the relationship between the brand equity dimensions and
behavioural intentions are not different from the groups (Cleland 2015). It is made to increase the
positive predictors for the behavioural implications, and hence, the managerial information is
being developed. The researcher has found out the relation between the consumers and suggested
managerial implications which are needed for the clubs to establish reciprocal relationships with
the fans which are needed to increase their levels of the internationalization and contribute which
help to increase behavioural intentions. This research paper lacks only the part about the
involvement of the fans to increase in the financial position of the research paper. It may increase
costiveness of the research paper and hence the research paper will able to prove the point so that

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the research paper can establish the relationship between the finance and the fan base of the
football club.
The journal published by the international sports academy of the United Kingdom (2016)
stressed on changing organizational structure of football clubs and their relationships with the
external media. This journal is concentrated on the development of the new media which is used
for the development of the football club. This journal also discusses the financial investment of
in the football club which was present from the dated back of 1990. This thing is being abolished
as the time being passed and it changed the relationship between the football club and the media
relationship (Cleland and Dixon 2015). When the ownership of the club changes then the
financial structure of the club changes as well along with a change in the organizational structure
of the club in order to gain some financially. The increasing demand for the club for the purpose
of the survival leads to determining the structure leads to the club and the management of the
club also decides the same. The external communication of the club did not lead to happen this
and hence the club became more productive in case of the financial information. To develop the
journal, it is seen that the researcher has gone for the primary research, and interviewed a
considerable large group of people who stated as the media personnel. This lacks them to bring
the data and collected for the research. As per the analysis, it can be stated that clubs have a
considerable amount of dependency on external media. It also observed that the club has gone
for the change in terms of the organizational structure and also the strategies with respect to the
management of the journal for the external communication. In this research paper, the research
data indicated that there is a different relationship between the football clubs and the external
media. It is also advised or suggested by the researcher that the club should remember the two-
way relationship between the club and the external media. This journal states about the financial

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structure change and the organizational change of the club due to the change in ownership and
also for the external media but it does not state about the existence of the economic change
which also occurs due to the fan base and increasing or decreasing of the fan base. It will make
the journal more appreciable, and hence the journal will become attractive.
2.9 Effect of globalisation on brand extension
Another related topic in this field is the relationship between the brand emotion and brand
extension among the supporters of the professional football. In this connection one paper has
been developed by Ibrahim Abosag, Stuart Roper, Daniel Hind (2014). The researchers have
done the research to focus on the debate and the controversy which is related to the use of
branding in the sport. The researcher discussed the psychology of the fan where they stated about
the agitate reaction of the fans towards the philosophy of concerned club commercially termed as
brand. However, researchers have argued that keeping the pragmatic attitude towards the
commercialisation of the club as the brand is very important for the club as per the recent
marketing environment. The pragmatic attitude will help the club to success in the future in
terms of the increasing fan base (O'Brien 2014). In this research paper, the researchers tend to
develop a model which will conceptualise the relationship between the supporters of the club,
emotional attachment and their support for their brand extension. The researcher has done this
study based on one country. After implementing the new model in the research paper, researcher
has suggested that concerned management of the club needs to be careful when the club expands
its brand globally. Brand extension of the club needs to be designed in such a way that it reflects
the heritage and tradition of the club. The brand extension should also portray information
regarding the competitiveness which will improve the brand image, brand strengths, supporters’
belief in their club and it will help to attract the new supporters for the club. In this research

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paper, researcher has provided new evidence, which will contradict all the existing theory
regarding the commercialisation of the brand.
Roger Penn (2016) produced the research paper on the football, nationalism and
globalisation between the football clubs of Italy and England clubs. In this research paper, the
researcher has taken the data from 1930 and 2010. This research paper mainly differentiates the
relationship between the football and globalisation in England and Italy. The researcher mainly
analysed the national origins of players, managers and owners of the club over the lounge degree
of high modernity. Football became one of the famous games around the world after the
codification in England which dated back in 1863 (Ratten, Madichie and Madichie 2016).
During the globalisation it was expected that clubs, managers and the owners of the club will
show the national characteristics. This attitude also leads to the development of football in both
the countries during the period of 1930 to 1970. In that period, England club and its internal
stakeholders are predominantly English and British in this period. This was inflected due to the
rules which were created during the World War I which had restricted the entrance of the
immigrants in the country (Helleu 2017). The same type of pattern was implemented in Italy.
Serie A, which is the predominant league in Italy, had only Italian players. Despite the treaty of
the free movement of labour in Rome, Italian league banned the opportunity for other players for
playing football in the Italian League. The pattern for managers or coaches has different aspects
in Italy. In the period between 1930 and 1950 there are large number of managers or coacher
were present in Italy who mainly resides from the neighbouring country like Hungary, Austria
and Yugoslavia. This act of Italy actually decreases the degree of nationalistic policy and mind-
set in the football world.

