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The financial performance of football clubs during Covid-19 : Case of Turkey

Year 2022, Issue: 95, 135 - 152, 25.07.2022

Ebru Aydoğan

https://doi.org/10.25095/mufad.1085969
Cited By: 2

Abstract

Financial management inadequacies in the football industry have enlarged concerns about the financial sustainability of clubs during the COVID-19. In this regard, this study aims financial performance analyses and performance rankings of the four football clubs trading on the Borsa Istanbul. A method that integrates CRITIC and GRA techniques was used in the study. It was concluded that clubs whose revenues decreased due to the discontinuance of their activities during the pandemic acted more prudently in monetary terms. Additionally, the club with a high average financial performance over the previous years has financially been less affected by the pandemic.

Keywords

Covid-19 Gray Relational Analysis CRITIC Method Football Clubs Financial Performance

References

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  • Alaminos, D., Esteban, I., & Fernández-Gámez, M. A. (2020). Financial performance analysis in European football clubs. Entropy, 22(9), 1–16. https://doi.org/10.3390/E22091056
  • Albayrak, Ö. K. (2021). Gri Sistem Teorisi Tabanlı Çok Kriterli Karar Verme Teknikleri ve Uygulama Örnekleri (1st ed.). Gazi Kitabevi.
  • Andrea Sartori. (2020). KPMG An analysis of the impact of the COVID-19 crisis on football players’ market values.
  • Andreff, W. (2006). Team sport and finance. In S. Andreff, W. and Szymanski (Ed.), Handbook on the Economics of Sport (pp. 689–699). Edward Elgar Publishing Limited.
  • Andreff, Wladimir. (2007). French Football: A Financial Crisis Rooted in Weak Governance. Journal of Sports Economics, 8(6), 652–661. https://doi.org/10.1177/1527002506297021
  • Ayan, B., & Abacıoğlu, S. (2021). CRITIC Temelli Copras ve Edas Yöntemleri ile Finansal Performans Analizi. In E. Fendoğlu (Ed.), Çok Kriterli Karar Verme Yöntemleri ile Güncel Uygulamalar (pp. 125–142). Gazi Kitabevi.
  • Beiderbeck, D., Frevel, N., von der Gracht, H. A., Schmidt, S. L., & Schweitzer, V. M. (2021). The impact of COVID-19 on the European football ecosystem – A Delphi-based scenario analysis. Technological Forecasting and Social Change, 165(July 2020), 120577. https://doi.org/10.1016/j.techfore.2021.120577
  • Beyazgül, M., & Karadeniz, E. (2019). Futbol Kulüplerinin Nakit Akış Profillerinin Analizi: Uluslararası Bir Karşılaştırma. Muhasebe ve Vergi Uygulamaları Dergisi, 12(3), 605–624.
  • Bond, A. J., Cockayne, D., Ludvigsen, J. A. L., Maguire, K., Parnell, D., Plumley, D., Widdop, P., & Wilson, R. (2020). COVID-19: the return of football fans. Managing Sport and Leisure, 1–11. https://doi.org/10.1080/23750472.2020.1841449
  • Deloitte. (2020). Annual Review of Football Finance. In Deloitte (Issue June). https://www2.deloitte.com/uk/en/pages/sports-business-group/articles/annual-review-of-football-finance.html
  • Deloitte. (2021a). 2021 ’ e Başlarken Avrupa ’ da ve Türkiye ’ de Futbol Ekonomisi.
  • Deloitte. (2021b). Football Money League: Testing Times (Issue January). https://www2.deloitte.com/uk/en/pages/sports-business-group/articles/deloitte-football-money-league.html
  • Diakoulaki, D., Mavrotas, G., & Papayannakis, L. (1995). Determining objective weights in multiple criteria problems: The critic method. Computers & Operations Research, 22(7), 763–770. https://doi.org/10.1016/0305-0548(94)00059-H
