Yeşil Hedefler mi, Kırmızı Bayraklar mı? Dünyanın En Çevreci Futbol Kulübünün Revize Edilmiş Altman Z-Skoru Yoluyla Ekonomik Sürdürülebilirliğine İlişkin Bir Vaka Çalışması

Abstract

Amaç: Forest Green Rovers FC, dünyanın ilk vegan futbol kulübü olarak kabul edilmekte ve FIFA tarafından dünyanın en sürdürülebilir futbol kulübü olarak gösterilmektedir. Bu özellikler, kulübün sosyal ve çevresel eşitlik alanındaki özgün konumunu vurgulamakla birlikte finansal risk profiline ilişkin soruları da gündeme getirmektedir. Bu çalışma, İngiltere Ulusal Liginde mücadele eden Forest Green Rovers FC’nin finansal sürdürülebilirliğini ve iflas riskini değerlendirmek amacıyla gerçekleştirilmiştir.

Yöntem: Çalışmada kulübün finansal analizinin gerçekleştirilmesi amacıyla revize edilmiş Altman Z‑skor modeli kullanılmıştır. Analiz, son beş mali yıla ait finansal tablolara dayanmaktadır.

Bulgular: Analiz sonuçları, kulübün mali yapısında 2022’den itibaren belirgin finansal bozulmayı göstermekte; bu durum kötüleşen finansal oranlar, azalan likidite ve kârlılık, negatif öz sermaye ve artan faaliyet zararlarıyla kendini göstermektedir. Güçlü çevresel ve kurumsal sosyal sürdürülebilirlik uygulamalarına rağmen, kulüp sürekli yüksek finansal kriz düzeyini yansıtan bir Z‑skor eğilimi sergilemekte ve bu da uzun vadede iflas riskine karşı kalıcı kırılganlık işaret etmektedir.

Sonuç: Elde edilen bulgulardan yola çıkarak, modern spor yönetiminde finansal risk yönetiminin çevresel ve sosyal hedeflerle birlikte açıkça bütünleştirildiği bütüncül bir sürdürülebilirlik ve çok boyutlu değer yaratımı yaklaşımının gerekliliği ortaya konulmaktadır. Çalışma ayrıca yoğunlaşmış mülkiyet yapısı ve kırılgan nakit akışlarıyla finanse edilen yüksek maliyetli çevreci girişimlerin uzun vadeli finansal istikrarı tehdit eden bir “yeşil hırs riski” oluşturabileceğini öne sürmektedir. Bu çalışma, FIFA tarafından dünyanın en çevreci futbol kulübü olarak değerlendirilen Forest Green Rovers FC’nin finansal sürdürülebilirliğini revize edilmiş Altman Z‑skor modeli aracılığıyla inceleyen ilk araştırmadır.

Keywords

• Finansal Risk Yönetimi
• İflas Riski
• Çevre Dostu Kulüp
• Çevresel Sorumluluk
• Forest Green Rovers
• Ekonomik Sürdürülebilirlik

Green Goals or Red Flags: A Case Study on the Economic Sustainability of the World's Greenest Football Club Using the Revised Altman Z-Score

Abstract

Purpose: Forest Green Rovers FC is considered to be the world’s first vegan football club and is cited by FIFA as the world’s most sustainable football club. These features highlight the club’s unique place in social and environmental equity, but they also raise questions about its financial risk profile. This study aims to assess the economic sustainability and bankruptcy risk of Forest Green Rovers FC, which competes in the English National League.

Method: This study employs the revised Altman Z-score model as an early-warning tool to assess the financial sustainability and bankruptcy risk of Forest Green Rovers FC. The analysis is based on the most recent five fiscal years of longitudinal financial statements.

Results: Analysis of the results indicates significant financial deterioration from 2022 onwards, as reflected in worsening financial ratios, shrinking liquidity and profitability, negative equity, and growing operating losses. Despite strong environmental and corporate social sustainability practices, the club exhibits a persistently high‑distress Z‑score pattern, indicating sustained vulnerability to bankruptcy risk in the long term.

Conclusion: The findings demonstrate the need for a holistic sustainability and multidimensional value-creation approach in modern sports management, with financial risk management explicitly integrated with environmental and social objectives. The case also illustrates how cost-intensive green initiatives, when financed through concentrated ownership and fragile cash flows, can generate a “risk of green ambition” that threatens long‑term financial sustainability. This study is the first research that examines the financial sustainability of Forest Green Rovers FC using the revised Altman Z‑score model.

Keywords

• Financial Risk Management
• Bankruptcy Risk
• Eco-friendly Club
• Environmental Responsibility
• Economic Sustainability

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