Competing in European football

: how Eintracht Frankfurt thrives amid financial disparities

Abstract

This thesis investigates how member-controlled football clubs can achieve competitive advantage in an increasingly commercialized European football environment. Amid the rise of investor-driven and multi-club ownership models, traditional governance structures face mounting strategic and financial pressures. Drawing on Resource-Based Theory, Dynamic Capabilities, Resource-Dependence Theory, and Stakeholder Theory, the study explores how member-controlled clubs build internal capabilities while managing external constraints. Employing a triangulated mixed-methods design, the research combines twelve expert interviews with a quantitative survey of 176 football fans. Findings reveal that competitive advantage depends not only on internal strengths such as youth development, scouting, and stable leadership, but also on intangible resources like emotional capital, narrative branding, and adaptive governance. Clubs such as Eintracht Frankfurt exemplify how symbolic alignment and stakeholder trust can enhance both performance and sponsor appeal without sacrificing identity. Moreover, while many fans lack deep familiarity with governance structures, their perceptions of club competitiveness are closely linked to emotional attachments, tradition, and their openness to reform. The research emphasizes that institutional legitimacy, transparent reform communication, and strategic partnerships are crucial for balancing identity with viability. Policy implications include the need to reframe financial governance reforms (e.g., the 50+1 rule) as legitimacy-preserving measures. Bundesliga-level adjustments to revenue distribution, stakeholder engagement, and hybrid ownership models could promote fairer competition.

Date of Award	30 Jun 2025
Original language	English
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Peter V. Rajsingh (Supervisor)