IMI 特约研究员夏乐：中国资本为何掀起收购欧洲足球俱乐部热潮？

观点速递 

近日，中国“财团”以7.4亿欧元价格收购AC米兰一事再次引爆了市场。AC米兰母公司FININVEST发表声明，同意出售99.93%的AC米兰股份，与中国投资者签署初步合同。近几年来，中国企业积极走出国门，体育产业的海外投资也逐渐升温。

IMI特约研究员、西班牙对外银行研究部亚洲首席经济学家夏乐博士8月12日在China Daily 刊文指出，中国资本近期高调掀起欧洲“球市”，反映了中国正在兴起的体育产业背后供给侧的短缺。精明的中国投资人正是看到了国内这块庞大的体育市场前景，同时拥有这些知名足球俱乐部，也为他们在海外市场提升自身企业品牌形象，提供了便利。但是夏博士也指出，大笔收购的背后也存在不小的风险，首先是收购对象之前的不良财务状态值得堪忧，其次是欧洲当下经济的不景气以及地缘政治不稳定因素的增长。对此，他给出了三点建议：1、吸引顶级球员加入俱乐部，踢好球，聚拢粉丝，当然这也会对投资初期形成经济压力。2、让当地人加入俱乐部日常的运营和管理，以此更好地保留俱乐部原有的传统和文化，有效避免文化冲突。3、中国投资者应该更好地了解当地的“政治风向”，以免沦为地方政治斗争的牺牲品。

以下为文章全文： 

This month, Fininvest announced it had agreed to sell Italian football club AC Milan to a group of Chinese investors for 740 million euros ($825 million). Once the deal is complete, the Chinese buyers will control 99.93 percent in a club with a glorious history that stretches back more than a century. 

This is the latest in a streak of high-profile overseas acquisitions by Chinese companies targeting world-class football clubs. 

A couple of months ago, Suning Commerce Group became the largest shareholder in Inter Milan, and in January last year, Wanda Group, the largest commercial property developer in China, secured a 20 percent stake in Atletico Madrid, a club with remarkable track record in the La Liga, the top tier of Spanish football, and the elite UEFA Champions League. 

It's reported that other Chinese companies are on the lookout for similar opportunities. 

This shopping spree is not as perplexing as it seems. Football is one of the most popular sports in China, attracting large television audiences. However, the performances of the men's national team have long fallen short of people's expectations. 

Since 1978, China has qualified for the World Cup only once, in 2002, when it lost all three games without scoring a single goal. Moreover, the Chinese football league has failed to produce stars able to compete in the international arena, making it hard for domestic clubs to expand their fan base and profit from related businesses. 

Football perfectly exemplifies how supply-side deficiencies ail China's booming sports industry. Some people estimate that the size of China's sports market could reach 5 trillion yuan ($752 billion; 674 billion euros) by 2025. While the prospects are bright, supply-side constraints could prevent China's football industry from tapping this alluring market. The acquisition of leading European clubs has enabled shrewd Chinese investors to exploit the growing domestic sports market indirectly. 

Thanks to the expanding coverage of broadcast TV, top leagues in Europe have gained a significant fan base in China. After becoming the controlling shareholder of these clubs, Chinese buyers are better placed to introduce related products to the world's second-largest economy. 

So far as we know, these investors have already developed plans to boost the domestic market after these high-profile acquisitions. In addition, owning a famous club also gives Chinese investors leverage to quickly integrate into the local business community and build up their brand overseas. As such, these deals can also be understood within the broader go-global strategy. 

But notwithstanding the advantages mentioned, becoming the owner of an overseas football club is a decision that incurs some degree of risk. Generally, there is a high chance that the target being acquired is not in sound financial shape, a tendency that could be exacerbated by a volatile operating environment. In the context of persistent sluggishness in the European economy, as well as the growing uncertainties surrounding political and geopolitical tensions, this is something that requires careful consideration. 

