6

Proceedings 2012.
(2013), Vol 4, ISSN 1986-8146
www.sportkon.com
ORGANIZACIJA, FINANSIRANJE I VLASNITVO

SPORTSKIH KLUBOVA NA BERZI
ORGANIZATION, FINANCING AND OWNERSHIP
OF SPORTS CLUBS IN THE STOCK MARKET
Milo{ Gruji1
Analitiar u brokersko-dilerskom dru{tvu Advantis Broker, Banja Luka, Bosna i Hercegovina
Analyst at broker company, Banja Luka, Bosnia and Herzegovina
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doi: 10.5550/SP.4.2012.06
UDK: 796.332.071.4
PREGLEDNI LANAK
COBISS.BH-ID: 3953688
Summary
Saetak
The aim of this paper is to present the effects of the listing

sport clubs on the stock exchange in order to facilitate funding for sports clubs. Owners and managers of clubs that have
the ambition to obtain money for the club or to significantly increase its value, should consider the opportunities
offered by the initial public offering of shares on the Stock
Exchange. With that move the club becomes more valuable,
broader ownership structure and becomes public company.
The advantage is that the issuing of shares have no maturity
date and interest rate because investors who buy shares in
a public offering expected return based on dividends or
profits through price increases on the Stock Exchange. Another important factor is that funding in this way the club
does not depend only on one lender. In addition, it should
bear in mind that in this way improves the image of the club
in the event of future takeover by other companies or clubs.
Experience from capital markets show that after crossing the
open joint stock company sports club organizational discipline. There is separation of ownership and control functions,
except for internal, mandatory external audit and the business of the club makes it more transparent. Managers who
lead the club are motivated with management contracts to
manage the club as a company and in the best interest of
all shareholders. In doing so, all owners in proportion to their
share capital, can participate in making decisions.
The process of exiting to the Stock Exchange gets attention
of public as it has a synergistic effect - promoting sports club
through regular disclosure of all information relevant to the
business of the club because of the interest in the business
of companies still higher than in private companies.
Cilj rada je predstaviti efekte izlaska sportskog kluba na

berzu s ciljem lak{eg finansiranja sportskih klubova. Vlasnici i menaderi klubova koji imaju ambicije da pribave
novac za klub ili da znaajno poveaju njegovu vrijednost,
treba da razmotre mogunosti koje im nudi inicijalna javna
ponuda akcija-izlazak na berzu. Tim potezom klub postaje
vrijedniji, {iri vlasniku strukturu i izlazi u javnost. Prednost
emitovanja akcija je da ovako prikupljena sredstva nemaju
rok dospijea i kamatnu stopu jer investitori koji kupuju
akcije u javnoj ponudi oekuju prinos po osnovu dividende
ili dobit kroz rast cijena akcija na berzi. Druga vana okolnost
je da finansiranjem na ovaj nain klub ne zavisi samo od
jednog kreditora. Osim toga, treba imati u vidu da se na ovaj
nain popravlja imid kluba u sluaju buduih preuzimanja
od strane drugih kompanija ili klubova.
Iskustva sa tri{ta kapitala pokazuju da se nakon prelaska u
otvoreno akcionarsko dru{tvo sportski klub organizaciono
disciplinuje. Dolazi do razdvajanja vlasnike i upravljake
funkcije a, osim interne, obavezna je i eksterna revizija {to
poslovanje kluba ini transparentnijim. Menaderi koji vode
klub motivi{u se menaderskim ugovorima da upravljaju
klubom kao preduzeem i u najboljem interesu svih akcionara. Pri tome, svi vlasnici, srazmjerno svom ue{u u
kapitalu, uestvuju u dono{enju svih odluka.
Sam proces izlaska na berzu dobija veliku panju javnosti
{to ima i sinergetski efekat - promovisanje sportskog kluba
kroz redovno objavljivanje svih informacija vanih za poslovanje kluba jer je interes za poslovanje akcionarskih
dru{tava uvijek vei u odnosu na privatna preduzea.
Key words: joint stock companies, initial public

offering.
Kljune rijei: akcionarska dru{tva, javna ponuda akcija

klubova.
Introduction
Uvod
In the first half of the 20th century sports had stopped being
just fun and recreation thus becoming a real job and a
social phenomenon. The evolution of sport has brought some
positive changes in society while supporting the whole
process of developing a country. Todays leading sports clubs
in the world are de facto successful companies which raise
a big profit on the market of the sports services, merchandise
Sport u prvoj polovini dvadesetog vijeka prestaje biti samo

zabava i rekreacija ve postaje pravi posao i dru{tveni
fenomen. Evolucija sporta donijela je pozitivne promjene u
dru{tvu i postala podr{ka ukupnom razvoju zemlje. Danas
su najuspje{niji sportski klubovi na svijetu de fakto i uspje{na
preduzea koja ostvaruju velike profite na tri{tu sportskih
usluga, roba i kapitala a sportisti su, poput glumaca i pjevaa,
52
Zbornik radova 2012, 5264
and capital, and athletes are global celebrities, just like actors
and singers. The modern sport is characterised by a high
level of professionalisation of clubs and competitions, the
growing income and the strongly profiled trend of corporative governance and management (Cadbury Committee
Report, 1992)1. In the last hundred years the sport has gone
a long way from a game and fun into an industrial branch,
and the clubs have gone a long way from informal asociations, based on the enthusiasm of their participants, to
companies on a global scale. A mere fun in the beginning,
competitions have turned to spectacle, to highly commercial
world-wide events in which almost every country in the
world participates. Once upon a time the participants themselves used to finance sports activities, and then it was the
viewers, and today the sole income of commercial and TV
rights is expressed in millions of euros. In the document The
EU & Sport Matching Expectations the European Commision states that about 60% of the EU citizens (about 270.000.000
people) is engaged in sport activities, whether as professionals or amateurs. In this very moment there are 70.000.000
athletes competing and around 10,000,000 volunteers
helping in 700.000 sport clubs across Europe. On the economic level the European Commision has assesed that sport
has created around 400.000.000.000 euros in Europe or
3.7 % of the GNP (Gross National Product) of the EU, providing job for 5.4% of the labor force (Structured dialogue
with sports organisations, 2012).
Despite the fact that it has overgrown its former role of fun
and recreation and become a significant support to the social
and economy development of a country, sport has mostly
been based on limited financials which represents the greatest barrier to the existance, growth and development of the
sport clubs. This barrier raises an issue on whether sport
clubs should exist as associations or legal person (limited
liability companies or joint-stock companies). This transformation has set a new chalenge while organising the form of
a club: make it an association or an economy company for
sport (Theiri, Medabesh, & Ati, 2012).
The goal of this paper is to asses the importance, new
abilities and the effects of listing professional sport clubs on
the stock exchange in order to gain money to finance and
develop the clubs.
globalne zvijezde. Savremeni sport karakteri{e visoka profesionalizacija klubova i takmienja, sve vei rast prihoda i
sve izraeniji trend korporativnog organizovanja i upravljanja (Cadbury Committee Report, 1992)1. Tokom posljednjih stotinu godina sport je od igre i zabave postao industrijska grana, a klubovi su od neformalnih udruenja, koja su
se zasnivala na entizujazmu uesnika, dospjeli do kompanija globalnih razmjera. Takmienja su od puke zabave,
preko spektakla, stigla do visokokomercijalnih planetarnih
dogaaja u kojima uestvuju gotovo sve drave svijeta.
Sportske aktivnosti su nekada finansirali sami uesnici, potom
gledaoci, a danas se samo prihodi od prodaje komercijalnih
i TV prava izraavaju u milijardama evra. Evropska komisija
u dokumentu The EU & Sport Matching Expetations konstatuje da se oko 60% graana EU (oko 270 miliona
stanovnika) profesionalno ili amaterski bavi sportom. Trenutno se u 700.000 sportskih klubova Evrope takmii 70
miliona sportista i angauje oko 10 miliona volontera. Na
ekonomskom planu, Evropska komisija procjenjuje da u
Evropi sport stvara oko 400 milijardi evra ili 3,7 odsto BNP
(bruto nacionalnog proizvoda) Evropske Unije i zapo{ljava
5,4 odsto radne snage (Structured dialogue with sports
organisations, 2012).
Uprkos injenici da je prerastao nivo zabave i rekreacije i
postao znaajan podsticaj dru{tvenom i privrednom razvoju zemlje, sport se uglavnom bazira na ograniena finansijska sredstva {to predstvalja najveu barijeru postojanju,
rastu i razvoju sportskih klubova. Ova barijera otvara dilemu
da li sportski klubovi treba da funkcioni{u kao udruenja ili
pravna lica (dru{tva sa ogranienom odgovorno{u ili akcionarska dru{tva). Ova transformacija postavlja novi izazov u
vidu organizovanja forme kluba: udruenja ili sportskog
privrednog dru{tva (Theiri, Medabesh i Ati, 2012).
Cilj ovog rada je da ocijenimo vanost, mogunosti i efekte
listiranja profesionalnih sportskih klubova na berzu s ciljem
obezbjeivanja novca za finansiranje i razvoj klubova.
Ownership in professional
clubs in the world
Vlasni{tvo u profesionalnim
sportskim klubovima u svijetu
Every major earning in sport depends on the achievement

of excellent results (Boovi, 2008). Rising professionalism,
especially rising income accumulated by clubs and athelets,
has led to more pronounced corporative organising. The
most successful clubs of today have been organised and
operated as private profit organisations. Significant capital
invested in the clubs is subject to the laws of market valid
for any other branch of economy. This way of running a
business of sport organisations is mostly characteristic for
clubs in the USA and Europe. People who invest in these
clubs are, above all, motivated by profit. However, there are
occasions in which people invest in a sport club because
they want to acquire or improve their image, or they want
an advert, social affirmation or status. Also, one of the motives is escaping of having to pay taxes on capital investment
in sport. Namely, states in their tax policy do not offer
special stimulations to entrepreneurs who invest in sport,
but companies which invest in clubs are freed from paying
U sportu je svako ostvarenje velikih zarada uslovljeno postizanjem vrhunskih rezultata (Boovi, 2008). Razvoj profesionalizma, a prije svega rast prihoda koje ostvaruju klubovi
i sportisti, doveo je do sve izraenijeg korporativnog organizovanja. Najuspje{niji klubovi dana{njice organizovani su
i posluju kao privatne profitne organizacije. Znaajan kapital koji se u klubove ulae podlijee tri{nim zakonima koji
vae za bilo koju drugu privrednu djelatnost. Ovakav nain
poslovanja sportskih organizacija karakteristian je prije
svega za klubove u SAD i u Evropi. Motivi onih koji ulau u
te klubove su, prije svega, profitni. Meutim, nerijetko se u
sportski klub ulae zarad popravljanja ili sticanja imida,
reklame, dru{tvene afirmacije i statusa. Takoe, jedan od
motiva je i oslobaanje od poreza na ulaganja kapitala u
sport. Naime, drave poreskim politikama ne predviaju
posebne stimulacije da privrednici ulau u sport, ali kompanije koje investiraju u klubove su osloboene plaanja
Established the 1991 by the Financial Reporting Council of Great