  • Dima, T. (2015). Social Media Usage In European Clubs Football Industry. Is Digital Reach Better Correlated With Sports Or Financial Performane? The Romanian Economic Journal, 55(1), 117–128.
  • Dimitropoulos, P. E., & Limperopoulos, V. (2014). Player contracts, athletic and financial performance of the Greek football clubs. Global Business and Economics Review, 16(2), 123–141. https://doi.org/10.1504/GBER.2014.060181
  • Ecer, F. (2020). Çok Kriterli Karar Verme Geçmişten Günümüze Kapsamlı Bir Yaklaşım (1st ed.). Seçkin.
  • Ecer, F., & Boyukaslan, A. (2014). Measuring Performances of Football Clubs Using Financial Ratios: The Gray Relational Analysis Approach. American Journal of Economics, 4(1), 62–71. https://doi.org/10.5923/j.economics.20140401.06
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  • Franck, E. (2010). Private firm, public corporation or member’s association governance structures in European football. International Journal of Sport Finance, 5(2), 108–127. https://doi.org/10.5167/uzh-35150
  • Galariotis, E., Germain, C., & Zopounidis, C. (2018). A combined methodology for the concurrent evaluation of the business, financial and sports performance of football clubs: the case of France. Annals of Operations Research, 266(1–2), 589–612. https://doi.org/10.1007/s10479-017-2631-z
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  • Güleç, Ö. F., Arda, I., & Bektaş, T. (2019). Futbol Endüstrisinde Finansal Performans Analizi ve Futbol Kulübü Gelir ve Giderlerinin İncelenmesi. 4. Uluslararası Muhasebe Finans ve Denetim Konferansı, 246–263.
  • Güngör, A. (2014). Futbol Endüstri̇si̇nde Sporti̇f Başarı ile Fi̇nansal Performans Arasındaki İli̇şki̇ni̇n Anali̇zi̇ veTürki̇ye Uygulaması. İstanbul Üniversitesi Sosyal Bilimler Dergisi, 1, 16–36.
  • Guzmán, I. (2006). Measuring Efficiency and Sustainable Growth in Spanish Football Teams. European Sport Management Quarterly, 6(3), 267–287. https://doi.org/10.1080/16184740601095040
  • Hamil, S., & Walters, G. (2010). Financial performance in English professional football: ‘an inconvenient truth.’ Soccer & Society, 11(4), 354–372. https://doi.org/10.1080/14660971003780214
  • Hammerschmidt, J., Durst, S., Kraus, S., & Puumalainen, K. (2021). Professional football clubs and empirical evidence from the COVID-19 crisis: Time for sport entrepreneurship? Technological Forecasting and Social Change, 165, 120572. https://doi.org/10.1016/j.techfore.2021.120572
  • Ika, S. R., Udin, K., Nugroho, J. P., & Koenti, I. J. (2020). Assessing the Financial Performance of English Football Clubs: Arsenal and Manchester City. Proceedings of the 3rd International Conference on Banking, Accounting, Management and Economics (ICOBAME 2020), 169, 57–62. https://doi.org/10.2991/aebmr.k.210311.012
  • Ju-Long, D. (1982). Control problems of grey systems. Systems & Control Letters, 1(5), 288–294. https://doi.org/10.1016/S0167-6911(82)80025-X
  • KAP. (2021). Kamuyu Aydınlatma Platformu. https://www.kap.org.tr/tr/
  • Karadeniz, E., Koşan, L., & Selda, K. (2014). Borsa İstanbul’da İşlem Gören Spor Şirketlerinin Finansal Performansının Oran Yöntemiyle Analizi. Ç.Ü. Sosyal Bilimler Enstitüsü Dergisi, 23(2), 129–144.
  • Kırkulak Uludağ, B., & Sigalı, S. (2016). Futbol Maç Sonuçlarının 4 Büyüklerin Hisse Senedi Getirilerine Etkisi. Ege Akademik Bakış, 16(4), 575–585. http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=119798811&site=ehost-live