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2.9 Effect of supporters on commercialisation of football
Peter Kennedy and David Kennedy (2012) prepared a research paper about the football
supporters and the commercialisation of the football. The researcher has conducted the research
across the Europe. As per the recent analysis it can be observed that the European Football
finance market seems to be in very good position and it is impervious to the current European
financial crisis. Though European Football market has seen the financial buoyancy, different
story emerges as one of the fan exploitation, spiralling debt and threat of bankruptcy which are
hanging over many clubs in Europe (Connell 2018). After considering the above analysis, the
researcher has underpinned the European football market and the threat which surrounds it. The
lack of financial regulation and weak governance become the hallmark of European football
which became the reason for the demise of many football clubs in Europe (Connell 2018).
Another factor which can be highlighted is the resistant of the club for commercialisation of their
brand.
2.10 Gap in Literature
This part of the research paper portraits the gap between the current study and the
existing literatures that have been reviewed. The research paper written by Jo Welford, Borja
Garcia and Brett Smith on the research area concerning healthy future in respect to the
supporter’s perceptions of the current state of English football (Maderer, Holtbrügge and
Schuster 2014). In this research paper it is observed that the researchers did not extend their
research to provide information regarding the globalisation of the club which in turn help the
club to increase the fan base of the club and improve the financial structure of the club reflected
in the improved organization structure. Another research paper as proposed by Richard
Giulianotti on the supporters, followers, fans and flaneurs and its relationship with the taxonomy

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of spectator identities in football. The researcher did not state any facts regarding the effects of
the fan on the financial structure of the club. The research paper failed to establish any kind of
the relationship between financial structure and the fan base of the club. The next research paper
is written by Mya Pronschinske, Mark D. Groza and Mathew Walker on the attracting Facebook
fans which include the importance of authenticity and engagement as a social networking
strategy for professional sport teams. In this research paper the researcher though has put
extensive focus on the effects of the social media of the club but no information has been
provided on how to increase the fan base through the social media that will help to develop the
financial structure of the club. The next research is written by Richard Giulianotti and Roland
Robertson on the globalisation of football which includes the study in the globalisation of the
serious life. This research paper has totally focused on the globalisation of the club and evaluated
the effects of the globalisation on the club but it does not take into consideration any aspect
which will establishes the base for the relationship between the financial growth of the club and
also the increasing fan base. This research paper has stated information regarding the data which
are related with the globalisation of the club but it does not have any kind of effect for the
development of the data related with the globalisation of the club but it does not show the
procedure to increase the fan base and also the increase of the financial structure of the club. The
next research paper is written by Raffele Poli on the understanding globalisation through football
which is the part of the new international division of labor, migratory channels and transnational
trade circuits. In this research paper researcher has divided the fan base into four different aspect
based on their involvement in the club and also it is based on the role played by them for the
benefit of the club. This researcher did not explain the financial structure of the club and how the
fan base of the club is to be increased and the relationship between the fan base of the club and

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the financial structure of the club. Another research paper written by Vic Duke on the topic of
the local tradition versus globalisation which has resistance to the McDonalisation and
Disneyisation of professional football in England. In this research paper the researcher aims to
find how the club has involved in this European club and how it has some of the extensive effect
on the club’s development and also the effect on the development of the structure of the club
(Maderer, Holtbrügge and Schuster 2014). In this research paper it is seen that these above-
mentioned theories may have changed the organizational structure of the club but the research
does not mention anything regarding the financial structure of the club and also the effects of the
increased fan base of the on the financial structure of the club.
2.11 Research Hypotheses
Hypothesis 1:
Null Hypothesis: There exists no statistically significant relation between Juventus’ investment
into global expansion on fan base.
Alternative Hypothesis: There exists a statistically significant relation between Juventus’
investment into global expansion on fan base.
Hypothesis 2:
Null Hypothesis: There exists no statistically significant relation between change in logo of
Juventus and its fan base.
Alternative Hypothesis: There exists a statistically significant relation between change in logo
of Juventus and its fan base.

