Football clubs on the Stock Exchange: an inappropriate match

Focusing on the case of Celtic plc, this paper questions the extent to which Stock Exchange listed companies are appropriate vehicles for contemporary football clubs. It adopts an inclusive or stakeholder approach to ownership, focusing not only on the providers of capital as owners but also on the ownership rights of a football club’s community. The paper argues in favour of ownership structures which more fully capture both the economic and social aspects of contemporary football clubs. It concludes by discussing alternative options for the ownership and governance of football clubs, considering in particular structures based on mutual and co-operative principles.