çomüsbd Çanakkale Onsekiz Mart Üniversitesi Spor Bilimleri Dergisi 2687-2080 Çanakkale Onsekiz Mart Üniversitesi Sports Activity Management Spor Faaliyetleri Yönetimi Yeşil Hedefler mi, Kırmızı Bayraklar mı? Dünyanın En Çevreci Futbol Kulübünün Revize Edilmiş Altman Z-Skoru Yoluyla Ekonomik Sürdürülebilirliğine İlişkin Bir Vaka Çalışması 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 https://orcid.org/0000-0001-7794-5991 Çalışkan Kadir BİTLİS EREN ÜNİVERSİTESİ, SPOR BİLİMLERİ FAKÜLTESİ 03 27 2026 9 2026 138 163 12 19 2025 03 15 2026 Copyright © 2018, Çanakkale Onsekiz Mart Üniversitesi Spor Bilimleri Dergisi 2018 Çanakkale Onsekiz Mart Üniversitesi Spor Bilimleri Dergisi

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.

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.

 Financial Risk Management Bankruptcy Risk Eco-friendly Club Environmental Responsibility Economic Sustainability Finansal Risk Yönetimi İflas Riski Çevre Dostu Kulüp Çevresel Sorumluluk Forest Green Rovers Ekonomik Sürdürülebilirlik Acero, I., Serrano, R., & Dimitropoulos, P. (2017). Ownership structure and financial performance in European football. Corporate Governance: The International Journal of Business in Society, 17(3), 511-523. https://doi.org/10.1108/CG-07-2016-0146 Ahmed, S., & Karlsson, K. (2023). Tillämpning av Altman Z score på fotbollsallsvenskan utifrån finansiell obestånd: En kvantitativ studie om hur allsvenska fotbollsklubbar har hanterat utmaningarna från covid-19 utifrån ett finansiellt perspektiv [Unpublished master’s thesis]. Södertörn University. https://sh.diva-portal.org/smash/get/diva2:1729447/FULLTEXT01.pdf Akenga, G. (2017). Effect of liquidity on financial performance of firms listed at the Nairobi Securities Exchange, Kenya. International Journal of Science and Research, 6(7), 279-285. https://doi.org/10.21275/ART20175036 Alaminos, D., & Fernández, M. Á. (2019). Why do football clubs fail financially? A financial distress prediction model for European professional football industry. PLOS ONE, 14(12), e0225989. https://doi.org/10.1371/journal.pone.0225989 Alkhatib, K., & Al Bzour, A. E. (2011). Predicting corporate bankruptcy of Jordanian listed companies: Using Altman and Kida models. International Journal of Business and Management, 6(3), 208-215. https://doi.org/10.5539/ijbm.v6n3p208 Altman, E. I. (1968). Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. The Journal of Finance, 23(4), 589-609. https://doi.org/10.2307/2978933 Altman, E. I. (1984). The success of business failure prediction models: An international survey. Journal of Banking and Finance, 8(2), 171-198. https://doi.org/10.1016/0378-4266(84)90003-7 Altman, E. I. (1993). Corporate financial distress and bankruptcy (2nd ed.). John Wiley & Sons. Altman, E. I. (2013). Predicting financial distress of companies: Revisiting the Z-score and ZETA® models. In C. L. Cooper & R. F. G. Jorgensen (Eds.), Handbook of research methods and applications in empirical finance (pp. 428-456). Edward Elgar Publishing. https://doi.org/10.4337/9780857936080.00027 Anjum, S. (2012). Business bankruptcy prediction models: A significant study of the Altman’s Z-score model. Asian Journal of Management Research, 3(1), 212-219. https://dx.doi.org/10.2139/ssrn.2128475 Arnau Navarro, M. (2022). The future of intangible asset valuation for football clubs and analysis of current practices [Unpublished master’s thesis]. HEC Paris. https://upcommons.upc.edu/entities/publication/6b0900c6-064c-4647-af1e-fcdfdfcc9365 Asokan, N. (2022). Liquidity ratio: What does it mean? Agicap.com. https://agicap.com/en/article/liquidity-ratio/ Avşar, U., & Kurtipek, S. (2024). Türk spor kulüplerinde kurumsallaşma: Galatasaray Spor Kulübü örneği. Journal of Human Sciences, 21(1), 20-38. https://doi.org/10.14687/jhs.v21i16434 Ball, R., & Brown, P. (2013). An empirical evaluation of accounting income numbers. In Financial accounting and equity markets (pp. 27-46). Routledge. Barajas, A., & Rodriguez, P. (2010). Spanish football clubs’ finances: Crisis and player salaries. International Journal of Sport Finance, 5(1), 52-66. Barajas, A., & Rodriguez, P. (2014). Spanish football in need of financial therapy: Cut