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3.RESRACH METHODOLOGY
3.1 Introduction
In the process of conducting the research using a feasible way creates the base which
helps the researcher to prosper and therefore provides enough evidence regarding the support of
the research objectives and create path for addressing research questions. The above-mentioned
chapter states the gap which exists in the literature in the form of the research paper, journal,
article and other paper which are to be stated for the development of the research paper
(Richelieu 2014). It can be also stated that the main focused area which the above-mentioned
researches need to be pointed out and hence the research remains the same. This is the chapter of
the research paper which help the research paper to move one step forward for finding out the
outcome for the research. Research methodology of the research paper helps the researcher to
understand whether the research is going on the right track or not. It is also needed to be
mentioned that the research methodology needs to provide enough evidence in regards to the
research and the analysis of the data so that it can fill the gap which are present in the previous
research paper and hence the research paper will able to achieve the research objectives and
answer to the research questions. This part of the research paper will solidify the plinth of the
research by providing enough information regarding the research way which are to be adopted
for the development of the research which will get the answer to the research questions
(Junghagen 2018). The information which are to be included in this part of the research are the
data collection method which are being adopted and the way the statistical tools are used for the
analysis of the data. This part of the research paper will also provide the proper method of
conducting the research which is required to reach to a feasible solution.

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3.2 Research Methodology Outline
In this part of the research paper it is explained as the parts of the research which are to
be used for the development of the research. In this research paper the deductive method have
been used for the development of the research (Fillis and Mackay 2014). For the current
research, the optimism approach has been chosen. This part of the research will help to find the
studies and models of the research which are to be related with the research (Fillis and Mackay
2014). As per the research design is concerned the analytical design and the descriptive design
are being used for fulfilling the research objectives. The analysis of the data in the research
paper is to be done using the qualitative research approach (Oprean and Oprisor 2014). The
research methods that are adopted so that the researcher is able to estimate the relationship
between the financial analysis of the Juventus Football Club and the fan engagement of the club.
Hence it helps to provide a clear picture of the research and helps to move forward.
3.3 Research Onion
In the process of the data collection it can be seen that the research onion is one of the
tool which is to be used for the development of the research paper. The process of research is
being divided into different types of layers which are required for the development of the
research. This layer-oriented model helps the research to provide data which includes the process
and refined data. There are tools which are to be used for the development of the research paper
which will help the research paper to develop and ultimately reach the research objectives and
able to answer the research question. There are six layers which are present in the research onion.
The different parts are involved in developing the research by providing the layers like research
philosophy, research strategy, research techniques, research procedures which are being used and
also the choices of the research (McCarthy et al. 2014). The last part of the research onion is the

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time horizon. The research onion is being represented in very sophisticated and diagrammatic
way which help the research paper to achieve the research objective in very concise manner.
Resea
rch onion
(Source: Johnston, 2014)
3.4 Research Philosophy
The research philosophy is said to be set of beliefs which can be categorized into three basic
aspects which can be termed as the realism, positivism and interpretivism. A particular study is
developed in accordance with the philosophical purview. In this research positivism is used to
find out the problem associated with it. Realism on the other hand is the combination of both

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positivism and interpretivism. Interpretivism alone used to depicts the business activities. This
method helps to use the market scenario which is one of the parts of the research.
3.5 Justification for the Chosen Research Philosophy
This research paper has chosen such kind of research philosophy because it is important
for the research paper. In this research paper the research topic which was chosen was the
globalisation of Juventus and its financial analysis which is related with the fan engagement
(Dima 2015). It is found out that this research paper is very much beneficial in the research area
and the chosen philosophy helps to carry out the research following its principles.
3.6 Research Approach
Two commonly used research approaches includes deductive research approach and the
inductive research approach (Connell 2018). These research approaches help the researcher to
conduct research by introducing the appropriate theories and develop the research models for
carrying out the research. In case of inductive approach, analysis states that the research is made
on a totally new approach and new sets of models for theoretical information. To conduct this
research paper deductive approach has been followed (Connell 2018). Deductive approach has
been adopted because the research objectives need to be reached after analysing the research and
then move forward.
3.7 Justification for Chosen Research
The deductive research has been adopted because the researcher has gone for the help
from the existing theories and models, which are to be undertaken (Helleu 2017). To conduct this
research inductive approach is not suitable. It is done because for this research, no new theories
are to be developed or no new models to be created and hence it is not taken into consideration

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3.8 Research Design
The research designs which are to be implemented in the field of research are analytical,
expletory, and explanatory and the descriptive research design respectively. The descriptive
design approach through the research in most pin point manner (Skey 2015). The explanatory
method has been adopted into the beginning stage of the study, which is made on the hypothesis
of the researcher. The explanatory research design helps in the development of the two existing
variables, which are related to the study.
3.9 Justification of the Chosen Research Design
The data gathered in this research through quantitative and qualitative approaches, the
interpretation and analysis of the data has been done by using suitable forecasting and modelling
methods. Hence, based on the research philosophy and incorporation of the deductive approach
the adaptation of the research modelling is justified (Bleakney and Darby 2018). The formulation
of appropriate model is required to analyse and understand the data gathered from quantitative
data collection methods and the model should be formulated in such a manner that it ensures the
detection of the variation in the data and analysis. In order to reach reliable results according to
the objective of the research and make up for the gap in the literature the concerned approach is
chosen.
3.10 Selection of Sample Size and Sampling Models
In this research paper the data are being collected using the primary research which are
being conducted thorough the sites so that the number of respondents who meets the criteria of
considerable amount. This research paper will also state that the data which are collected from
the market are mainly from the fans and employees of Juventus. A questionnaire has been
prepared for the development of the research paper. The sample size which are taken for the