Britain, London Stock Exchange and British accountant chaired by
Sir Adrian Cadbury) corporate governance is defined as "a system
that manages and supervises the work of the company". In this way,
corporate governance is defined as a set of mechanisms through
which the company operates when the property is separate from
management.
Ustanovljen je 1991. godine od strane vijea za finansijsko

izvje{tavanje Velike Britanije, londonske burze i britanskih raunovoa kojima je predsjedao Sir Adrian Cadbury. Korporativno
upravljanje se defini{e kao sistem kojim se upravlja i nadzire radom
kompanija. Na taj nain je korporativno upravljanje definisano kao
skup mehanizama kroz koje kompanija funkcioni{e kada je svojina
odvojena od upravljanja.
53
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Gruji, M.: ORGANIZACIJA, FINANSIRANJE I VLASNI[TVO SPORTSKIH...
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Proceedings 2012, 5264
one part of the tax2, and the only thing taxed is capital gain
if any trade of shares should take place.
According to the american model, professional clubs are
organised as companies. When they meet certain requirements, via taking place in a competition they become a part
of the holding system of professional leagues, which also
act as stakeholders in the very same clubs. Such model is
characterized by a cartel behavior while forming the price
of a ticket and distribution of income, but also by a high
professionalism, quality and uncertain competition, all that
with a purpose to gain profit ([urbatovi, 2012).
Sport, and especially football, has become a very important
industry in Great Britain. The Premier League and the Football League Championship form a group of commercial
competitions which achieve the greatest income. Massive
corporations, such as Reebok, Adidas and Umbro are important sponsors, TV rights are sold in advance for billions
of pounds, and the football players wages simply skyrocket.
In order to perform the best they can, the clubs have introduced professional marketing advertising and invested on a
large scale in big arenas, and a considerable number of clubs
have been listed on an exchange. The pioneer of this process
was Tottenham Hotspur back in1983. During the 1996-97
season the wave of initial public offerings3 by the football
clubs resulted in a successful introduction of eight clubs on
the official list of the London Stock Exchange (LSE) and four
clubs on the Alternative Investment Market (AIM) (Renneboog
& Vanbrabant, 2009). As a result, there are nineteen English
and Scottish clubs on the exchange right now (11 of them
on LSE, 7 on AIM and 1 on NYSE).
Formal and legal status of the biggest clubs in the Western
Europe depends on specific legislatives of certain states , but
the common characteristic of the biggest is to work and
operate as a business entity ([urbatovi, 2012). Such form
connotes that clubs lead business books, tend to increase
profit and have their business subject to regular controls from
auditors, inspections and banks.
The French model of turning clubs from private companies
to corporations from 1984 is the best evidence that there is
no ideal model of transformation, organization and operating of clubs, and that all laws of a state must be taken into
account before making any changes. The goal of the reorganization was to get French clubs somewhat closer to a
British model. After two years only two clubs were reformed
they became city clubs. Such an (un)expected chain of
events has led to the pass of the new Law which was a lot
more liberal and did not imply the unconditional form of
status. Today, there are more different models in France.
The best French football clubs are successful firms, and Ligue
is among the top five in Europe according to realized income
and profit. For example, Lyon4 rates on exchange as a jointstock company , Monaco is a private club owned by the
famous Ranieri family, Nice is held by three shareholders,
Lens is owned by a town, Sochaux is held by Peugeot, the
car factory, while Olympique de Marseille has recently been
sold to an owner for 115.000.000 euros.
The Spanish model adopted in 1999 has enabled reforming
of 68 football and 32 basketball clubs. The exceptions are
Barcelona, Real Madrid, Athletic Bilbao and Osasuna which
being clubs of extreme importance should operate in a
different system. Primarily because of the historical, cul-
jednog dijela poreza2, a oporezuje se samo kapitalni dobitak

iz eventualnog trgovanja akcijama.
Prema amerikom modelu, profesionalni klubovi su organizovani kao kompanije. Kada ispune predviene uslove,
ue{em u takmienju klubovi postaju dio holding sistema
profesionalnih liga, koje su i vlasnici udjela u tim istim
klubovima. Ovakav model karakteri{u kartelsko pona{anje
pri formiranju cijena ulaznica i raspodjele prihoda, ali i visoka profesionalizacija, kvalitet i neizvjesno takmienje, a
sve u funkciji ostvarivanja profita ([urbatovi, 2012).
Sport, a posebno fudbal, je postao vana industrija u Velikoj
Britaniji. Premijer Liga i druga liga Engleske, spadaju u red
komercijalnih takmienja koja ostvaruju najvee prihode.
Velike korporacije kao {to su Reebok, Adidas ili Umbro
znaajni su sponzori, prava televizijskih prenosa prodata su
unaprijed za milijarde funti, a plate fudbalera astronomske
za sve prilike. Kako bi postigli {to bolje rezultate, klubovi su
uveli profesionalno marketin{ko ogla{avanje i znaajno investirali u velike arene, a znaajan broj klubova je listiran na
berzi. Pionir tog procesa je bio Totenhem Hotspur jo{ 1983.
godine. Tokom sezone 1996-1997, talas inicijalnih javnih
ponuda3 od strane fudbalskih klubova rezultirao je uspje{nim
uvoenjem osam klubova na slubenu listu Londonske
berze (LSE) i etiri na Alternative Investment Market (AIM)
(Renneboog i Vanbrabant, 2009). Kao rezultat toga, trenutno su 19 engleskih i {kotskih klubova na berzi (11 na LSE,
7 na AIM i jedna na NYSE).
Formalno-pravni status najveih klubova zapadne Evrope
zavisi od specifinosti zakonodavstava pojednih zemalja, ali
zajednika odlika najveih je da posluju i funkcioni{u kao
privredni subjekti ([urbatovi, 2012). Takva forma podrazumijeva da klubovi vode poslovne knjige, tee uveanju
dobiti i da im poslovanje podlijee redovnim kontolama
reviziora, inspekcija i banaka.
Francuski model promjene statusa klubova iz udruenja u
dru{tva kapitala iz 1984. godine je najbolji dokaz da ne
postoji idealan model transformacije, organizovanja i funkcionisanja klubova, te da je prije bilo kakave promjene
neophodno imati u vidu sve zakone zemlje. Cilj reorganizacije je bio da se francuski klubovi priblie britanskom
modelu. Nakon dvije godine samo dva kluba su se tranformisala postali su gradski. Takav (ne)oekivan razvoj dogaaja
uzrokovao je usvajanje novog Zakona koji je bio znatno
liberalniji i nije implicirao bezuslovnu statusnu formu. Danas, u Francuskoj ima vi{e razliitih modela. Najbolji francuski fudbalski klubovi su uspje{na preduzea, a Liga je po
ostvarenim prihodima i profitu meu prvih pet u Evropi. Na
primjer, Lion4 kao akcionarsko dru{tvo kotira na berzi,
Monako je privatni klub u vlasni{tvu poznate porodice Ranijeri, Nicu dre tri akcionara, Lens je u vlasni{tvu grada,
So{o dri fabrika automobila Peo, dok je Olimpik iz
Marseja nedavno prodat jednom vlasniku za 115 miliona
evra.
[panski model usvojen 1999. godine omoguio je da se u
preoblikuje 68 fudbalskih i 32 ko{arka{ka kluba. Izuzetak
su Barselona, Real Madrid, Atletiko Bilbao i Osasuna koji
According to the legislation of the Republika Srpska investment in

sport up to three percent of total revenues is deducted when paying
taxes.
3
IPO is an abbreviation from initial public offering refers to the
first sale of shares by private companies to the public. In developed
countries, the inherent smaller and younger companies seeking
capital for expansion, and large private companies that want to
take their shares publicly traded.
4
Lion 2007th has offered its shares on the stock exchange in order
to raise 84 million euros, which used a new law allowing the release of the stock professional clubs and became the first club in
France who is listed compliance on the stock exchange.
54
Prema zakonskoj regulativi u Republici Srpskoj ulaganje u sport do

tri odsto ukupnog prihoda predstavlja odbitnu stavku pri plaanju
poreza
3
IPO je skraenica od engleskih rijei initial public offering, a
oznaava prvu prodaju akcija privatne kompanije javnosti. U razvijenim zemljama je svojstvena manjim i mlaim kompanijama
koje trae kapital za ekspanziju, ali i velikim privatnim kompanijma
koje ele da se njihovim akcijama trguje javno.
4
Lion je 2007. godine javno pundio svoje akcije na berzi s namjerom
da prikupi 84 miliona evra, ime je iskoristio novi zakon kojim se
dozvoljava izlazak na berzu profesionalnim klubovima i tako postao
prvi klub u Francuskoj koji je listiran na berzi.
tural and nationalistic importance they had for the ethnic

groups who support them, these clubs have been separated
into sport companies which did not have the obligation to
turn into joint-stock companies, which does not mean that
they do not have the obligation to work in a transparent
manner. The socios model, in which the clubs operate,
develops and maintains a close social and economic link
between the society and the club. Socios, the members,
have their vote when electing the president of the club, and
can be, in many ways, elected in the club assembly. Unlike
the privatized clubs, the clubs which are owned by their
members do not bring profit to their owners, instead everything the club earns stays in the club and is directed into its
operating and development5.
It is very similar in Italy, with the exception that cities take
better care of the clubs which are ranked lower. So, Milan
is owned by the Berlusconi, the former Prime Minister, Inter
is controlled by the Moratti family, and Juventus is owned
by Agnelli of Fiat6.
In Germany, all the clubs in Bundesliga are associations of
citizens, but they can abstract a professional section and
register it as a joint-stock company. The base of this model
is the 50% + 1 rule. Meaning, if clubs decide to secede
into a professional section, the major share (50% plus one
share) must stay in the hands of the club/association of
members. Private investors may invest some money in the
club, but they are unable to acquire the major share in the
club. FC Bayern Mnchen, the biggest German club, has
taken advantage of it. The club is supervised by the Bayern
Mnchen AG, an association dedicated solely to management of football in a professional level. It is not on the exchange. FC Bayern Mnchen which holds the 90% stake
and Adidas, the official sponsor of the club, which holds the
10% stake7, are shareholders of the association Bayern
Mnchen AG. According to this model the club stil remains
owned by its members and generates profit from their
memberships, allowing investors to buy a certain percentage
rate of the joint-stock company Bayern Mnchen AG thus
investing money in the clubs, which is an extra input of funds
for the club.
In Croatia nearly all football clubs are associations of citizens,
initially organised after the Associative Law, which follows
all the postulates of the membership model. The exceptions
are HNK Hajduk Split and NK Istra 1961 which have recently been transformed into joint-stock companies. Croatian
clubs have all predispositions to be organised in a combination of the socios model and private owneship like the socios
models of Barcelona or Bayern. In effect, interest groups
gathered around the leaders of the club form the club Assembly and Board of Directors. Such situation violates the
statutes of the clubs, the Sport Law and the Associative Law.
There is a similar situation in almost every club in the former
Yugoslavia. These countries are still waiting to change legislative on sport and associating.
kao izuzetno vani klubovi treba funkcioni{u prema