expenses and inject capital. International Journal of Sport Finance, 9(1), 73-90. Beech, J., Horsman, S., & Magraw, J. (2010). Insolvency events among English football clubs. International Journal of Sports Marketing and Sponsorship, 11(3), 53-66. https://doi.org/10.1108/IJSMS-11-03-2010-B006 Beki, P., Dobay, B., & Faragó, B. (2024). Sustainable sports facilities: Environmentally aware design and operation in the sports industry. Selye E-studies, 15(1), 20-28. Biermann, F., Hickmann, T., & Sénit, C. A. (Eds.). (2022). The political impact of the sustainable development goals: Transforming governance through global goals? Cambridge University Press. Bodet, G., & Seguin, B. (2021). Team sports brand management. In S. Walzel & V. Römisch (Eds.), Managing sports teams (pp. 141-159). Springer. http://dx.doi.org/10.1007/978-3-030-56495-7_8 Bouvet, P. (2025). Forest Green Rovers Football Club: A model for tomorrow’s golf clubs. Sustainability and Sports Science Journal, 3(2), 125-143. https://doi.org/10.55860/NNYK5467 Brealey, R. A., Myers, S. C., & Allen, F. (2011). Principles of corporate finance (10th ed.). McGraw-Hill/Irwin. Brigham, E. F., & Ehrhardt, M. C. (2016). Financial management: Theory & practice (15th ed.). Cengage Learning. Budd, S. (2018, September 28). Forest Green Rovers win climate change award in New York. Ecotricity. https://www.ecotricity.co.uk/our-news/2018/forest-green-rovers-win-climate-change-award-in-new-york Buraimo, B., Simmons, R., & Szymanski, S. (2006). English football. Journal of Sports Economics, 7(1), 29-46. https://doi.org/10.1177/1527002505282911 Carin, Y. (2019). A prediction model for bankruptcy of football clubs: The French case. International Journal of Sport Finance, 14(4), 233-248. https://doi.org/10.32731/ijsf/144.112019.03 Cayolla, R. R., Escadas, M., Biscaia, R., Kellison, T., Quintela, J. A., & Santos, T. (2023). Fans’ perceptions of pro-environmental sustainability initiatives in sport and triple bottom line benefits. International Journal of Sports Marketing and Sponsorship, 24(3), 395-421. https://doi.org/10.1108/IJSMS-07-2022-0141 CFI Team. (n.d.). Cash ratio. Corporate Finance Institute. https://corporatefinanceinstitute.com/resources/accounting/cash-ratio-formula/ Companies House. (2025). Forest Green Rovers Football Club Limited: Filing history. GOV.UK. https://find-and-update.company-information.service.gov.uk/company/06748691/filing-history Delia, E. B., McCullough, B. P., & Dalal, K. (2024). Team identity and environmentalism: The case of Forest Green Rovers. Journal of Sport Management, 38(5), 353-364. https://doi.org/10.1123/jsm.2023-0269 Ecotricity. (2022, March 21). Ecotricity’s next stage Eco Park plans will contribute £150m a year to local economy. https://ecotricity.co.uk/our-news/2022/ecotricitys-next-stage-eco-park-plans Evans, R. (2024). The S-score of financial sustainability for professional football clubs. Journal of Sports Economics, 25(3), 322-345. https://doi.org/10.1177/15270025231222634 Fan, M., Chen, X., Liu, B., Zhou, F., Gong, B., & Tao, R. (2023). An analysis of financial risk assessment of globally listed football clubs. Heliyon, 9(10), e22886. https://doi.org/10.1016/j.heliyon.2023.e22886 FIFA (2011). Football stadiums: Technical recommendations and requirements (5th ed.). FIFA (2022, November 10). Another way: The Forest Green Rovers story. https://www.fifa.com/en/articles/forest-green-rovers-environment-green-league-one-dale-vince Frangoul, A. (2023, February 2). “Greenwashing” is a good thing, according to one renewable energy tycoon. CNBC. https://www.cnbc.com/2023/02/02/greenwashing-is-a-good-thing-according-to-one-renewable-energy-tycoon.html Fridson, M. S., & Alvarez, F. (2022). Financial statement analysis: A practitioner’s guide (5th ed.). John Wiley & Sons. Garcia, C. (2024, May 15). Forest Green Rovers’ eco wooden football stadium set to go ahead. BBC News. https://www.bbc.co.uk/news/articles/cy7k8j38zexo Gashi, T. (2024). Green football? Realms of carbon and the politics of decarbonisation (Bachelor’s thesis). Lund University. Genovard, F., Muñoz, J., Petchamé, J., & Solanellas, F. (2025). Risk management approaches in sports organisations: A scoping review. Heliyon, 