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development of the research and finally reach the research objectives depends on the number of
respondents. On the basis of the research objectives, analysis is being conducted and the
development of the research paper are being done. The sampling method which is sethe random
sampling method which helped me to gather the information for the purpose of the research
(Williams and Giulianotti 2017). The questionnaire which is being provided during the interview
stated the questions which help to establish the relationship between the financial analysis and
the fan engagement for the club and its effects during globalisation. This helps the researcher to
gather very authentic data which helped to develop the data analyses of the research paper and
finally able to reach the research objectives and answers the research questions
3.11 Data Collection Method
In this research paper to get the answer for the research questions and achieve the
research objectives the primary research method has been adapted. This data which are collected
through primary research questionnaire for determining to develop the research paper of the
research. After the data collected a suitable model has been developed using the statistical tools
for the purpose of the analysis of the data and hence the research analysis can provide valid
information. This data will help to diminish the gap of the literature for the data analysis and
hence the research paper will provide genuine data. This research data is also authenticating
which are founded without any means of forceful answers.
3.11.1 Primary Research
In this research paper the data are being collected from the fans of the Juventus Football
Club and also the management of the club. This has provided insights which help the research to
get the authenticated data for the purpose of the analysis (Sandrelli 2015). This research data is
being collected using the questionnaire method. This is a very advanced method where the

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respondents remain unknown. This data is being used for the data analysis which will help the
research to move forward for the development of the research paper.
3.12 Data Analysis
Data Analysis is also one of the main focal points of the research paper. This part of the
research paper will provide solution which are being adopted from the development of the
research paper. This is the part of the research paper which states the way the data are being used
for the development of the research. In this research paper the data are being collected using the
questionnaire method of the primary research. In this research appear are analysed using
statistical tools like the correlation and regression method. The discussion of the analysed data is
being provided in the chapter four of this research paper.
3.12 Research ethical consideration
The following research has been carried out without affecting the ethical boundaries of
the research. In order to ensure transparency in the research strict ethical guidance is maintained
in the following study. There is no unethical means of research is carried out which can reduce
the quality of paper and thus making sure that the analysis is a consequential approach of
creating a reliable research analysis. In order to maintain the ethical concerns, the research
maintains its authenticity and is conducted under the legal aspects of the study to obtain reliable
result. It is also kept in mind that the particular research is put forward only for academic
purpose and not for any promotional act, which would violate the research ethics of the paper.
3.13 Research Limitation
There are many factors which are being taken as the variable as the limitation of the data
for the purpose of the usefulness of the data. The research is being conducted only to the fans of

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Juventus. In this data collection method, it is seen that the respondents may have provided some
of the fabricated data which they don’t feel truly (Nagy and Bácsné Bába 2014). The
questionnaire which are provided to the respondents are created to test the relationship of the
financial analysis and the fan engagement and also the globalisation of the club. The data are
collected from a specific region of the world. There are many restrictions regarding the choice of
respondents because it helps the researcher to filter out the perfect person for the questionnaire
(Fürtjes 2016). Another constraint for this research paper was the time constraint which leads to
speed up the pace for the completion of the data collected.
3.14 Time horizon
The allocation of the work is made with reference to the research needs and according to
the ability to obtain the research data and initiate the research in a reliable manner (O'Brien
2014). The maximum priority is given to the collection of data with legitimacy and also focusing
on the quality of analysis and finally using the analysis in the research paper. The time horizon in
the research provides the segregation of time period that is to be implemented for conducting the
research.

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4.RESULTS AND DISCUSSION
4.1 Introduction
As per the data analysis are concerned the main analyses are being made from the data
which are collected from the primary research. The questionnaire data which are being collected
for the research are the one which is needed for the development of the research as the data
which are received are used for the analysis. In this case many software are used for the
development of the analysis of the data. In this case the analysis is being made using the bar
graph, pie chart, correlation and regression.
4.2. Summary of the variables
In this section all the variables that are incorporated in the analysis are summarised with
various tables showing the frequency, percent of frequency and cumulative frequency. All the
variables are interpreted on the basis of frequency tables of the variables.
4.3 Descriptive statistics
First of all, importance of winning trophies for Juventus Football Club is summarised and
it is presented in the table 1. The importance level is divided in 4 levels. The variable importance
of winning trophies has recorded 15 missing observations which is 25% of the sample. Most of
the respondents thinks that the winning trophies is very important and approximately 53% of the
sample supports this. Very few people responded against the importance of winning trophies.
Nearly 10% of the sample says wining trophies is not important. This means wining trophies will
bring the franchises in the next tournaments which will be a huge source of revenue for the
football club.