posebnom sistemu. Prvenstveno zbog istorijskog, kulturnog
i nacionalistikog znaaja za etnike grupe koje ih podravaju
ovi klubovi su izdvojeni u sportska dru{tva koja nisu imala
obvezu pretvaranja u akcionarska dru{tva {to ne znai da
nemaju obvezu transparentnog poslovanja. Socios model,
prema kojem klubovi funkcioni{u, razvija i odrava blisku
dru{tvenu i ekonomsku vezu izmeu zajednice i kluba.
lanovi (sociosi) imaju pravo glasa na izborima za predsjednika kluba te mogu na vi{e naina biti izabrani u skup{tinu
kluba. Za razliku od privatizovanih, klubovi koji su u vlasni{tvu
svojih lanova ne stvaraju vlasnicima dobit, ve sve {to klub
zaradi ostaje u klubu i ulae se u njegov rad i razvoj5.
U Italiji je slino, s tim da se gradovi vi{e brinu za klubove
koji su na niem rangu. Milan je tako u vlasni{tvu biv{eg
premijera Berlusconija, Inter kontroli{e porodica Morati, a
Juventus Anjeli iz Fijata6.
U Njemakoj su svi klubovi Bundeslige udruenja graana,
ali mogu izdvojiti profesionalnu sekciju i regitstrovati je kao
akcionarsko dru{tvo. Temelj ovog modela je pravilo 50%+1.
To znai da ako se klubovi odlue izdvojiti u profesionalnu
sekciju, veinski udio (50% plus jedna akcija) i kontrolu u
preduzeima mora zadrati klub/udruenje lanova. Privatni investitori mogu da uloe novac u klub, ali im je onemogueno
da steknu veinski udio u klubu. Najvei njemaki klub, FC
Bayern Mnchen iskoristio je tu mogunost. Klub nadzire
Bayern Mnchen AG, dru{tvo posveeno iskljuivo upravljanju fudbalskom aktivnosti na profesionalnom nivou i koje
se ne nalazi na berzi. Akcionari dru{tva Bayern Mnchen
AG su: FC Bayern Mnchen koji dri udio od 90% i Adidas,
slubeni sponzor kluba, koji ima udio od 10%7. Ovim modelom klub i dalje ostaje u vlasni{tvu lanova i ostvaruje
prihode od njihovih lanarina, a pritom omoguuje investitorima da kupe odreeni postotak akcionarskog dru{tva
Bayern Munchen AG i tako uloe novac u klub {to za klub
predstavlja dodatni priliv kapitala.
U Hrvatskoj su gotovo svi fudbalski klubovi udruenja graana
osnovno organizovani po Zakonu o udruenjima, koji po{tuje
sve postulate lanskog modela. Izuzeci su HNK Hajduk Split
i NK Istra 1961 koji su nedavno pretvoreni u akcionarska
dru{tva. Hrvatski klubovi imaju sve predispozicije da budu
organizovani kombinacijom socios modela i privatnog
vlasni{tva poput socios modela Barselone ili Bajerna. U
praksi, interesne grupe okupljene oko elnika klubova
formiraju Skup{tinu kluba i Upravne odbore. Ovakva situacija kr{i statute klubova, Zakon o sportu i Zakon o udruenjima.
Slina praksa je u gotovo svim klubovima na prostorima SFRJ.
Ove zemlje jo{ ekaju na promjene legislative o sportu i
udruivanju.
FC Barcelona, the best example of how the club can be owned by

its members by Socios model, and thereby achieve superior results.
The total income of FC Barcelona dues-Socios participate to six
percent, 20-30 percent of total revenues come from ticket sales and
merchandise in the stadium, from 28-30% of total revenue from
marketing, from 35-40% of media rights and five to nine percent
of other income. The club has a body like the Assembly, the Board,
the Senate, union members, the economic committee, disciplinary
committee, etc.
6
Shares of the club who is punished for fraud thrown out of the first
division, which was suspended business with shares owned and
Libyan President Muammar Gaddafi who is over the investment
fund Lafico on the Milan stock exchange for 22.9 million shares
bought 5.31%. Juventus shares have lost due to penalties of more
than 200 million values.
7
Adidas in 2002. bought a 10% shareholding company Bayern
Munchen AG. The club has used the money to build a new stadium,
the Allianz Arena.
FC Barcelona, je najbolji primjer kako klub moe biti u vlasni{tvu

svojih lanova po socios modelu, a pritom ostvarivati vrhunske rezultate. U ukupnom prihodu FC Barcelon lanarine-sociosi uestvuju do {est odsto, od 20 do 30 odsto ukupnoh prihoda ostvaruje se
od prodaje karata i suvenira na stadionu, od 28-30% ukupnog
prihoda od marketinga, od 35-40% od medija prava a pet do devet
odsto su ostali prihodi. Klub ima tijela poput skup{tine, upravnog
odbora, senata, sindikata lanova, ekonomske komisije, disciplinske
komisije i sl.
6
Akcije ovog kluba koji je zbog malverzacija kanjen izbacivanjem
iz prve lige, zbog ega je obustavljeno poslovanje s akcijama, posjedovao je i libijski predsjednik Moamer Gadafi koji je preko investicionog fonda Lafico na milanskoj berzi za 22,9 miliona evra kupio
5,31% akcija. Juventus je zbog kazne samo na akcijama izgubio vi{e
od 200 miliona evra vrijednosti.
7
Adidas je 2002. godine kupio 10% akcionarskog drutva Bayern
Munchen AG, a klub je taj novac iskoristio za gradnju novog stadiona, Allianz Arene.
55
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Financing of professional
sports clubs
Finansiranje profesionalnih
sportskih klubova
Professional clubs earn by:
Profesionalni klubovi zarauju ostvarujui:
income of games: ticket sale, income of commercial

facilities on a stadium (event management, box leasing,
concerts etc.);
commercial income: income based on sponsors, advertisements, memberships, donations, licence rights
selling, merchandising and other commercial rights
(naming rights, leasing and hiring of locations and plots,
renting, appearance on tournaments etc.);
media rights: TV rights, the internet, mobile communications, video games and other media rights; and
income of selling players8.
REVIEW PAPER
PREGLEDNI LANAK
It has been noted that accomplishing of high percentage

income after selling a player leads to renewing the team with
players of poorer quality which inevitably leads to weaker
sport performance with a negative effect on other sources
of income (Pritamani & Singal, 2001). It is interesting that
the most developed sport clubs do not achieve any significant
income (the difference between selling and buying) on
player transfers. Accodingly, it is obvious that clubs would
not be able to cover their expenses and operate as successful businesses unless they have a strong sponsor.
A modern concept of strategic management of professional
sport clubs, having market oriented companies as a role
model, is the basic predisposition for the clubs to operate
in an efficient and successful way, both on the level of business and competing. If we take a close look at the European
professional football, we will observe that there are two
strategies which stand out as possibly successful models.
These are increase of profit and sport performance. What
they have in common is that the clubs engage all their resources and invest not only in players and couches, but also
in board members, so they could achieve the best possible
results and success in sport.
In football, for example, there is an obvious correlation
between the success in competitions, achieved income and
expanses for purchase of players (Theiri et al., 2012). As a
rule, the clubs achieving the greatest results are the ones
achieving the greatest income, and investing the largest funds
to enroll the best and most expensive football players and
coaches, at the same time. It is evident that football of today
is characterized by the trend of perpetually growing salaries
of its actors9.
While researching the models of strategic management of
professional English and Spanish football clubs, Stefan imanski
and Pedro Garsia del Baro (2012) came to the conclusion
that success in competition depends on several factors, such
as:
prihode od samih utakmica: prodaja karata, prihodi

od komercijalnih sadraja na stadionu (event management, zakup boksova, koncerti itd.);
komercijalne prihode: prihod od sponzora, reklama,
lanarina, donacija, prodaje licencnih prava, merchandisinga i ostala komercijalna prava (naming rights ustupanje imena stadiona, najam i izdavanje prostora
i zemlji{ta, rentiranje, turnirski nastupi itd);
prihode od medijskih prava: TV prava, internet, mobilne
komunikacije, video igre i ostala medijska prava; i
prihode od prodaje igraa8.
Uoeno je da ostvarivanje visokog procenta prihoda od
prodaje igraa znai obnavljanje tima manje kvalitetnim
igraima {to neminovno vodi lo{ijim sportskim performansama koji negativno utiu na ostale izvore prihoda (Pritamani
i Singal, 2001). Interesantno, najrazvijeniji sportski klubovi
ne ostvaruju znaajnu zaradu (razliku izmeu prodaje i
kupovine) na transferima igraa. Prema tome, oigledno je
da klubovi nee biti u stanju da pokriju rashode i da posluju kao uspje{na preduzea ako nemaju jake sponzore.
Moderan koncept strate{kog upravljanja profesionalnim
sportskim klubovima, po uzoru na tri{no orjentisane kompanije, je osnovni preduslov za njihovo efikasno i uspjeno
funkcionisanje, kako u poslovnom tako i u takmiarskom
smislu. Ako paljivo analiziramo evropski profesionalni
fudbal, uoiemo postojanje dvije strategije koje se izdvajaju kao mogui modeli uspjeha. To su poveanje profita i
sportskih performansi. Zajedniko za obe strategije jeste da
klubovi angaovanjem svih svojih resursa i ulaganjem u igrae
i trenere, ali i u lanove uprave, nastoje da postignu {to bolje
rezultate i ostvare sportski uspjeh.
U fudbalu, na primjer, postoji oigledna korelacija izmeu
uspjeha u takmienju, ostvarenih prihoda i tro{kova za kupovinu igraa (Theiri i saradnici, 2012). Po pravilu, klubovi
koji postiu vrhunske rezultate ostvaruju i najvee prihode,
a u isto vreme i najvi{e sredstava ulau u angaman najboljih
i najskupljih fudbalera i trenera. Evidentno je da dana{nji
fudbal karakteri{e trend konstantnog rasta plata njegovih
aktera9.
Stefan [imanski i Pedro Garsia del Baro (2012) su, istraujui
modele strate{kog upravljanja engleskih i {panskih profesionalnih fudbalskih klubova, konstatovali da takmiarski
uspjesi zavise od nekoliko faktora kao {to su:
istorijski uspjeh kluba i oekivanja navijaa,
historical success of a club and its fans expectations,