11, e42270. https://doi.org/10.1016/j.heliyon.2025.e42270 Georgievski, B., Velickovska, K., Dzenopoljac, V., Pahwa, N., & Dzenopljac, A. (2024). Bankruptcy trends among European football clubs. Journal of Physical Education and Sport, 24(4), 915-923. https://doi.org/10.7752/jpes.2024.04104 Gerritsen, P. L. (2015). Accuracy rate of bankruptcy prediction models for the Dutch professional football industry (Unpublished master’s thesis). University of Twente. https://essay.utwente.nl/68211/ Glibo, I., & Koenigstorfer, J. (2023). Understanding the nexus of sustainable development and sport: The systems thinking perspective. Sustainability: Science, Practice and Policy, 19(1), 1-15. https://doi.org/10.1080/15487733.2023.2240664 Grant, T. (2014). Green monsters: Examining the environmental impact of sports stadiums. Villanova Environmental Law Journal, 25(1), 149-176. Hacker, S. (2025a, May 20). All eyes on a £1.5m prize for Forest Green Rovers. Punchline-Gloucester.com - Gloucestershire Business News. https://www.punchline-gloucester.com/articles/aanews/all-eyes-on-a-million-pound-plus-prize-for-forest-green-rovers Hacker, S. (2025b). Forest Green Rovers records a £3.2m loss. Punchline-Gloucester.com. https://www.punchline-gloucester.com/articles/aanews/forest-green-rovers-records-a-three-million-loss Hammarström, M., & Malmqvist, A. (2019). Is financial health a determinant of sport success? (Unpublished master’s thesis). Jönköping International Business School. https://www.diva-portal.org/smash/get/diva2:1319433/FULLTEXT01.pdf Hussein, M. Q. S., Saeed, N. A., & Ahmad, G. S. (2023). Financial ratios analysis and companies’ liquidity evaluation. Journal of Global Economics and Business, 4(14), 60-75. https://doi.org/10.58934/jgeb.v4i14.173 Ika, S. R., Udin, K., Nugroho, J. P., & Koenti, I. J. (2021). Assessing the financial performance of English football clubs: Arsenal and Manchester City. In The 3rd International Conference on Banking, Accounting, Management and Economics (ICOBAME 2020) (pp. 57-62). Atlantis Press. Kellison, T. B. (2015). Building sport’s greenhouses: Issues in sustainable facility management. In J. M. Casper & M. E. Pfahl (Eds.), Sport management and the natural environment (pp. 218-237). Routledge. Lago, U., Simmons, R., & Szymanski, S. (2006). The financial crisis in European football: An introduction. Journal of Sports Economics, 7(1), 3-12. https://doi.org/10.1177/1527002505282871 Lucas, S., Pinheiro, M. D., & de la Cruz Del Río-Rama, M. (2017). Sustainability performance in sport facilities management. In M. Peris Ortiz, J. Álvarez García, & M. Del Río Rama (Eds.), Sports management as an emerging economic activity (pp. 147-171). Springer. https://doi.org/10.1007/978-3-319-63907-9_8 Mallen, C., & Chard, C. (2012). “What could be” in Canadian sport facility environmental sustainability. Sport Management Review, 15(3), 230-243. https://doi.org/10.1016/j.smr.2011.10.001 Manoli, A. E., Konstantopoulos, I., & Antonopoulos, G. A. (2024). Image laundering, sport washing and greenwashing in and through football. In The geopolitical economy of football (pp. 35-42). Routledge. https://doi.org/10.4324/9781003473671-6 Mercer, Z. C., & Harms, T. W. (2021). Business valuation: An integrated theory (3rd ed.). John Wiley & Sons. https://doi.org/10.1002/9781119583134 Mirkovic, G., Becker, M., & Zülch, H. (2025). European professional football in the light of bankruptcy prediction models: A case for the insolvency administrator? Managing Sport and Leisure, 30(4), 1594-1614. https://doi.org/10.1080/23750472.2025.2451952 Mondal, S., Plumley, D., & Wilson, R. (2025). Spending money is like water soaking into the sand: Anticipating financial distress in Japanese professional football clubs. Journal of Applied Accounting Research, 26(2), 171-193. https://doi.org/10.1108/JAAR-12-2023-0394 Non League Insider. (2025, February 19). How big is the National League? Non League Insider. https://www.nonleagueinsider.com/leagues/how-big-is-the-national-league/ Palepu, K. G., Healy, P. M., Wright, S., Bradbury, M., & Coulton, J. (2020). Business analysis and valuation: Using financial statements (3rd ed.). Cengage Learning. Pandey, I. M. (2008). Financial