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THE GLOBALISATION OF JUVENTUS BRAND: FINANCIAL ANALYSIS vs. FAN
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1. Table showing importance of winning trophies
Frequency Percent Valid Percent Cumulative
Percent
Less important 6 1
0.0 13.3 13.3
Moderately important 3 5.
0 6.7 20.0
Important 4 6.
7 8.9 28.9
More important 32 5
3.3 71.1 100.0
Total 45 7
5.0 100.0
Missing 15 2
5.0
Total 60 1
00.0
(Sourced by Authors)

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THE GLOBALISATION OF JUVENTUS BRAND: FINANCIAL ANALYSIS vs. FAN
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Figure 1. Graph showing importance of winning of trophies
(Sourced by Authors)
The above bar graph represents the view of respondents in terms of importance of winning
trophies. The bar plot in figure 1 visualises the information of table 1. The bar for the very
important is much higher than the other bars representing other important levels. This implies
that highest proportion of the sample has responded that the winning trophies is very important
for the team from the financial perspective. However, winning trophies encourages the fans to
get involved with the club. This stabilises the fan base of the club and thus the viewer of the
match of that club increase and finally it turns into its revenue. The revenue will be generated
from the ticket purchases and external media.
Buying the best player from all around the world is one of the important factor that is
needed for the improvement of fans engagement and also improves the financial structure.
Importance of buying best players for Juventus Football Club is summarised and it is presented
in the table 2. The importance level is divided in 4 levels similar to the previous variable. The
variable importance of buying best players has recorded 15 missing observations which is 25%
of the sample. Most of the respondents thinks that the buying best players is important and
approximately 28.3% of the sample supports this. Very few people responded against the
importance of buying best players. Nearly 13.3% of the sample that is 17.8% of valid
respondents which is equal to 8 respondents, thinks that having the best player in Juventus Team
is not important. The percentage is very low against the importance of buying the best player.
There are approximately 71.1% of valid respondents who thinks it is important to buy best player
and 11.1% of valid respondents thinks that it is great to have a best player in the team. This
means buying best players will attract the fans of that player to towards the Juventus Club. The

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stats shows that the fan engagement will definitely increase and financial improvement will be
there through the player. The brand ambassadors of many world class brands and business are
the players of the game. In this way, financial improvement will be there.
2. Table showing importance of buying best players
Frequency Percent Valid Percent Cumulative
Percent
Valid
Less important 8 13.3 17.8 17.8
Moderately
important 15 25.0 33.3 51.1
Important 17 28.3 37.8 88.9
More important 5 8.3 11.1 100.0
Total 45 75.0 100.0
Missing Missing 15 25.0
Total 60 100.0
(Sourced by Authors)
Fig 2. Graph showing importance of buying best players
(Sourced by Authors)

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THE GLOBALISATION OF JUVENTUS BRAND: FINANCIAL ANALYSIS vs. FAN
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The above figure visualises that most of the respondents think that buying best player is
important for the club as the bar for moderately important and important are higher than the bar
of less important.
Arrival of Ronaldo is one of the important factor for fans engagement and it definitely
improves the financial structure. Importance of arrival of Ronaldo for Juventus Football Club is
summarised and it is presented in the table 3. The importance level is divided in 3 satisfactory
levels. The variable importance of arrival of Ronaldo has recorded no missing observations.
Most of the respondents thinks that the arrival of Ronaldo is very satisfactory and approximately
68.3% of the sample supports this. Very few people responded against the importance of arrival
of Ronaldo. Nearly 1.7% of the sample that is 1 valid respondent thinks that having Ronaldo in
Juventus Team does not have any impact or there will be no change due to arrival of ronaldo.
There are approximately 98.3% of valid respondents who thinks they are at least satisfied for
having Ronaldo in Juventus Football team. This means arrival of Ronaldo is going to attract the
fans of him towards the Juventus Club. The stats shows that the fan engagement will definitely
increase and financial improvement will be there through Ronaldo. Ronaldo is the brand
ambassador of world class brands and business. In this way, financial improvement will be there
3. Tables showing importance of Ronaldo arrival
Frequenc
y
Percent Valid
Percent
Cumulative
Percent
Valid
Very
Satisfied 41 68.3 68.3 68.3
Satisfied 18 30.0 30.0 98.3
Indifferent 1 1.7 1.7 100.0
Total 60 100.0 100.0
(Sourced by Author)