Income one professional sports team, for illustration, obtained from
sponsors, donors, advertising, membership fees, tickets, TV rights,
renting office space and its own activities; and expenses related to
the cost of the competition, training, salaries, contractual obligations,
props, equipment and maintenance facilities (Ukupan prihod 20
vodeih fudbalskih klubova, 2012).
9
Bosman Case has marked the beginning of a new era in European football. The European Court of Justice (European Union Court
of Justice), the 1995. issued a judgment which has allowed football
players full freedom of choice for the club that will perform in the
territory of the EU without restrictions. Because of that decision,
wages and incomes fall sharply rising. Investing in new football
players turned into a frantic race that the club will spend more on
the European football market. Transfers and salaries of top players,
and of some of the coaches, have reached such proportions that
some of the national football federation are seriously considering
introducing restrictions in this direction (the salary cap).
8
56
Prihodi jednog profesionalnog sportskog kluba se, ilustracije radi,

ostvaruju od sponzora, donatora, reklama, lanarina, ulaznica, TV
prava, izdavanja u zakup poslovnog prostora i sopstvene djelatnosti;
a rashodi se odnose na tro{kove takmienja, treninge, plate, ugovorne obaveze, rekvizite, opremu i odravanje objekata (Ukupan
prihod 20 vodeih fudbalskih klubova, 2012).
9
Sluaj Bosman je oznaio poetak nove ere u evropskom fudbalu. Evropski Sud pravde (European Union Court of Justice) je
1995. godine donio presudu kojom je omoguio fudbalerima punu
slobodu izbora kluba za koji e nastupati na teritoriji EU bez ikakvih
ogranienja. Zahvaljujui toj odluci, plate i primanja igraa naglo
rastu. Investiranje u nove fudbalere pretvorilo se u bjesomunu
trku koji klub e vi{e potro{iti na evropskoj fudbalskoj pijaci. Transferi i plate vrhunskih igraa, pa i ponekih trenera, su dostigle tolike
razmere da neke nacionalne fudbalske federacije ozbiljno razmi{ljaju
o uvoenju ogranienja u tom pravcu (tzv. salary cap).
8
the legal status of the club (business company or association of citizens),

capability and motivation of the leading structures,
concentration of control during the process of decision
making and
the danger of failure or the league fallout etc.
pravni status kluba (privredno dru{tvo ili udruenje

graana),
sposobnost i motivacija upravljakog kadra,
koncentracija kontrole u procesu dono{enja odluka i
opasnost od neuspjeha ili ispadanja iz lige i sl.
The clubs which did not have any important success in the
past have a strong drive to use the strategy of increasing sport
performance in order to satisfy the wishes and expectations
of their fans, while the clubs with grand tradition and past
can use their past glory to ease the current results. On the
base of mathematical models, the authors spotted the following:
Klubovi koji nisu imali znaajnih uspjeha u pro{losti imaju

izraeniju spremnost da pribjegnu strategiji poveanja sportskih
performansi kako bi zadovoljili elje i oekivanja navijaa,
dok klubovi sa bogatom tradicijom i pro{lo{u mogu zamjenu
za trenutne rezultate da trae u ranijim uspjesima. Autori
su, na bazi matematikih modela, uoili da klubovi:
the clubs which struggle to stay in the league or to get

promoted prefer to ignore the strategy of profit increase
and
the clubs with the more serious management control
or are owned by a company or family tend to maximize
their profit, but often lose millions through debts and
losses which they reimburse from their personal funds.
koji se bore za opstanak u ligi ili ulazak u vi{i rang

radije odluuju da zanemare strategiju poveanja
profita i
kod kojih je izraenija kontrola upravljanja ili su u
vlasni{tvu jedne kompanije ili porodice tee da ostvare {to vei profit ali da nerijtko prave milionske
dugove i gubitke koje nadoknauju iz linih izvora.
One more interesting observation: the industrial branch

which the president comes from has a major influence on
the choice of club management strategy. Successful business
people are prone to the strategy of performance increase
because of a very strong influence of the image sport has as
a socially acceptable and desirable activity. Without any
doubt, the general conclusion of their research is that clubs
are much more likely to increase sport performance than
profit.
Interesantno zapaanje pomenutog istraivanja je da industrijska grana iz koje dolazi predsjednik ima znaajan uticaj
na izbor strategije voenja kluba. Uspje{ni ljudi iz biznisa
su naklonjeniji strategiji poveanja performansi zbog jakog
uticaja imida sporta kao dru{tveno prihvatljive i poeljne
aktivnosti. Bez sumnje, generalni zakljuak njihovog istraivanja
je da su klubovi mnogo blii strategiji poveanja sportskih
performansi nego profita.
Advantages and disadvantages of listing on the Excange
Prednosti i nedostaci
listiranja na berzi
In order for a private club to raise funds by an initial public

offering of shares, it must first be transformed into a jointstock company. In effect, it often happens that, beside the
issuance of the new ones, the existing shareholders also sell
a part of their shares in the process of IPO. According to the
rule, the management, players and officials are the ones
mostly interested in the IPO of the club, but so are the
partners and sponsors, because they are the most familiar
with the state the club is in, aside the image and results. It
has been approved the most loyal supporters often become
the biggest shareholders of the club (Zuber, Yiu, Lambc, &
Gandar, 2005). However, even though they outnumber
everyone else, the fans are really only small shareholders
whose overall ownership usually stands at only a couple of
percents.
The most important advantages of the development funding
through IPO are that funds raised in this manner do not have
the maturity date or interest rate because the investors buying shares in an IPO expect a return from dividend10 or
realization11 of the capital gain through the growth of a share
price on the exchange (Renneboog & Vanbrabant, 2009).
Also, it is important that a club does not rely on a sole
creditor if financed like this.
Da bi privatni klub prikupio kapital inicijalnom javnom

ponudom akcija, prvi korak je da se transformi{e u akcionarsko dru{tvo. U praksi se esto de{ava da, osim emitovanja novih, u postupku IPO-a i postojei akcionari prodaju dio svojih akcija. Za IPO kluba su, po pravilu, najvi{e
zainteresovani menadment, igrai i funkcioneri ali i partneri i sponzori, jer su, osim imida i rezultata kluba, najbolje
upoznati sa stanjem u klubu. Utvreno je da najlojalniji
navijai nerijetko postanu najbrojniji akcionari kluba (Zuber,
Yiu, Lambc i Gandar, 2005). Meutim, iako su najbrojniji,
navijai su zapravo mali akcionari ije ukupno vlasni{tvo
obino iznosi tek nekoliko procenata.
Kao najvanije prednosti finansiranja razvoja javnom emisijom akcija istie se da ovako prikupljena sredstva nemaju
rok dospjea i kamatnu stopu jer investitori koji kupuju
akcije u javnoj ponudi oekuju prinos10 po osnovu dividende11
ili ostvarivanje kapitalne dobiti kroz rast cijena akcija na
berzi (Renneboog i Vanbrabant, 2009). Zatim, vana okolnost
jeste da klub ne zavisi samo od jednog kreditora ako se
ovako finansira.
More from Eri (2003): Yield is the main motive of investing in

financial markets, it is the profit that the investor expects the investment in a particular financial instrument. (p. 146).
11
Dividend income is part of the company to be awarded the shareholders, that shareholder as consideration for its equity. It can be
paid in the amount of money (the term dividend usually indicates
this type of payment), the material values in the form of new shares.
Uoteno expressed in monetary amount per share, or a percentage
of the face value of the action. Dividends are always approved by
the Assembly of Shareholders.
10
Naime, kako to nagla{ava Eri (2003): Prinos (return) je osnovni

motiv investiranja na finansijskom tri{tu, to je dobit koju investitor
oekuje od ulaganja u odreeni finansijski instrument. (str. 146).
11
Dividenda (engl. dividend, njem. Aktiendividende, Gewinnanteil
an Aktien) je dio dobitka dru{tva koji se dodjeljuje vlasniku akcije,
tj. Akcionaru kao naknada za njegov uloen kapital. Moe biti isplaena u novanom iznosu (termin dividenda uobiajeno oznaava takvu vrstu isplate), u materijalnim vrijednostima i u obliku novih
dionica. Uo{teno se izraava u novanom iznosu po akciji, ili u
postotku od nominalne vrijednosti akcije. Raspodjelu dividendi
uvijek odobrava skup{tina akcionara.
10
57
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If a club finances itself solely on borrowing, it has to plan
the return of a loan in principal and interest in annuity. The
increase in capital through the share emission lessens the
weight of debt service. When increasing capital by emission
of shares, club can plan that only after a period of time (two
years or more) it should start paying out dividend or keep
the gain and invest in development. Development finance
in the form of share emissions makes a company, meaning
the club going public, more competitive. It has been proven
by the fact that every successful global company is organised
as a joint-stock company, which, as a rule, do not have a
single major owner (Fortune 500, 2012).
The advantages of development finance in the form of share
emissions are especially visible in the time of crisis. If a club
is accomplishing far worse financial results than it was expected as a consequence of unpredictable events, a club
which has raised its capital through IPO is in a much better
position than a club which has a credit to return.
The very process of going public gets a lot of public attention
which has a synergetic effect promoting of a club. Namely, media pays a lot of attention to joint-stock companies
since interest in their business is always bigger than interest
in private companies. Clubs which are listed on exchange
use this circumstance and obligation of periodic publishing
of business reports in order to show that they operate in a
responsible and transparent way.
A club is evaluated on daily bases because the shares are
traded. In bigger exchanges, depending on market price of
shares, every shareholder is able to know just how much
exactly their property in shares values, every day. Shareholders who decide to sell their participation in a certain jointstock company can do that by selling their shares. This is a
very important circumstance since it is believed that selling
participation in a limited liability company is a long process,
and one of the basic problems in the evaluation of the
companys value, that is, the evaluation of the price which
would satisfy both the owner and a potential buyer of a
company.
When a companys shares have already been listed on the
exchange, it is much easier to acquire extra capital with the
process of issuance of new shares, i.e. with secondary public offering (SPO). In that way a lot more information about
the company is given to institutional investors, such as insurance companies, investment and pension funds, and others
who did not buy any shares during the initial public offering.
For the club it means that it can count on more investors if
it decides to raise capital through public emission in the
future.
One of the most common reasons why owners of private
clubs do not chose to open a club is the fact that as a result
of selling shares in a public offering a club/company gets
new shareholders. Watering the ownership leaves founders and owners without a full control over business and
decision making. Every shareholder can participate in the
work of the assembly of shareholders, chose authorities and
make other important decisions, so one owner or a couple
of them do not decide everything any longer.
Listing assumes the obligation of revealing financial reports,
hiring an auditory body and revealing auditory reports,
preparing and announcing the business report, reporting
about the business on a semi-annual and quarterly base,
informing on important events which influence the business,
etc. Besides, the company is obliged to perform any action
which would result in improvement of corporative management, introduction and usage of international standards of
company management, which causes certain expenses.
58
Ako klub svoje poslovanje finansira iskljuivo kroz zaduivanje,