  • Memish, Z. A., Steffen, R., White, P., Dar, O., Azhar, E. I., Sharma, A., & Zumla, A. (2019). Mass gatherings medicine: public health issues arising from mass gathering religious and sporting events. The Lancet, 393(10185), 2073–2084. https://doi.org/10.1016/S0140-6736(19)30501-X
  • Miao, C., Teng, J., Wang, J., & Zhou, P. (2018). Population vulnerability assessment of geological disasters in China using CRITIC–GRA methods. Arabian Journal of Geosciences, 11(268), 1–12. https://doi.org/10.1007/s12517-018-3598-z
  • Mohr, M., Nassis, G. P., Brito, J., Randers, M. B., Castagna, C., Parnell, D., & Krustrup, P. (2020). Return to elite football after the COVID-19 lockdown. Managing Sport and Leisure, 1–9. https://doi.org/10.1080/23750472.2020.1768635
  • Naidenova, I., Parshakov, P., & Chmykhov, A. (2016). Does football sponsorship improve company performance? European Sport Management Quarterly, 16(2), 129–147. https://doi.org/10.1080/16184742.2015.1124900
  • Nguyen, T. K. L., Le, H. N., Ngo, V. H., & Hoang, B. A. (2020). CRITIC Method and Grey System Theory in the Study of Global Electric Cars. World Electric Vehicle Journal, 11, 1–15. https://doi.org/10.3390/wevj11040079
  • Oral, C. (2016). Financial Performance Evaluation of Sport Clubs Traded in Borsa Istanbul by Using Grey Relational Analysis. International Journal of Economics and Finance, 8(5), 293–299. https://doi.org/10.5539/ijef.v8n5p293
  • Özbek, A. (2021). Çok Kriterli Karar Verme Yöntemleri ve Excel ile Problem Çözümü (3rd ed.). Seçkin.
  • Panagiotis, D. E. (2009). Profitability of the Greek football clubs: Implications for financial decisions making. Business Intelligence Journal, 2(1), 159–169. https://doi.org/10.1201/b12879-10
  • Parnell, D., Bond, A. J., Widdop, P., & Cockayne, D. (2021). Football Worlds: business and networks during COVID-19. Soccer & Society, 22(1–2), 19–26. https://doi.org/10.1080/14660970.2020.1782719
  • Pinnuck, M., & Potter, B. (2006). Impact of on-field football success on the off-field financial performance of AFL football clubs. Accounting and Finance, 46(3), 499–517. https://doi.org/10.1111/j.1467-629X.2006.00179.x
  • Plumley, D., Wilson, R., & Ramchandani, G. (2017). Towards a model for measuring holistic performance of professional Football clubs. Soccer & Society, 18(1), 16–29. https://doi.org/10.1080/14660970.2014.980737
  • Reade, J. J., & Singleton, C. (2021). Demand for public events in the COVID-19 pandemic: a case study of European football. European Sport Management Quarterly, 21(3), 391–405. https://doi.org/10.1080/16184742.2020.1841261
  • Rey, A., & Santelli, F. (2017). The Relationship between Financial Ratios and Sporting Performance in Italy’s Serie A. International Journal of Business and Management, 12(12), 53–63. https://doi.org/10.5539/ijbm.v12n12p53
  • Rohde, M., & Breuer, C. (2016). The Financial Impact of (Foreign) Private Investors on Team Investments and Profits in Professional Football: Empirical Evidence from the Premier League. Applied Economics and Finance, 3(2), 243–256. https://doi.org/10.11114/aef.v3i2.1366
  • Sakinc, I., Acikalin, S., & Soyguden, A. (2017). Evaluation of the relationship between financial performance and sport success in European football. Journal of Physical Education and Sport, 17(1), 16–22. https://doi.org/10.7752/jpes.2017.s1003
  • Sakınç, İ. (2014). Using Grey Relational Analysis to Determine the Financial Performance of Turkish Football Clubs. Journal of Economics Library, 1(1), 22–33.
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Futbol kulüplerinin Covid-19 sürecindeki finansal performansı: Türkiye Örneği