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THE GLOBALISATION OF JUVENTUS BRAND: FINANCIAL ANALYSIS vs. FAN
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Fig 3. Graphs showing importance of Ronaldo arrival
(Sourced by Authors)
As per the above statistics it can be stated that the maximum amount of the person feels
that the arrival of Ronaldo will actually increases the fan engagement and also the financial
status of the Juventus Football Club.
Effects of new logo is one of the important factor for fans engagement and it definitely
improves the financial structure. Effects of new logo for Juventus Football Club is summarised
and it is presented in the table 4. The importance level is divided in 4 satisfactory levels. The
variable effects of new logo has recorded 1 missing observations. Most of the respondents thinks
that the respondents are satisfied with the new logo and approximately 55.9% of the valid
respondents supports this. Very few people responded against the dissatisfaction of effects of
new logo. Nearly 1.7% of the sample that is 1 valid respondent thinks that new logos are

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dissatisfactory and 23.7% of respondents are indifferent that means there will be no change due
to effects of new logo. There are approximately 74.6% of valid respondents who thinks they are
at least satisfied for having new logo of the team. This means effects of new logo has an
influence on the fans of the Club.
4. Table showing effects of new logo
Frequency Percent Valid Percent Cumulative
Percent
Valid
Very Satisfied 11 18.3 18.6 18.6
Satisfied 33 55.0 55.9 74.6
Indifferent 14 23.3 23.7 98.3
Unsatisfied 1 1.7 1.7 100.0
Total 59 98.3 100.0
Missing -99 1 1.7
Total 60 100.0
(Sourced by Authors)
Fig 4. Graph showing the importance of new logo
(Sourced by Authors)

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As per the above-mentioned research it can be stated that the maximum of them are
satisfied with the introduction of the new logo. In the figure 4, the bar is taller for the satisfied
responses and the second highest response is recorded for the indifferent responses.
5. Tables showing effects of new stadium
Frequency Percent Valid Percent Cumulative
Percent
V
Valid
Very
Satisfied 47 7
8.3 78.3 78.3
Satisfied 12 2
0.0 20.0 98.3
Indifferent 1 1.
7 1.7 100.0
Total 60 1
00.0 100.0
(Sourced by Authors)
As per the above analysis it can be stated that the introduction of the new stadium will
definitely make them very satisfied as the respondents have indicated that the new stadium
means more space and hence the more fans can accommodate and more new fans can join which
will increase the fan engagement and also it will have an improvement in financial position of
the club. From the above table, it can be seen that the 78.3% of the respondents are in favour of
creating new stadium as they are very satisfied and hence the stadium will rise high of the club.
The below bar graph shows that people are very satisfied with the fact the club is getting the new
stadium which they think will help the club to increase the profitability of the club and also it
will increase the fan engagement.

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Fig 5. Graph showing importance of new stadium
(Sourced by Authors)
3. Table showing investment in global expansion
Frequency Percent Valid Percent Cumulative
Percent
V
Valid
Very Satisfied 29 48.3 48.3 48.3
Satisfied 28 46.7 46.7 95.0
Indifferent 3 5.0 5.0 100.0
Total 60 100.0 100.0
(Sourced by Authors)

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THE GLOBALISATION OF JUVENTUS BRAND: FINANCIAL ANALYSIS vs. FAN
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The above table can be interpreted as the respondents are very satisfied and satisfied with
the investment in globalisation. In this way the club will prosper as the club will able to buy
some of the best players in the world which will help the club to grow and also it will bring new
fans from all over the world. Most of the respondents thinks that the importance of global
expansion is very important as approximately 48.3% of the sample respondents are very satisfied
if there is any global expansion. Very few people are indifferent for the importance of global
expansion. Nearly 5% of the sample that is 3 valid respondent thinks that they are indifferent to
global expansion.
Fig 6. Graph showing investment in global expansion
(Sourced by Authors)

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THE GLOBALISATION OF JUVENTUS BRAND: FINANCIAL ANALYSIS vs. FAN
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It will help the club to grow financially as the club will prosper more which means the
club acquire new places and same goes for the fans. According to the below chart, it is clear that
the respondents wants the club to invest more in the globalisation which will make their club
bigger
7. Table showing importance of financial order
Frequency Percent Valid Percent Cumulative
Percent
Valid
Less important 9 15.0 17.0 17.0
Moderately
important 16 26.7 30.2 47.2
Important 19 31.7 35.8 83.0
More important 9 15.0 17.0 100.0
Total 53 88.3 100.0
Missing Missing 7 11.7
Total 60 100.0
(Sourced by Authors)
Importance of financial order for Juventus Football Club is summarised and it is
presented in the table 7. The importance level is divided in 4 levels. The variable importance of
financial order has recorded 7 missing observations which is 11.7% of the sample. Most of the
respondents thinks that the financial order is important and approximately 31.7% of the sample
supports this. Very few people responded against the importance of financial order. Nearly 15%
of the sample says financial order is not important. This means 83% of the valid respondents
thinks that financial order is somehow important and 15% thinks that it is very important.
The below bar graph presents that the maximum amount of the respondents have
provided the views in support of the importance of the financial order of the club. The tallest bar
is identified for the response which says the financial order is important.