mora da planira vraanje glavnice i kamate kroz anuitete.
Poveanje kapitala kroz emisiju akcija smanjuje optereenje
otplate dugova. Poveanjem kapitala izdavanjem akcija, klub
moe da planira da tek poslije odreenog vremena (dvije ili
vi{e godina) pone sa isplatama dividende ili da zadri
profit i investira ga u razvoj. Da finansiranje razvoja kroz
emisije akcija ini preduzee, odnosno klub koji izlazi na
berzu, konkurentnijim, govore i podaci da su sve uspje{ne
globalne kompanije organizovane kao akcionarska dru{tva,
koja po pravilu nemaju veinskog vlasnika (Fortune 500,
2012).
Prednosti finansiranja razvoja izdavanjem akcija posebno
dolaze do izraaja u uslovima krize. Ukoliko klub ostvaruje
slabije finansijske rezultate od planiranih, zbog nekih dogaaja
koji se nisu mogli predvidjeti, u mnogo boljoj poziciji je klub
koji je prikupio kapital kroz IPO, nego klub koje mora da
vrati kredit.
Sam proces izlaska na berzu dobija veliku panju javnosti
{to ima i sinergetski efekat - promovisanje kluba. Naime,
mediji mnogo panje posveuju akcionarskim dru{tvima jer
je interes za poslovanje akcionarskih dru{tava uvijek vei u
odnosu na privatna preduzea. Ovu okolnost i obavezu da
periodino objavljuju izvje{taje o poslovanju, klubovi koji
su listirani na berzi koriste da pokau kako odgovorno i
transparentno posluju.
Klub se svakodnevo vrednuje zato {to se akcijama trguje.
Na velikim berzama, u zavisnosti od tri{ne cijene akcija,
svi akcionari svakog dana mogu tano znati koliko vrijedi
njihova imovina koju imaju u akcijama. Akcionari koji se
odlue da prodaju svoje ue{e u odreenom akcionarskom
dru{tvu, mogu to da urade prodajom akcija. Ova okolnost
je znaajna jer se smatra da je prodaja udjela u dru{tvu sa
ogranienom odgovorno{u dugotrajan proces, a jedan od
osnovnih problema je procjena vrijednosti preduzea,
odnosno koja cijena zadovoljava i vlasnika i potencijalnog
kupca preduzea.
Kada su akcije nekog preduzea ve uvr{tene na berzu,
mnogo je lak{e doi do dodatnog kapitala procesom emitovanja novih akcija, tj. sekundarnom javnom ponudom
(SPO). Tada vi{e informacija o preduzeu imaju i institucionalni investitori, poput osiguravajuih kompanija, investicionih
i penzionih fondova i ostalih koji nisu kupovali akcije u
inicijalnoj javnoj ponudi. Za klub to znai da moe da rauna
na vei broj investitora ako se u budunosti odlui da kroz
javne emisije akcija prikuplja kapital.
Jedan od naje{ih razloga zbog ega se vlasnici privatnih
klubova ne odluuju da otvore klub je {to prodajom akcija u javnoj ponudi preduzee-klub dobija nove akcionare.
Razvodnjavanjem vlasni{tva osnivai i vlasnici gube potpunu
kontrolu nad poslovanjem i odluivanjem. U radu skup{tine
akcionara mogu da uestvuju svi akcionari, koji biraju organe
preduzea i donose druge vane odluke, pa vi{e ne odluuje
o svemu jedan ili nekoliko vlasnika.
Uvr{tavavanje na berzu podrazumijeva obavezu objavljivanja finansijskih izvje{taja, angaovanje revizorske kue
i objavljivanje revizorskih izvje{taja, pripremu i objavljivanje izvje{taja o poslovanju, polugodi{nje ili kvartalno izvje{tavanje
o poslovanju, objavljivanje vanih dogaaja koji utiu na
poslovanje preduzea, itd. Osim toga, preduzee je obavezno da sprovodi aktivnosti koje imaju za cilj pobolj{anje
korporativnog upravljanja, uvoenja i primjene meunarodnih
standarda upravljanja preduzeem, {to uzrokuje odreene
tro{kove.
Proces of initial public

offering - the
Mancester United case
Proces inicijalne javne

ponude - primjer
Manester Junajteda
It is not an easy process to list a sports club. The club, operating as a joint-stock company, chooses a so-called issuing
agent before the initial public offering takes place. The issuing agent is usually a brokerage or investment bank, with
the purpose to promote investing into the clubs shares to
investors. The very beginning of the process of IPO is preceded by the consulting the owner has with the agent or
underwriter of emission. They negotiate the structure of the
offering which will be sent to investors, in order to assess the
size of capital, namely the anticipated ownership structure
after the IPO. Also, the way of determining the price (starting price, fixed price or price bracket) in the public offering
is negotiated. Together, the owners of the company and the
issuing agent analyze how much money they want to raise,
which investments will be financed and whether the current
owners want to sell a part of their shares as well, on top of
the emission of new shares. The issuing agent prepares an
independent overview on the state the company is in (due
diligence), and informs the company management about
improvement and implementation of the best praxis in
corporative management.
During preliminary meetings with potential investors when
the IPO is being promoted, the club managers answer to the
questions investors have about the company strategy, competition, level of management quality, financial indicators,
etc. It often happens that banks which lead the process of
the initial public offering form a consortium bank. For example, Jefferies (Makan, 2012a), the investment bank, had
the final word while organizing IPO. This bank was at the
head of the group of banks which were guiding the whole
process of going public (the group was constituted of the
following banks: Credit Suisse, JP Morgan Chase, Bank of
America Merrill Lynch and Deutche Bank) (Makan, 2012b;
Oran & Lacey, 2012).
A preliminary prospect is often constructed due to the uncertainty in the number and price of the shares which are
going to be emitted. That document contains all the data
about history and plans of the club (suppliers, legal issues,
marketing, the growth rate), information about the management (previous results, biography, financial indicators,
revised financial reports, information on possible risks, etc.
The preliminary prospect does not specify the exact sum of
the capital needed. The exact sum is revealed only after the
pulse of market has been felt, that is, after it is discovered
how interested in the company shares the investors really
are.
The prospect, including the statement that it contains correct
information and no relevant data has been omitted, is signed
by the club management. After the preparation, it is delivered
to the authorizing institution, the Securities Commission, to
be approved. The Commission approves the prospect or
sends it back to be amended in the statutory term.
Even in well-developed economic systems the process of
IPO lasts several months, and, since it is often dealt with big
sums, it is not unlikely that the investment bank or brokerage
which is the underwriter of the emission makes a commitment to buy off all the shares that stay unsold in the process
of public offering of shares. Sometimes the underwriter of
the emission buys all the shares from the public offering, and
sells them later earning his profit on the base of the difference in value.
How important an issuing agent really is in the whole process
is best shown in the case of Manchester United back on
exchange12. Even though they planned the initial public
Listiranje sportskog kluba na berzi nije jednostavan proces.

Klub, koji posluje kao akcionarsko dru{tvo, prije poetka
procesa inicijalne ponude akcija, bira tzv. agenta emisije.
Agent emsije je obino brokerska kua ili investiciona banku,
ija je uloga da investitorima promovi{e ulaganja u akcije
kluba. Samom poetku procesa IPO-a prethode konsultacije vlasnika sa agentom ili potpisnikom emisije o strukturi ponude koja e biti upuena investitorima, s ciljem da
se odredi visina kapitala, odnosno eljena vlasnika struktura nakon javne emisije akcija. Takoe, utvruje se nain
odreivanja cijene u javnoj ponudi (poetna, fiksna ili raspon
cijene). Vlasnici preduzea zajedno sa agentom emisije
analiziraju koliko sredstava se eli prikupiti, koje investicije
e se finansirati i da li, osim emisije novih akcija, postojei
vlasnici ele da putem IPO-a prodaju i dio svojih akcija.
Agent emisije priprema nezavisan pregled stanja kompanije
(due diligence), te upoznaje menadment preduzea za
unapreenje i primjenu najbolje prakse u korporativnom
upravljanju.
Prilikom preliminarnih sastanaka sa potencijalnim investitorima u toku promocije IPO-a, menaderi kluba pruaju
odgovore na pitanjima investitora u vezi sa strategijom
preduzea, konkurencijom, kvalitetom menadmenta, finansijskim pokazateljima, itd. Nerijetko, stvara se konzorcijum banaka koje vode proces inicijalne javne ponude. Na
primjer, glavnu bankarsku rije u pripremi IPO-a imala je
investiciona banka Jefferies (Makan, 2012a). Ova banka je
bila na elu grupe banaka koje su vodile itav proces izlaska
na berzu (Grupu su inile banke Credit Suisse, JPMorgan
Chase, Bank of America Merrill Lynch i Deutsche Bank)
(Makan, 2012b; Oran i Lacey, 2012).
Zbog neizvjesnosti oko broja i cijene akcija koje e se emitovati obino se izrauje preliminarni prospekt. U tom dokumentu navode se svi podaci o istoriji i planovima kluba
(dobavljai, pravna pitanja, marketing, stope rasta...), informacije o menadmentu (dosada{nji rezultati, biografija),
finansijski pokazatelji, revidirani finansijski izvje{taji, podaci
o rizicima sa kojima se klub moe susresti, itd. U preliminarnom prospektu se ne navodi taan iznos potrebnog
kapitala. Taan iznos je poznat tek po{to se opipa puls
tri{ta, to jest kad se procijeni stvarna zainteresovanost
investitora za akcije kompanije.
Prospekt, sa izjavom da prospekt sadri tane informacije i
da nijedan bitan podatak nije izostavljen, potpisuje uprava
kluba. Nakon pripreme, prospekt se dostavlja nadlenoj
instituciji na odobrenje - Komisiji za hartije od vrijednosti,
koja u zakonski propisanom roku odobrava prospekt ili ga
vraa na dopunu.
Proces IPO-a i u razvijenim ekonomijama traje nekoliko
mjeseci, a kako se esto radi o velikim sumama nije rijetkost
da se investiciona banka ili brokerska kua koja je potpisnik
emisije obavee da e otkupiti sve akcije koje se ne prodaju u postupku javne ponude akcija. Ponekad potpisnik
emisije kupi sve akcije iz javne ponude, a kasnije ih prodaje ostvarujui tako zaradu u vidu razlike u cijeni.
U kojoj mjeri itav proces zavisi od agenata emisije najblje
svjedoi primjer povratka na berzu Manester Junajteda12.
After nearly seven years since the American Glaser family bought
Manchester United for about 800 million euros, while shelter
12
Nakon gotovo sedam godina otkada je amerika porodica Glejzer