Year 2022, Issue: 95, 135 - 152, 25.07.2022

Ebru Aydoğan

https://doi.org/10.25095/mufad.1085969
Cited By: 2

Abstract

Futbol endüstrisindeki finansal yönetim yetersizlikleri, COVID-19 sırasında kulüplerin finansal
sürdürülebilirliği konusundaki endişeleri artırmıştır. Bu bağlamda, bu çalışma, Borsa İstanbul'da işlem gören
dört futbol kulübünün pandemi dönemi finansal performans analizlerini ve performans sıralamalarını önceki beş
yıllık dönemle karşılaştırmayı amaçlamaktadır. Çalışma 2016-2020 yılları arasını kapsamaktadır. Çalışmada
Kriterler Arası Korelasyon Yoluyla Kriterlerin Önemi ve Gri İlişkisel Analiz tekniklerini entegre eden bir yöntem
kullanılmıştır. Çalışma sonucunda, kulüplerin pandemi döneminde çalışma sermayesi ve sabit varlık
yatırımlarını arttırdığı ve finansmanda daha az yabancı kaynağa yöneldikleri görülmüştür. Ayrıca geçmiş
yıllara göre ortalama finansal performansı yüksek olan kulüpler, finansal olarak pandemiden daha az
etkilenmiştir.