management (9th ed.). Vikas Publishing House Pvt. Ltd. Pape, L., Höhn, I., Bunds, K., & Koenigstorfer, J. (2023). The role of organizational values for sustainable development: The case of Forest Green Rovers and the promotion of plant based diets. Marketing ZFP - Journal of Research and Management, 45(2), 49-62. https://doi.org/10.15358/0344-1369-2023-2-49 Papp Vary, A. F., & Farkas, M. (2022). The world’s first carbon neutral football club: The case study of Forest Green Rovers. Economic and Social Development: Book of Proceedings (pp. 121-127). Parry, G., & Sarpong, D. (2025). Exploring what makes business good? Organizing for social good. Strategic Change, 34(1), 3-7. https://doi.org/10.1002/jsc.2638 Penman, S. H. (2012). Financial statement analysis and security valuation (4th ed.). McGraw Hill. Perechuda, I. (2020). Utility of financial information in managing football business model: Case from Central Eastern Europe. Journal of Physical Education and Sport, 20(Suppl. 2), 1257-1264. https://doi.org/10.7752/jpes.2020.s2175 Pfahl, M. (2013). The environmental awakening in sport. The Solutions Journal, 4(1), 67-76. Philippou, C., & Maguire, K. (2022, March 11). Assessing the financial sustainability of football. Department for Culture, Media and Sport. https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1071503/Assessing_the_financial_sustainability_of_football__web_accessible_.pdf Pietrzyk, A. (2021). Działania klubów piłkarskich na rzecz ochrony środowiska - studium przypadku Forest Green Rovers [Actions of football clubs for environmental protection - A case study of Forest Green Rovers]. Academic Review of Business and Economics, 1, 60-76. https://doi.org/10.22367/arbe.2021.01.05 Plumley, D., Serbera, J. P., & Wilson, R. (2021). Too big to fail? Accounting for predictions of financial distress in English professional football clubs. Journal of Applied Accounting Research, 22(1), 93-113. https://doi.org/10.1108/JAAR-05-2020-0095 Pourpak Delfekr, T., & Oboudi, B. (2022). Overview of sustainable solutions to improve the environmental impacts of mega sporting events. Athens Journal of Sports, 9(4), 215-230. https://doi.org/10.30958/ajspo.9-4-2 Robinson, T. R., Henry, E., Pirie, W. L., & Broihahn, M. A. (2015). International financial statement analysis (3rd ed.). Wiley. Rompotis, G. (2024). Assessing the financial performance of the Greek football clubs. International Journal of Business and Economic Studies, 6(2), 129-142. https://doi.org/10.54821/uiecd.1447823 Samuel, A., Brown, K., & White, G. (2018). A season with the “vegans” of Forest Green Rovers Football Club: A visual typology of visitor reactions. Working Papers Series on Social Responsibility, Ethics & Sustainable Business, 7, 29-30. Samuel, A., & McGouran, C. (2024). Unveiling ecofeminist paradigms in macromarketing - An analysis of Forest Green Rovers. Paper presented at the 49th Macromarketing Conference, Helsinki, Finland. Samuel, A., McGouran, C., Thomas, R. J., Reginald, G., & White, T. (2022). The club on the hill: Footballing place as an arena for sustainable and ethical action. Qualitative Market Research, 25(4), 570-584. https://doi.org/10.1108/QMR-01-2022-0015 Samuel, A., White, G. R., Thomas, R., McGouran, C., & Bull, M. (2025). Boundary objects at play in the world’s greenest football club. Strategic Change, 34(1), 9-21. https://doi.org/10.1002/jsc.2618 Somoza López, A. (2024). Predicting financial distress across Spanish football (2018-2021): The adaptive role of competition. PODIUM Sport, Leisure and Tourism Review, 13(3), 454-484. https://doi.org/10.5585/podium.v13i3.26148 Storm, R. K., & Thomsen, F. (2016). For better or worse? A study of institutional responses to sports competitive pressure in Danish pro soccer 2001-2013. European Journal for Sport and Society, 13(3), 274-295. https://doi.org/10.1080/16138171.2016.1248092 Švabová, L., Durica, M., & Kramarova, K. (2020). A study of Altman Z score bankruptcy model for assessing the financial stability of selected companies. Proceedings on Engineering Sciences, 6(2A), 789-806. https://doi.org/10.24874/PES06.02A.006 Szymanski, S. (2012). Insolvency in English professional football: Irrational exuberance