kupila Manester Junajted za oko 800 miliona evra i pritom delistala akcije sa Londonske berze, ovaj fudbalski klub se vratio na
tri{te kapitala.
12
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offering worth up to a billion dollars in the middle of the last
year (Oran, 2012), on exchange in Singapur13, agents have
advised not to pursue this idea. Instead in Asia, one of the
most famous world clubs was listed last year in the New York
Stock Exchange (NYSE: MANU14).
In the beginning of August, 2012, the Glazer family has made
a request to the U.S. Securities and Exchange Commission
(SEC) for initial public offering by placing up to one hundred
million dollars worth A class shares (Massoudi & Blitz, 2012).
The reason why total sum was a tenth part of what was announced, according to many analysts, was this: when a
company decides to list its shares in the USA, the initial sum
of money it plans to collect is used to calculate the price of
the registration tax. This is why the final share of a club may
be higher. This (significantly) lower value of the IPO comes
as no surprise. The lesser the issuance is, the higher the
relative value can be. It can simply be a strategy to initially
show that the IPO is smaller. Thus, brokers might assume
that, if the emission is smaller, the price of shares could
easily fly up on the opening of trade15.
The abstentionism towards the IPO may have been deepened
by the risks which Manchester United itself had published
in its prospect. Namely, the club has listed 51 risk investors
would face upon buying the shares. The list contains standard risks, such as course risk, influence of the financial
crisis, new taxes, players injuries, fall of the brand popularity and fall of the media right selling. The most interesting
part of the listed risks explains that the rights given to
shareholders are operated under the laws of the Cayman
Islands (Manchester United plc Class A Ordinary Shares,
2012).
The prospect states that the total sum of the debt the English
club had in the end of June, 2012, was 436.900.000 pounds
(that is more than 660.000.000 U.S. dollars) and the money
from the IPO was supposed to replace at least a part of the
debt.
Promotion is a very important part of going public. This step
is about presenting the club/company to the investors by
group presentations (road show) or in individual meetings
with the investors (one-on-one). The public invitation and
excerpt from the prospect containing the most important
information about the IPO is released in the media. The
prospect and announcement of all presentations of the
management are placed on the official website of the club/
company. The agents of the Manchester issuance had their
work greatly eased and their promotion expenses greatly
lessened due to the fact that their client was a famous sport
club.
Regardless of everything, the IPO has made success and the
Glazer family, who owned a half of the 16.000.000 shares
offered, has achieved a profit of 224.000.000 dollars. After
the IPO has been completed and the final price of a share
stopped at 14 dollars, the market value of the club is about
2.3 billion of dollars (Cowan, 2012), almost a billion less
than it has been speculated for months. Nevertheless, Manchester has become the most expensive sports club whose
shares have ever been listed on exchange.
stocks with the London Stock Exchange, this football team returned
to the capital market.
13
Manchester United has 659 million fans (data from last year), and
almost half of the Asia-Pacific part of the world, it remains unclear
why it was dropped from the stock exchange in Singapore due to
the huge popularity in this part of the world. Manchester in Asia
has twice as many fans than Barcelona. This may be one of the
reasons why Manchester United in each generation tends to have
one football player from this continent.
14
After nearly seven years since the American Glaser family bought
Manchester United for about 800 million euros, while shelter
stocks with the London Stock Exchange, this football team returned
to the capital market (Manchester United Ltd. Cl A, 2012).
15
Joseph Schuster, founder of the company for the financial services
IPOX Schuster LLC.
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Iako su jo{ sredinom pro{le godine planirali inicijalnu javnu

ponudu te{ku ak milijardu dolara (Oran, 2012) na berzi u
Singapuru13, od te ideje se na nagovor agenata emsije
odustalo. Umjesto u Aziji jedan od najpoznatijih svjetskih
klubova pro{le godine je listiran na berzi u Nju Jorku
(oznaka na NYSE: MANU14).
Poetkom avgusta 2012. porodica Glejzer je amerikoj
Komisiji za berze i hartije od vrijednosti (SEC) podnijela
zahtjev za inicijalnu javnu ponudu plasiranjem do 100
miliona dolara vrijednih akcija klase A (Massoudi i Blitz,
2012). Mnogi analitiari kao razlog deset puta manjeg
iznosa od najavljivanog vidjeli su u tome da se, kada kompanija odlui listati akcije u SAD-a, inicijalna koliina novca
koju planira prikupiti koristi kako bi se izraunala cijena
taksi za registraciju. Zbog toga bi konana akcija ovog kluba
mogla biti vi{a. Ova (znatno nia) vrijednost IPO-a nije veliko
iznenaenje. [to je manje izdanje, mogua je vi{a relativna
valuacija. To moe biti samo strategija kako bi se inicijalno
prikazalo da je IPO manji. Berzovni me{etari bi tako mogli
pretpostaviti da, ako je izdanje manje, na otvaranju trgovanja cijena akcija e lak{e da uzleti15.
Suzdranost prema IPO-u su moda produbili i rizici koje
je sam Manester Junajted objavio u svom prospektu. Naime,
klub je pobrojao 51 rizik s kojim e se investitori suoiti
kupovinom akcija. Navedeni su: standardni rizici od kursnih
rizika, uticaja finansijske krize preko novih poreza do
povreda igraa, pada popularnosti brenda i pada prodaje
medijskih prava. Najzanimljiviji dio pobrojenih rizika
odnosi se na to da pravima dodijeljenim akcionarima
upravljaju zakoni Kajmanskih ostva (Manchester United plc
Class A Ordinary Shares, 2012).
U prospektu stoji da je ukupan dug engleskog kluba na
kraju juna 2012. iznosio 436,9 miliona funti (vi{e od 660
miliona dolara) pa je cilj novcem iz IPO-a bio vratiti barem
dio duga.
Vaan dio izlaska na berzu je promocija. Ova faza podrazumijeva predstavljanje preduzea-kluba investitorima putem
grupnih prezentacija (road show) ili na pojedinanim sastancima (one-on-one) sa investitorima. U medijima se objavljuje javni poziv i izvod iz prospekta sa najvanijim informacijama vezanim za IPO. Na internet stranici kluba-preduzea
objavljuju se prospekt i najave svih prezentacija menadmenta.
Agenti emsije Manestera su u velikoj mjeri imali olak{an
posao i smanjene tro{kove promocije jer su za klijenta
imali poznati sportski klub.
Bez obzira na sve, IPO je uspio i porodica Glejzer, ijih je
bila polovina od 16 miliona ponuenih akcija, uprihodila je
224 miliona dolara. Nakon provedienog IPO-a i konane
cijene od 14 dolara po akcji, tri{na vrijednost tog kluba je
oko 2,3 milijarde dolara (Cowan, 2012), gotovo milijardu
manje od one o kojoj se mjesecima spekulisalo. Ipak,
Manester je postao najvrijedniji sportski klub ije akcije su
izlistane na nekoj berzi.
Budui da Manester Junajted ima 659 miliona navijaa (podatak
od pro{le godine), a gotovo pola je iz azijsko-pacifikog dijela svijeta, ostaje nejasno za{to se odustalo od berze u Singapuru s obzirom na veliku popularnost u tom dijelu svijeta. Manester u Aziji
ima dvostruko vi{e navijaa nego Barselona. Ovo moe biti jedan
od razloga zbog kojeg Manester Junajted u svakoj generaciji nastoji da ima jednog fudbalera sa ovog kontineta.
14
Imajui u vidu da u SAD-a fudbal nije mnogo popularan, a da je
Londonska berza bila prirodan izbor za IPO pretpostavlja se da
su vlasnici nastojali da privuku {to vi{e institucionalnih investitora
(Manchester United Ltd. Cl A, 2012).
15
Josef Schuster, osniva kompanije za finansijske usluge IPOX Schuster LLC
13
Club's operating
after going public
Funkcionisanje kluba
nakon izlaska na berzu
Unlike industrial and commercial companies which release

quarterly (every three months) financial reports which may
have a direct effect on the movement of share prices, the
market value of sport clubs can be greatly dependent of the
information which are released on a weekly, and sometimes
even on daily bases, such as releases of results or visitation
per match. Actually, constant poor performance leads to
lower degree of visits per match, lower sale of tickets reflects
in merchandising (the selling of sportswear, caps, sport
equipment with the club logo etc.), lower income in catering which eventually leads to poorer income from sponsors
and smaller profit. Still, looking at the average, the shareholders structure of sport clubs usually contains one or more
shareholders in control16, a couple of institutional investors
and many individual investors. These individual investors
are often fans who believe that having shares of their beloved
club is a way to support the team to perform better. It is not
a rare case that owning of club shares entitles them to some
benefits, like the priority when buying season tickets (Borussia Dortmund), discount on tickets (for example, the Celtic
10%), discount for merchandising, discount at a club restaurant, free subscription for a club magazine, etc. In most
clubs the largest number of shares is held by controlling
shareholders but also by fans. Loyalty to the club as well as
non-financial advantages of having shares can prevent this
type of owners from selling their shares after a row of weak
results (Renneboog & Vanbrabant, 2009).
Za razliku od industrijskih i komercijalnih kompanija koje