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2.3 Correlation analysis
8. Table showing Correlation matrix
(Sourced by Author)
The above correlation matrix indicates degree of association between years of supporting
Juventus and other associated factors. The obtained correlation coefficient between years of
supporting Juventus and Ronaldo’s arrival is -0.068. This suggests arrival of Ronaldo has an
adverse effect on fan base of Juventus. However, nothing can be said strongly in this respect as
the obtained correlation coefficient is not statistically significant. For new logo also the
correlation coefficient is negative meaning an inverse relation between fan base and decision of
the club to change its logo. In case of investment made by Juventus on global expansion the
estimated correlation coefficient is 0.088 meaning investment in global expansion has a positive
association with the fan base. Higher the investment more is the fan base and vice versa.
Juventus presence in the financial market further has a positive association with the years of

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THE GLOBALISATION OF JUVENTUS BRAND: FINANCIAL ANALYSIS vs. FAN
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supporting Juventus as obtained from the positive correlation coefficient of 0.010. Strong
financial position therefore has a positive influence on Juventus fan base. The correlation of fan
base with online presence of Juventus is 0.037 meaning that Juventus online presence has a
favourable impact on fan base of the club. Better the online presence of the club stronger is the
fan base.
2.4 Regression analysis
9. Table showing Regression result
Model Summary
M
odel
R R
Square
Adjuste
d R Square
Std.
Error of the
Estimate
1 .1
70a
.0
29 -.006 .471
a. Predictors: (Constant), Investment_in_globalexpansion,
New_logo
ANOVAa
Model Sum of
Squares
df Mean
Square
F Si
g.
1
Regr
ession .365 2 .182 .8
22
.4
45b
Resi
dual 12.204 5
5 .222
Total 12.569 5
7
a. Dependent Variable: Years_of_supporting_Juventus
b. Predictors: (Constant), Investment_in_globalexpansion, New_logo
Coefficientsa

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THE GLOBALISATION OF JUVENTUS BRAND: FINANCIAL ANALYSIS vs. FAN
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Model Unstandardized
Coefficients
Standa
rdized
Coefficients
t Si
g.
B Std.
Error
Beta
1
(Constant) 4.010 .227 1
7.670
.0
00
New_logo -.111 .092 -.167 -
1.204
.2
34
Investment_in_glob
alexpansion .086 .110 .108 .7
77
.4
40
a. Dependent Variable: Years_of_supporting_Juventus
The regression result evaluates the impact of Juventus’ investment into global expansion
and launching of a new logo on fan base of Juventus. The number of years’ supporting Juventus
has been taken as a proxy variable for fan base. For the regression analysis number of years
supporting Juventus is taken as dependent variable while introduction of new logo and
investment into global expansion are taken as dependent variables. The regression coefficient for
New logo is -0.111. Negative coefficient of regression indicates that introduction of new logo
has an adverse effect on fan base of Juventus. That means strategy of the club to change logo has
an adverse effect on fan base of the club. Changing logo may hurt emotions of the fans
supporting the club for a long period. The associated p value of the coefficient is 0.234. The p
value is greater than 5% significance level meaning acceptance of null hypothesis of no
significant relation between new logo and fan base of Juventus. This implies new logo does not
have a statistically significant influence on fan base of the company. For the variable investment
in global expansion of Juventus, the obtained regression coefficient is 0.086. The positive
regression coefficient indicates a positive relation between the dependent and independent
variable. This in turn suggests that Juventus; investment in global expansion has a positive

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influence on the fan base of the club. That means more investment is beneficial for the club as it
helps to attract more fans and extends the years’ of supporting the club. The associated p value
for the coefficient is 0.440. The p value exceeds the significance level of 0.05 indicating
acceptance of null hypothesis of no significant relation between fan base and investment into
global expansion. The investment of the club for global expansion therefore does not have any
statistically significant influence on fan base.