Keywords

Covid-19 Gri İlişkisel Analiz Futbol Kulüpleri Finansal Performans CRITIC Metodu

References

  • Akgüç, Ö. (2011). Finansal Yönetim (9th ed.). Avcıol Basım Yayın.
  • Alaminos, D., Esteban, I., & Fernández-Gámez, M. A. (2020). Financial performance analysis in European football clubs. Entropy, 22(9), 1–16. https://doi.org/10.3390/E22091056
  • Albayrak, Ö. K. (2021). Gri Sistem Teorisi Tabanlı Çok Kriterli Karar Verme Teknikleri ve Uygulama Örnekleri (1st ed.). Gazi Kitabevi.
  • Andrea Sartori. (2020). KPMG An analysis of the impact of the COVID-19 crisis on football players’ market values.
  • Andreff, W. (2006). Team sport and finance. In S. Andreff, W. and Szymanski (Ed.), Handbook on the Economics of Sport (pp. 689–699). Edward Elgar Publishing Limited.
  • Andreff, Wladimir. (2007). French Football: A Financial Crisis Rooted in Weak Governance. Journal of Sports Economics, 8(6), 652–661. https://doi.org/10.1177/1527002506297021
  • Ayan, B., & Abacıoğlu, S. (2021). CRITIC Temelli Copras ve Edas Yöntemleri ile Finansal Performans Analizi. In E. Fendoğlu (Ed.), Çok Kriterli Karar Verme Yöntemleri ile Güncel Uygulamalar (pp. 125–142). Gazi Kitabevi.
  • Beiderbeck, D., Frevel, N., von der Gracht, H. A., Schmidt, S. L., & Schweitzer, V. M. (2021). The impact of COVID-19 on the European football ecosystem – A Delphi-based scenario analysis. Technological Forecasting and Social Change, 165(July 2020), 120577. https://doi.org/10.1016/j.techfore.2021.120577
  • Beyazgül, M., & Karadeniz, E. (2019). Futbol Kulüplerinin Nakit Akış Profillerinin Analizi: Uluslararası Bir Karşılaştırma. Muhasebe ve Vergi Uygulamaları Dergisi, 12(3), 605–624.
  • Bond, A. J., Cockayne, D., Ludvigsen, J. A. L., Maguire, K., Parnell, D., Plumley, D., Widdop, P., & Wilson, R. (2020). COVID-19: the return of football fans. Managing Sport and Leisure, 1–11. https://doi.org/10.1080/23750472.2020.1841449
  • Deloitte. (2020). Annual Review of Football Finance. In Deloitte (Issue June). https://www2.deloitte.com/uk/en/pages/sports-business-group/articles/annual-review-of-football-finance.html
  • Deloitte. (2021a). 2021 ’ e Başlarken Avrupa ’ da ve Türkiye ’ de Futbol Ekonomisi.
  • Deloitte. (2021b). Football Money League: Testing Times (Issue January). https://www2.deloitte.com/uk/en/pages/sports-business-group/articles/deloitte-football-money-league.html
  • Diakoulaki, D., Mavrotas, G., & Papayannakis, L. (1995). Determining objective weights in multiple criteria problems: The critic method. Computers & Operations Research, 22(7), 763–770. https://doi.org/10.1016/0305-0548(94)00059-H
  • Dima, T. (2015). Social Media Usage In European Clubs Football Industry. Is Digital Reach Better Correlated With Sports Or Financial Performane? The Romanian Economic Journal, 55(1), 117–128.
  • Dimitropoulos, P. E., & Limperopoulos, V. (2014). Player contracts, athletic and financial performance of the Greek football clubs. Global Business and Economics Review, 16(2), 123–141. https://doi.org/10.1504/GBER.2014.060181
  • Ecer, F. (2020). Çok Kriterli Karar Verme Geçmişten Günümüze Kapsamlı Bir Yaklaşım (1st ed.). Seçkin.
  • Ecer, F., & Boyukaslan, A. (2014). Measuring Performances of Football Clubs Using Financial Ratios: The Gray Relational Analysis Approach. American Journal of Economics, 4(1), 62–71. https://doi.org/10.5923/j.economics.20140401.06
  • Ekolig. (2019). 2017-2018/2018-2019 Sezonu Futbol Ekonomisi Raporu. In Aktif Bank. https://www.aktifbank.com.tr/Documents/Ekolig-Final-11112019.pdf
  • Ekolig. (2020). COVID-19 Öncesi / Sonrası Futbol Ekonomisi. https://www.aktifbank.com.tr/Documents/aktif-bank-ekolig-covid-19.pdf
  • Franck, E. (2010). Private firm, public corporation or member’s association governance structures in European football. International Journal of Sport Finance, 5(2), 108–127. https://doi.org/10.5167/uzh-35150
  • Galariotis, E., Germain, C., & Zopounidis, C. (2018). A combined methodology for the concurrent evaluation of the business, financial and sports performance of football clubs: the case of France. Annals of Operations Research, 266(1–2), 589–612. https://doi.org/10.1007/s10479-017-2631-z
  • Global, I. (2021). Dictionary Search | IGI Global. https://www.igi-global.com/dictionary/?p=perishable+asset
  • Güleç, Ö. F., Arda, I., & Bektaş, T. (2019). Futbol Endüstrisinde Finansal Performans Analizi ve Futbol Kulübü Gelir ve Giderlerinin İncelenmesi. 4. Uluslararası Muhasebe Finans ve Denetim Konferansı, 246–263.
  • Güngör, A. (2014). Futbol Endüstri̇si̇nde Sporti̇f Başarı ile Fi̇nansal Performans Arasındaki İli̇şki̇ni̇n Anali̇zi̇ veTürki̇ye Uygulaması. İstanbul Üniversitesi Sosyal Bilimler Dergisi, 1, 16–36.
  • Guzmán, I. (2006). Measuring Efficiency and Sustainable Growth in Spanish Football Teams. European Sport Management Quarterly, 6(3), 267–287. https://doi.org/10.1080/16184740601095040
  • Hamil, S., & Walters, G. (2010). Financial performance in English professional football: ‘an inconvenient truth.’ Soccer & Society, 11(4), 354–372. https://doi.org/10.1080/14660971003780214