obvljavljuju kvartalne (tromjesene) finansijske izvje{taje koji
mogu imati direktan uticaj na kretanje cijena akcija, tri{na
vrijednost sportskih klubova u velikoj mjeri moe zavisiti od
informacije koje se objavljuju na sedminom, a nerijetko i
na dnevnom nivou kao {to su objave rezultata ili posjeenost
po utakmici. Zapravo, stalne lo{e predstave e dovesti do
manje posjeenosti utakmica, nia prodaja karata e se
odraziti na merchandising (prodaja dresova, kapa, sportske
opreme i sl. sa logom kluba), nie prihode od ugostiteljskih
djelatnosti {to e u krajnjoj liniji dovesti do manjih prihoda
od sponzora i male dobiti. Ipak, u prosjeku, akcionarska
struktura sportskih klubova obino je sainjena od jednog
ili nekoliko kontrolnih akcionara16, nekoliko instirucionalnih
investitora i mnogo pojedinanih ulagaa. esto, ovi pojedinani
investitori su navijai koji dranje akcija voljenog kluba,
smatraju kao nain podsticanja ekipe da ostvaruje bolje
rezultate. Nerijeko, posjedovanje akcija kluba daje im neke
povlastice, kao i prava prvenstva na kupovinu sezonskih
ulaznica (Borusija Dortmund), popuste na ulaznice (npr.
10% kao kod Seltika), popuste za kupovinu merchandising
proizvoda, popuste u klupskom restoranu, besplatnu pretplatu na klupski magazin i sl. Za veinu klubova, najvei broj
akcija dre kontolni akcionari ali i navijai. Vjernost klubu
kao i nefinansijske prednosti posjedovanje akcija mogu
sprijeiti ovakve tipove vlasnika da nakon serije nepovoljnih
rezultata prodaju akcije (Renneboog i Vanbrabant, 2009).
Condition and posibility(ies)

of investing here
Stanje i mogunost(i)
ulaganja kod nas
The biggest problem (and the main reason for our current
situation) in local sport is the fact that our sport clubs are
organized as associations of citizens (Zakon o sportu, 2002),
while, in most clubs, it is not obvious who the associated
citizens are, in other words, who the club members are and
how they deal with the rights and obligations that the membership gives them. For a while now the general public has
been aware of the fact that local sport clubs work with great
loss, and it is not news when a club, even the ones representing our biggest brands (Banjaluka pivara), has its operating
account blocked. Because of undefined ownership and
management structures in sport clubs a number of significant
investments in sport have been lost, since no one wants to
invest into something that does not belong to them, or be
in a situation where they cannot control the funds they have
invested.
So, majority of our clubs does not have a defined structure
of ownership, or management, which is under no circumstances something to prompt any at least bit serious sponsor,
patron so to say, to invest money into a club, despite the
fact that, from time to time, there is an impressive result
(elimination in the first stage of qualification for Euopean
competitions) or occasional costly transfer.
So far the operating of the sport clubs has been based on
the finance from social companies, who have often had
monopoly over a certain sector, or from the funds of sparse
entrepeneurs, which would invest a part of their profit in
Najvei problem (i osnovni razlog trenutne situacije) u

domaem sportu, predstavlja injenica da su na{i sportski
klubovi organizovani kao udruenja graana (Zakon o
sportu, 2002), a da se pri tom, u veini klubova, ne zna ko
su graani koji su udrueni, odnosno, ko su lanovi kluba i
kako ostvaruju prava i obaveze koja im po osnovu lanstva
pripadaju. Javnosti je ve due vrijeme poznato da domai
sportski klubovi posluju sa velikim gubicima, tako danas nije
vijest kada nekom na{em klubu, ak i onima koji predstavljaju na{e najvee brendove (Banjaluka pivara), bude
blokiran poslovni raun. Zbog nedefinisanih vlasnikih i
upravljakih struktura u sportskim dru{tvima izostajale su i
izostaju ozbiljne investicije u sportu, jer niko ne eli da ulae
u ne{to {to mu ne pripada, i da ne bude u situaciji da
kontroli{e sredstva koja je uloio.
Veina na{ih sportskih klubova, dakle, nema definisanu
vlasniku, odnosno, upravljaku strukturu, {to svakako nije
okolnost koja bi podstakla iole ozbiljnog finansijera - mecenu da uloi novac u klub, uprkos injenici da se, s vremena na vrijeme, zabiljei neki sportski uspjeh vrijedan
pomena (eliminacija u prvoj fazi kvalifikacija u evropskim
predtakmienjima) i da se povremeno ostvari neki vrijedan
transfer.
Dosada{nje funkcionisanje sportskih klubova bazirano je na
finansiranju od strane dru{tvenih preduzea, koja su esto
imala monopole u odreenoj oblasti ili iz sredstava rijetkih
preduzetnika, koji su, voeni najrazliitijim motivima, dio
Under most laws controlling shareholder of the joint stock company

is a person who either alone or with other persons who work with
him together have more than 50% of the voting rights of the company
on the basis of the common shares or otherwise controls the management and administration of the joint stock company on the
basis of their properties by or shareholders (or on the basis of the
contract in accordance with the law).
16
16
Prema veini zakona kontrolni akcionar akcionarskog dru{tva jeste

lice koje samo ili sa drugim licima koja sa njim djeluju zajedno ima
vi{e od 50 % glasakih prava u privrednom dru{tvu na osnovu
obinih akcija ili na drugi nain vr{i kontrolni uticaj nad upravljanjem
i voenjem poslova akcionarskog dru{tva na osnovu svog svojstva
lana ili akcionara (ili na osnovu zakljuenog ugovora u skladu sa
zakonom).
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sport, led by a variety of different reasons. Self-finance of

clubs through their own income from selling and sponsor
right has almost vanished because the level of quality and
competing is sometimes barely enough to turn a certain
player into a star whose selling would bring extra gain. Local
clubs tend to rely on grunts from ministries and local communities, such as help from the Ministry of Family, Youth
and Sports or the municipality budget. The problem with
this source of financing lies in the fact that the club cannot
count on the same source the following season. Sport associations often rely on donations of private partners and
sponsors, such as local hospitality units, grilles which serve
evapi (a traditional dish of minced meat), fast food restaurants, markets etc. Most clubs receive a large part of these
funds not in the form of money, but in the form of comodities, such as equipment, lunch packets or some other
rights. Funds raised by merchandising17 and bank loans are
an important item on balance sheet only for few clubs.
A number of successful social companies, traditional friends
of local sport, have been privatised or is about to be privatised, and that is soon going to completely drain out this
source of money as well, since it is hard to believe that new
owners would want to invest under the currect (non)market
conditions and criteria. Without a serious investment into
the competitive and professional staff, in the practice and
competing capacities, and without economical operating, it
is not possible, nor is ever going to be possible, to accomplish
any marked international sports result, and any financial
result, accordingly. It is the fact that we are going to be one
of the last countries to regulate this sector of law, but we
should draw a certain gain from that knowledge by adopting
the privatization model which proved to be the best in the
world.
The degree of development of economy and capital market,
the system and legal frame, economic characteristics and
specific features of the region all make a set of parameters
which have to be taken into account before making any
grand decision. A consensus has been reached in the professional circles about the important elements of a new law,
reflecting in the fact that sports societies should be organized
as economic societies. Buying of shares or portions has to
be transparent, and the priority in buying should be given
to former and current players, fans, sponsors, creditors,
members and officials of the club.
It should be allowed that the debts of the third parties towards
the clubs be converted into shares so clubs could be sold
without obligations. In this way, shares would increase to
their maximum value. Experts say that in a case when the
state and public companies finance sport clubs, every decision about finance can be seen as a political decision, which
presents mixing of politics and sport. Following that line of
thought, influential politicians can make or break clubs,
using the money of taxpayers. Accordingly, why should
taxpayers pay professional athletes? Post-socialist countries
offer an approved recipe; every time the state intervenes in
order to save a club, public is being served with a heartbreaking story about a renown club of the vital importance
for the state with an undefined ownership. Every once in
a while such measures show that some professional clubs
have more benefits than the other clubs.
With a so-called privatization in sport we would ultimately end up in a situation where every club has its owner
(or owners), and, accordingly, a host management, ready
to provide a sport with all the means necessary for the club
to achieve excellent results in sport, making the brand a
synonym for the sports and economic power of a club, such
as, for example, Manchester United nowadays.
In reality, the value of shares depends on many factors,
mostly of supply and demand for shares. Thus, when clubs
svog profita ulagali u sport. Samofinansiranje klubova u vidu

ostvarivanja vlastitih prihoda od prodaje i sponzorskih
ugovora gotovo da je nestalo jer je kvalitet lige i takmienja
tek ponekad dovoljan da od odreenog igraa stvori zvijezdu ijom bi se prodajom ostvarili dodatni prihodi. Domai
klubovi se esto oslanjaju na subvencije ministarstava i lokalnih zajednica kao {to je pomo Ministarstva porodice,
omladine i sporta ili budeta op{tine. Problem sa ovim izvorom finansiranja predstavlja injenica da klub na taj izvor
ne moe raunati i sljedee sezone. Sportska udruenja se
esto oslanjaju na donacije privatnih partnera i sponzora
kao {to su lokalni ugostiteljski objekti, evabdinice, restorani brze hrane, marketi i sl. Veina klubova znaajan dio
sredstava od ovih izvora ne dobija u novcu ve u stvarima
u vidu opreme, lan paketa ili nekih drugih prava. Sredstva
dobijena od merchandisinga17 i kredita od banaka tek rijetkim klubovima predstavljaju bitnu stavku u bilansima.
Veliki broj uspje{nih dru{tvenih preduzea, tradicionalnih
prijatelja domaeg sporta, ve je privatizovan ili im privatizacija predstoji, tako da e i ovaj izvor prihoda uskoro
sasvim presu{iti, budui da je te{ko vjerovati da e novi
vlasnici biti raspoloeni da ulau novac po trenutnim (ne)
tri{nim uslovima i kriterijumima. Bez ozbiljnog ulaganja u
takmiarski i struni kadar, u kapacitete za treninge i
takmienja, kao i bez domainskog poslovanja, uloenim
sredstvima nije, niti e biti, mogue ostvariti bilo kakav
zapaen meunarodni sportski uspjeh, a u skladu sa tim ni
bilo kakav finansijski rezultat. injenica je da emo biti meu
poslednjim zemljama koje e urediti ovu oblast prava, ali bi
iz te injenice trebalo da izvuemo odreenu korist tako {to
bismo usvojili model privatizacije koji je imao najvi{e uspjeha u svijetu.
Stepen razvoja privrede i tri{ta kapitala, sistemsko-pravni
okvir, ekonomske okolnosti i specifinosti regiona su parametri koji moraju da se uzmu u razmatranje prije dono{enje
svake krupne odluke. U strunoj javnosti postignut je konsenzus u pogledu bitnih elemenata novog zakona, a koji se
ogleda u tome da sportska dru{tva treba da budu organizovana kao privredna dru{tva. Kupovina akcija ili udjela
treba da bude transparentna, a pravo pree kupovine traba
da pripadne biv{im i sada{njim igraima, navijaima, sponzorima, povjeriocima, lanovima i funkcionerima kluba.
Treba omoguiti da dugovanja treih lica prema klubovima
budu konvertovana u akcije kako bi se na berzi prodavali
klubovi bez obaveza i da na taj nain akcije postignu {to
veu vrijednost. Stav strunjaka je da kada drava i javna
preduzea finansiraju sportske klubove, onda se svaka odluka o finansiranju moe objasniti kao - politika odluka, {to
predstavlja mije{anje politike i sporta. Prema tom shvatanju,
uticajni politiari mogu da stvore i uni{te klubove - novcem
poreskih obveznika. U skladu s tom logikom, za{to da
poreski obveznici plaaju da se neko profesionalno bavi
sportom? Oprobani recept u postsocijalistikim dru{tvima
je da svaki put kad drava interveni{e da spasi klubove,
javnosti se serviraju srceparajue prie o renomiranim klubovima od dravnog znaaja - u neodreenom vlasni{tvu. Takve
mjere nerijetko pokau da neki profesionalni klubovi imaju
vee povlastice od drugih.
Takozvanom privatizacijom u sportu konano bismo do{li
do situacije da svaki klub ima svog vlasnika (vlasnike), i na
taj nain domainsku upravu, spremnu da u sport uloi
onoliko sredstava koliko je potrebno da klub postie prestine
sportske rezultate, i da tako brend bude sinonim sportske i
ekonomske moi jednog kluba, kakav je danas, na primjer,
Manchester Junajted.
U praksi, vrijednost akcija zavisi od mnogo faktora, a najvi{e
od ponude i potranje za akcijama. Prema tome, prepu{tanjem
This type of financing involves selling a variety of products and