or negative shocks? (North American Association of Sports Economists Working Paper Series No. 12 02). https://college.holycross.edu/hcs/RePEc/spe/Szymanski_Insolvency.pdf Szymanski, S., & Weimar, D. (2019). Insolvencies in professional football: A German Sonderweg? International Journal of Sport Finance, 14(1), 54-68. https://doi.org/10.32731/IJSF.141.022019.05 The Vegan Society. (2017, October 9). Forest Green Rovers (FGR) has officially become the world’s first vegan football club after its plant based menu was registered with the Vegan Trademark. https://www.vegansociety.com/whats-new/news/green-football-club-first-receive-vegan-trademark Tian, J., & He, S. (2016). Financial analysis: Current situation and development trend - Review and evaluation of corporate financial analysis. In 2016 International Conference on Education, E Learning and Management Technology (pp. 77-81). Atlantis Press. https://doi.org/10.2991/iceemt-16.2016.15 Transfermarkt.com. (2025). Forest Green Rovers - Historical league placements. https://www.transfermarkt.com/forest-green-rovers/platzierungen/verein/3455 Tutar, E. A., & Medetoğlu, B. (2022). Altman Z skor modeli ile BIST spor endeksinde işlem gören işletmelerin finansal durumlarının değerlendirilmesi [Assessing the financial condition of companies listed in the BIST Sport Index using the Altman Z score model]. Bandırma Onyedi Eylül Üniversitesi Sosyal Bilimler Araştırmaları Dergisi, 5(1), 15-26. https://doi.org/10.38120/banusad.1103181 UEFA (n.d.). Financial fair play and licensing review. https://www.uefa.com/news-media/news/0258-0f8e73195309-24396753f297-1000--financial-fair-play-and-licensing-review/ UNFCC (n.d.). Creating the greenest football club in the world - Forest Green Rovers | United Kingdom. https://unfccc.int/climate-action/momentum-for-change/climate-neutral-now/creating-the-greenest-football-club-in-the-world-forest-green-rovers Vorst, P., & Yohn, T. L. (2018). Life cycle models and forecasting growth and profitability. The Accounting Review, 93(3), 357-381. https://doi.org/10.2308/accr-52091 Vukcevic, M., Lakićević, M., Melović, B., Backović, T., & Dudić, B. (2024). Modern models for predicting bankruptcy to detect early signals of business failure: Evidence from Montenegro. PLOS ONE, 19(6), e0303793. https://doi.org/10.1371/journal.pone.0303793 Wahlen, J. M., Baginski, S. P., & Bradshaw, M. T. (2015). Financial reporting, financial statement analysis, and valuation: A strategic perspective (5th ed.). Cengage Learning. Warren, G. S. (2020). Big sports have big environmental and social consequences. Missouri Law Review, 85(2), Article 21. https://scholarship.law.missouri.edu/mlr/vol85/iss2/21 White, G. I., Sondhi, A. C., & Fried, D. (2003). The analysis and use of financial statements (3rd ed.). Wiley. Wicker, P., & Thormann, T. F. (2024). Environmental impacts of major sport events. In Research handbook on major sporting events (pp. 312-328). Edward Elgar Publishing. https://doi.org/10.4337/9781800885653.00037 Yarrow, D., & Kranke, M. (2016). The performativity of sports statistics: Towards a research agenda. Journal of Cultural Economy, 9(4), 445-457. https://doi.org/10.1080/17530350.2016.1202856 Yıldız, B., & Bucak, U. (2017). Financial health performance analysis of the football clubs: A study in BIST Sport Index by using COPRAS method [Paper presented at the ICOMEP’17 International Congress of Management, Economy and Policy, Istanbul]. Zbiljic, G., & Šiljak, V. (2024). Finansiranje projekata zaštite životne sredine u oblasti sporta [Financing of environmental protection projects in the field of sports]. Ecologica, 31(114), 229-235. https://doi.org/10.18485/ecologica.2024.31.114.16 Zoccali, C. (2011). The role of financial indicators in the life of Italian football clubs. Rivista di Diritto ed Economia dello Sport, 7(3), 83-101. Zülch, H., Miketta, B., & Schregel, J. P. (2023). Anwendung eines bilanzbasierten Ratingverfahrens für die 1. und 2. Fußball Bundesliga: Daten, Methoden und Ergebnisse [Application of a balance sheet based rating procedure for the 1st and 2nd German football Bundesliga: Data, methods, and results]. BFuP: Betriebswirtschaftliche Forschung und Praxis, 75(6), 620-641.