  • Hammerschmidt, J., Durst, S., Kraus, S., & Puumalainen, K. (2021). Professional football clubs and empirical evidence from the COVID-19 crisis: Time for sport entrepreneurship? Technological Forecasting and Social Change, 165, 120572. https://doi.org/10.1016/j.techfore.2021.120572
  • Ika, S. R., Udin, K., Nugroho, J. P., & Koenti, I. J. (2020). Assessing the Financial Performance of English Football Clubs: Arsenal and Manchester City. Proceedings of the 3rd International Conference on Banking, Accounting, Management and Economics (ICOBAME 2020), 169, 57–62. https://doi.org/10.2991/aebmr.k.210311.012
  • Ju-Long, D. (1982). Control problems of grey systems. Systems & Control Letters, 1(5), 288–294. https://doi.org/10.1016/S0167-6911(82)80025-X
  • KAP. (2021). Kamuyu Aydınlatma Platformu. https://www.kap.org.tr/tr/
  • Karadeniz, E., Koşan, L., & Selda, K. (2014). Borsa İstanbul’da İşlem Gören Spor Şirketlerinin Finansal Performansının Oran Yöntemiyle Analizi. Ç.Ü. Sosyal Bilimler Enstitüsü Dergisi, 23(2), 129–144.
  • Kırkulak Uludağ, B., & Sigalı, S. (2016). Futbol Maç Sonuçlarının 4 Büyüklerin Hisse Senedi Getirilerine Etkisi. Ege Akademik Bakış, 16(4), 575–585. http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=119798811&site=ehost-live
  • Memish, Z. A., Steffen, R., White, P., Dar, O., Azhar, E. I., Sharma, A., & Zumla, A. (2019). Mass gatherings medicine: public health issues arising from mass gathering religious and sporting events. The Lancet, 393(10185), 2073–2084. https://doi.org/10.1016/S0140-6736(19)30501-X
  • Miao, C., Teng, J., Wang, J., & Zhou, P. (2018). Population vulnerability assessment of geological disasters in China using CRITIC–GRA methods. Arabian Journal of Geosciences, 11(268), 1–12. https://doi.org/10.1007/s12517-018-3598-z
  • Mohr, M., Nassis, G. P., Brito, J., Randers, M. B., Castagna, C., Parnell, D., & Krustrup, P. (2020). Return to elite football after the COVID-19 lockdown. Managing Sport and Leisure, 1–9. https://doi.org/10.1080/23750472.2020.1768635
  • Naidenova, I., Parshakov, P., & Chmykhov, A. (2016). Does football sponsorship improve company performance? European Sport Management Quarterly, 16(2), 129–147. https://doi.org/10.1080/16184742.2015.1124900
  • Nguyen, T. K. L., Le, H. N., Ngo, V. H., & Hoang, B. A. (2020). CRITIC Method and Grey System Theory in the Study of Global Electric Cars. World Electric Vehicle Journal, 11, 1–15. https://doi.org/10.3390/wevj11040079
  • Oral, C. (2016). Financial Performance Evaluation of Sport Clubs Traded in Borsa Istanbul by Using Grey Relational Analysis. International Journal of Economics and Finance, 8(5), 293–299. https://doi.org/10.5539/ijef.v8n5p293
  • Özbek, A. (2021). Çok Kriterli Karar Verme Yöntemleri ve Excel ile Problem Çözümü (3rd ed.). Seçkin.
  • Panagiotis, D. E. (2009). Profitability of the Greek football clubs: Implications for financial decisions making. Business Intelligence Journal, 2(1), 159–169. https://doi.org/10.1201/b12879-10
  • Parnell, D., Bond, A. J., Widdop, P., & Cockayne, D. (2021). Football Worlds: business and networks during COVID-19. Soccer & Society, 22(1–2), 19–26. https://doi.org/10.1080/14660970.2020.1782719
  • Pinnuck, M., & Potter, B. (2006). Impact of on-field football success on the off-field financial performance of AFL football clubs. Accounting and Finance, 46(3), 499–517. https://doi.org/10.1111/j.1467-629X.2006.00179.x
  • Plumley, D., Wilson, R., & Ramchandani, G. (2017). Towards a model for measuring holistic performance of professional Football clubs. Soccer & Society, 18(1), 16–29. https://doi.org/10.1080/14660970.2014.980737
  • Reade, J. J., & Singleton, C. (2021). Demand for public events in the COVID-19 pandemic: a case study of European football. European Sport Management Quarterly, 21(3), 391–405. https://doi.org/10.1080/16184742.2020.1841261
  • Rey, A., & Santelli, F. (2017). The Relationship between Financial Ratios and Sporting Performance in Italy’s Serie A. International Journal of Business and Management, 12(12), 53–63. https://doi.org/10.5539/ijbm.v12n12p53
  • Rohde, M., & Breuer, C. (2016). The Financial Impact of (Foreign) Private Investors on Team Investments and Profits in Professional Football: Empirical Evidence from the Premier League. Applied Economics and Finance, 3(2), 243–256. https://doi.org/10.11114/aef.v3i2.1366
  • Sakinc, I., Acikalin, S., & Soyguden, A. (2017). Evaluation of the relationship between financial performance and sport success in European football. Journal of Physical Education and Sport, 17(1), 16–22. https://doi.org/10.7752/jpes.2017.s1003
  • Sakınç, İ. (2014). Using Grey Relational Analysis to Determine the Financial Performance of Turkish Football Clubs. Journal of Economics Library, 1(1), 22–33.
  • Sezgin, C. (2016). Deloitte Bir Futbol Kulübünde CFO Olmak.
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There are 56 citations in total.