Here are some cues to help Chinese investors do a better job. 

First, a club's most valuable resource is its fan base. A change in ownership can affect fans' confidence in the club, and in some cases can drive them away. For clubs with a long and glorious history, this could be more pronounced if the new owners are foreign. 

Under such a circumstance, winning performances are the best guarantee to retaining a fan base. Of course, this is easier said than done, as winning a football game is the result of a confluence of factors, ranging from coaching to infrastructure. But in general, the winners tend to be the teams with the best players. New investors need to set aside enough frontloaded investment to attract top-tier players and improve teams' performance in a short time. 

This will translate into tremendous financial pressure, particularly in the first few years. Investors need to prepare well in advance, undertake long-term financial planning and secure adequate access to financial resources. 

Second, it's imperative that new investors preserve the club's long traditions and culture to retain local fans. Chinese overseas investments are still a relatively new phenomenon, and sometimes the companies lack the business acumen to operate seamlessly abroad. 

As if this were not enough, international football is an extraordinarily competitive global industry and managing a leading club is no small feat. Cultural differences could prove counterproductive at first. 

The optimal strategy would be for the new owners to entrust local management with the daily operation of the club and minimize interference. Chinese elements should be introduced only gradually. These could facilitate commercial gains by granting the club access to one of the world's largest and fastest-growing sports markets. However, new marketing efforts should not marginalize local fans. 

And, last but not least, Chinese investors should strive to better understand political trends in recipient countries and cities. As previous examples show, business plans can easily fall prey to local political wrangling, even in European countries with good social institutions and established rule of law. 

编辑  赵梦丹 缪昕 来源  中国日报

点击查看近期热文

欢迎加入群聊

为了增进与粉丝们的互动，IMI财经观察将建立微信交流群，欢迎大家参与。
入群方法：加群主为微信好友（微信号：imi605）,添加时备注个人姓名（实名认证）、单位、职务等信息，经群主审核后，即可被拉进群。
欢迎读者朋友多多留言与我们交流互动，推荐好文章可联系：邮箱[e-mail]；电话[phone]

关于我们
中国人民大学国际货币研究所（IMI）成立于2009年12月20日，是专注于货币金融理论、政策与战略研究的非营利性学术研究机构和新型专业智库。
中国人民银行副行长潘功胜与诺贝尔经济学奖得主蒙代尔出任IMI顾问委员会主任，委员包括埃德蒙、陈云贤、汉克、李若谷、李扬、马德伦、任志刚、苏宁、王兆星、吴清、夏斌、亚辛·安瓦尔等12位国内外著名经济学家或政策领导人；中国人民银行副行长陈雨露出任学术委员会主任，委员会由47位来自国内外科研院所、政府部门或金融机构的著名专家学者组成。IMI所长、联席所长、执行所长分别为张杰、曹彤、贲圣林，向松祚、涂永红、宋科任副所长。
自2012年起，研究所开始每年定期发布《人民币国际化报告》，重点探讨人民币国际化进程中面临的重大理论与政策问题。报告还被译成英文、日文、韩文、俄文、阿拉伯文等版本并在北京、香港、纽约、法兰克福、伦敦、新加坡和阿拉木图等地发布，引起国内外理论与实务界的广泛关注。
迄今为止，研究所已形成“国际金融”、“宏观经济理论与政策”、“金融科技”、“财富管理”、“金融监管”等五个研究方向，并定期举办货币金融圆桌会议、大金融思想沙龙、燕山论坛、麦金农大讲坛、陶湘国际金融讲堂等具有重要学术影响力的高层次系列论坛或讲座。主要学术产品包括IMI大金融书系、《国际货币评论》（中文月刊&英文季刊）、《IMI研究动态》（周刊）、《国际货币金融每日综述》（日刊）等。国际货币网：www.imi.org.cn
微信号：IMI财经观察（点击识别下方二维码关注我们）只分享最有价值的财经视点We only share the most valuable financial insights.