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5.CONCLUSION AND RECOMENMDATION
5.1 Conclusion
The paper conducts a financial analysis on the famous club Juventus and evaluates
relationship between globalisation and fan engagement. From the analysis it has been observed
that there is a positive correlation between the engagement with the online presence and the
years of supporting of the Juventus. This means that there is a direct relationship between the
club’s presence in the social media and the years of supporting. This also means that the clubs’
supporters who are stated as the fans for a prolonged period of time has also involved in the
social media for the supporting purpose. It can also be understood that the maximum members of
the social media that fulfil the major part of the fan base of Juventus Football Club around the
world maximum are for young generation. This means that the club will have some bright future
as the maximum members are the part of the young generation. The next correlation which can
be found out that investment in globalisation correlated with the presence of the Juventus in the
financial market. As per the correlation matrix it can be stated that there exists a positive
correlation between the two variables. This means that globalisation has direct effect on the
Juventus presence in the financial market. The globalisation of the club not only provides the
opportunity for the club but it also provides information regarding that the globalisation has
some positive effects on the club. It is also seen that the globalisation is one of the important
factors for the club which helps the club to grow financially and also in size of the club. The
online presence of the club can also be sometimes useful as it useful for the club to gather huge
amount of fan all over the world. It can be also being stated that the three is a positive relation
between engagement in the social media and the online presence in social media of the club. It is

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observed that the Juventus make significant investment in marketing through social media. It
means they uses the social media as the marketing place to buy the products from the market.
Juventus Football Club normally uses the social media channel to sell their merchandise products
which help them to gain a certain amount of revenue and hence the financial structure of the club
becomes good day by day. Changing logo of the club has found to have an adverse impact on fan
base of Juventus. People who are fans of Juventus for many years are not supposed to take
changes in the logo in a positive way. Investment of the club for global expansion has a positive
influence on fan base of Juventus. That means decision of the club to spend more to become a
part of globalisation has a positive impact on Juventus’ fan base.
5.2 Linking with the objective
In this research paper the research questions were asked about the globalisation effect on
the Juventus Football Club. It can be seen that the club has some very good effects in terms of
globalization which leads the club to move forward. As per the analysis it can be observed that
the globalisation has not only increase the fan base of the club but it has some direct relationship
with the profitability of the company. It is also seen that the club also benefited from the
globalisation in the way that they can hire good player around the world which also increase the
value of the club as whole. It can also be stated as the next question is that whether the increasing
fan base will affect the club. After the analysis it can be stated that the club do get benefited from
the increasing the fan base which states that the financial position of the club strengthens as well.
As per the questions which are mentioned in the last paper to the research objective is that there
is any kind of effect of the fiancé in the club. After the extensive research it can be found out that
the club do depend on the financial position of the club. As the club will not move forward if
there is any kind of financial problem. It is also stated that the financial information of the club

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equivalents the fans as well as the other stakeholders of the club. One of main objective of the
paper is to find out whether investment in global expansion likely to impact fan base of the club.
The result of quantitative research in this regard suggests that spending on global expansion
helps to increase fan base of the club through attracting fans all over the world. The paper also
tries to find the impact of changing logo of the club on its fan base. Analysis has revealed an
adverse effect of new logo on fan base of the club.
5.3 Recommendation
This research paper is recommended to the researcher who are doing the research on the
effects of the globalisation of the clubs and also it can help the people who are also the members
of the club. The research paper can also become useful for the purpose of the academic writing.
The data analysis of the primary research data predicts that the future of the start-up financing
after the completion of the globalisation to be good. There are some of the extensive idea which
are need to be presented for the development of the research paper. This research paper will also
be handful for the person who are studying in the sports management and also the ones who
wants to relate the football with the financial performance of the club. It also helps the researcher
who wants to do research on globalisation of the research paper. Therese will also come handy
for the researcher who are the part of the research. The investors who invest in this club will get
extra benefit as they will opt for the club which has more capital and also the financial structure
of the club. It can also be stated that if any club wants to invest or grow then they can opt for it.
Thus it is expected that this research paper may come handy in future whether it is in academic
purpose or for reading purpose or for any kind of statistical calculation purpose or retrieving data
from this research paper and used as the thematic and secondary research data for the

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development of the other research paper related with the globalisation, effectiveness of the fan
base and also the effectiveness of the financial position of the club in its going concern.
5.4 Limitation and future work
The first limitation of the current research paper is that limited sample size. The sample
size for the primary research is 60. The smaller sample size may be responsible for weaker
explanatory power of the regression model. Both the selected variables new logo and investment
in the global expansion turn out to be statistically insignificant. This limits the practical policy
implication of the research. In addition to the smaller sample size, the collected dataset has the
problem of missing data. Because of the lack of available data, the paper has failed to address the
research question of whether customer loyalty and long term association are often overlooked for
short term revenue growth of the club. This indicates scope of future research in the chosen field
of research.

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