Details

Primary Language English
Subjects Business Administration
Journal Section Articles
Authors

Ebru Aydoğan 0000-0003-4377-712X

Publication Date July 25, 2022
Submission Date March 10, 2022
Published in Issue Year 2022 Issue: 95

Cite

APA Aydoğan, E. (2022). The financial performance of football clubs during Covid-19 : Case of Turkey. Muhasebe Ve Finansman Dergisi(95), 135-152. https://doi.org/10.25095/mufad.1085969
AMA Aydoğan E. The financial performance of football clubs during Covid-19 : Case of Turkey. Muhasebe ve Finansman Dergisi. July 2022;(95):135-152. doi:10.25095/mufad.1085969
Chicago Aydoğan, Ebru. “The Financial Performance of Football Clubs During Covid-19 : Case of Turkey”. Muhasebe Ve Finansman Dergisi, no. 95 (July 2022): 135-52. https://doi.org/10.25095/mufad.1085969.
EndNote Aydoğan E (July 1, 2022) The financial performance of football clubs during Covid-19 : Case of Turkey. Muhasebe ve Finansman Dergisi 95 135–152.
IEEE E. Aydoğan, “The financial performance of football clubs during Covid-19 : Case of Turkey”, Muhasebe ve Finansman Dergisi, no. 95, pp. 135–152, July 2022, doi: 10.25095/mufad.1085969.
ISNAD Aydoğan, Ebru. “The Financial Performance of Football Clubs During Covid-19 : Case of Turkey”. Muhasebe ve Finansman Dergisi 95 (July 2022), 135-152. https://doi.org/10.25095/mufad.1085969.
JAMA Aydoğan E. The financial performance of football clubs during Covid-19 : Case of Turkey. Muhasebe ve Finansman Dergisi. 2022;:135–152.
MLA Aydoğan, Ebru. “The Financial Performance of Football Clubs During Covid-19 : Case of Turkey”. Muhasebe Ve Finansman Dergisi, no. 95, 2022, pp. 135-52, doi:10.25095/mufad.1085969.
Vancouver Aydoğan E. The financial performance of football clubs during Covid-19 : Case of Turkey. Muhasebe ve Finansman Dergisi. 2022(95):135-52.

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