items such as T-shirts, jerseys, balls and similar sports equipment.
17
17
62
Ova vrsta finansiranja ukljuuje prodaju raznih proizvoda i predmeti poput majica, dresova, lopti i sline sportske opreme.
are given over to the market, the myths about the value and
significance simply perish. And, if it is ok for Milan and Inter,
Roma and Lazio, Juventus and Torino to share a stadium,
than our clubs as well can share or rent sport arenas. The
praxis has shown that people who earn, not get, the money
invest the same money, and demand lower expenses on
cleaning and stationery, because they assume that the big
expenses have been cut down a long time ago.
The club will gladly accept the money of taxpayers in the
form of the government help. However, if the clubs struggle
to accomplish the plan, although they are financed by the
public companies and the state (taxpayers), the problem is
in the management or in the debts made by the former
management. In that case, together with revision of income,
expenditure and decisions, there should also be the revision
of ambitions of such clubs, since they have become spoiled,
and used to constant help.
klubova tri{tu mitovi o vrijednosti i znaaju mnogih klubova - propali. Isto tako, ako Milan i Inter, Roma i Lacio, Juventus i Torino... mogu da dijele stadion onda i na{i
klubovi mogu da dijele ili iznajmljuju sportska borili{ta.
Praksa je pokazala da onaj ulae novac koji je zaradio, a ne
dobio, na sjednici skup{tine akcionara zahtijeva manje
tro{kove i{enja i kancelarijskog materijala jer pretpostavlja da su veliki tro{kovi odavno srezani.
Klub e rado prihvatiti novac od poreskih obveznika u vidu
pomoi vlade. Meutim, ako je klubovima malo to {to ih
finansiraju javna preduzea i drava (poreski obveznici) da
ostvare plan, problem je u upravljanju ili dugovanjima koje
je napravila prethodna uprava. U tom sluaju, osim revizije
prihoda, rashoda i odluka, neophodna je i revizija ambicija
takvih klubova, jer su, naviknuti na stalnu pomo, postali
razmaeni.
Conclusion
Zakljuak
Sport in its best-known forms has long become a business.

In accordance with that, regulations should be adopted
which would provide those interested in the financing of
sports clubs with fair market conditions, possibility to control
how the invested funds are spent, and the possibility to gain
profit. On the other hand, we should protect the previous
investments of the state and former members of sports clubs,
disable the change of purpose of sports facilities in a period
so long that it discourages speculators, and, finally, create
all the conditions needed to finance so-called small sports
from a part of the profit raised in the most attractive sports
disciplines.
In the developed countries there is a possibility for sports
clubs to go public. To illustrate, all the professional clubs in
England have been privatized, and more than a third has
been listed somewhere. It is similar in other countries. The
praxis of privatization of sports clubs shows that, after the
separation between the functions of the owner and of the
management, clubs usually become more profitable, and in
the case of increase in debts the owners first try to provide
extra injection of funds and the cries for help stop. It all has
a positive reflection on the state budget because the tax
income tends to grow.
Even before they are listed on exchange, professional football clubs tend to act as a company, meaning that one of
their goals is gain of profit, and the state almost does not
participate in ownership. Accordingly, the money raised on
exchange is used to empower and develop the club, and to
invest in new capital. Thus, the goal of listing is to keep or
regain the old glory and enable the club to operate in an
efficient and lucrative manner.
After the listing, the club is under obligation to release every
financial report, assembly sheets, decisions and observations
from the meetings of the shareholders assembly as well as
any other information which may influence the movement
of the share value (replacement of the members of the board
of directors, pawning of property in order to take a loan,
dividend payout, important changes in ownership etc.) and
put it on its official exchange website. The goal is to make
transparent decisions and to make it clear who the owners
can ask help from in the case plans (do not) turn as predicted. News, results and balance sheets of the club are
available on financial portals which makes it possible not
only for fans, but also for brokers, analysts and investors
looking for investment opportunities to find information
about the condition of the club.
In the public professional circles a consensus has been
reached on the elements of the law according to which the
clubs would also be organized as companies. To be precise,
Sport je u njegovim najpoznatijim oblicima odavno postao

biznis. U skladu sa tom okolno{u treba usvojiti propise koji
e zainteresovanima za finansiranje sportskih klubova
omoguiti fer tri{ne uslove, mogunost kontrole tro{enja
uloenih sredstava, kao i mogunost sticanja profita. S
druge strane treba za{tititi dosada{nja ulaganja drave i
nekada{njih lanova sportskih klubova, onemoguiti promjenu namjene sportskih objekata u periodu toliko dugom da
destimuli{e {pekulante, i na kraju, stvoriti uslove za finansiranje tzv. malih sportova iz dijela profita, koji se ostvaruje
u najatraktivnijim sportskim disciplinama.
U razvijenim zemljama odavno postoji mogunost izlaska
na berzu sportskih klubova. Ilustracije radi, u Engleskoj su
svi profesionalni fudbalski klubovi privatizovani, a vi{e od
treine je listirano na nekoj berzi. Slino je i u ostalim zemljama. Praksa privatizacije sportskih klubova je pokazala da,
nakon razdvajanja vlasnike i upravljake funkcije, klubovi
uglavnom postaju profitabilniji, u sluaju gomilanja dugova
vlasnici prvo sami nastoje da obezbijede dodatnu finansijsku
injekciju i prestaju pozivi za pomo. Sve se to pozitivno
odraava i na budet drave jer rastu i poreski prihodi.
Profesionalni fudbalski klubovi se i prije listiranja na berzi
pona{aju kao preduzee, {to znai da im je cilj i ostvarivanje dobiti, a drava gotovo i da nema vlasniki udio. U
skladu s tim, novac prikupljen na berzi se koristi za pojaanja,
razvoj kluba, ali i za ulaganje u novi kapital. Prema tome,
cilj izlaska na berzu je da se zadri ili vrati stara slava i omogui
klubu efikasno i profitabilno poslovanje.
Nakon izlaska na berzu klub je obavezan da na svom i sajtu
berze objavljuje sve finansijske izvje{taje, materijale za
skup{tinu, odluke i zapisnike sa sjednica skup{tine akcionara i druge podatke koji mogu imati uticaja na kretanja
cijene akcija (zamjena lanova UO, zalaganje imovine za
uzimanje kredita, isplata dividende, znaajnije promjene
vlasni{tva i sl.). Cilj je da se odluke transparentno donose i
da se zna kome e vlasnici da se obrate u sluaju (ne)ostvarivanja predvienih planova. Vijesti, rezultati i bilansi
kluba dostupni su na finansijskim portalima i tako se, osim
navijaa, o stanju u klubu informi{u i berzanski posrednici,
analitiari i ulagai koji trae prilike za ulaganja.
U strunoj javnosti postignut je konsenzus o elementima
zakona prema kojima bi i klubovi bili organizovani kao
preduzea. Konkretno, za privatizaciju ili listiranje na berzu
63
REVIEW PAPER
PREGLEDNI LANAK
REVIEW PAPER
PREGLEDNI LANAK
there has to be categorization of clubs and sports facilities

in order for our clubs to be bought or listed. The buying of
shares or portions should be transparent, and the priority of
buying should be given to fans, sponsors, creditors and the
members of the club. In this way, clubs would finally be
privatized, and misconduct, like that of voucher privatization,
would be stopped.
na{ih klubova potrebna je kategorizacija klubova i sportskih

objekata. Kupovina akcija ili udjela treba da bude transparentna, a pravo pree kupovine da pripadne navijaima,
sponzorima, povjeriocima i lanovima kluba. Na ovaj nain
bi klubovi konano bili privatizovani, a sprijeile bi se mahinacije kao u vauerskoj privatizaciji preduzea.
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Korespodencija/Correspondence to:
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Phone: 00387 65 63 98 97
E-mail: milos.grujicadvantisbroker.com

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Proceedings 2012.

(2013), Vol 4, ISSN 1986-8146

ORGANIZACIJA, FINANSIRANJE I VLASNITVO

The aim of this paper is to present the effects of the listing

Cilj rada je predstaviti efekte izlaska sportskog kluba na

Key words: joint stock companies, initial public

Kljune rijei: akcionarska dru{tva, javna ponuda akcija

Sport u prvoj polovini dvadesetog vijeka prestaje biti samo

Zbornik radova 2012, 5264

Every major earning in sport depends on the achievement

Established the 1991 by the Financial Reporting Council of Great

Ustanovljen je 1991. godine od strane vijea za finansijsko

Gruji, M.: ORGANIZACIJA, FINANSIRANJE I VLASNI[TVO SPORTSKIH...

Gruji, M.: ORGANIZATION, FINANCING AND OWNERSHIP OF SPORTS...

Proceedings 2012, 5264

jednog dijela poreza2, a oporezuje se samo kapitalni dobitak

According to the legislation of the Republika Srpska investment in

Prema zakonskoj regulativi u Republici Srpskoj ulaganje u sport do

Zbornik radova 2012, 5264

tural and nationalistic importance they had for the ethnic

kao izuzetno vani klubovi treba funkcioni{u prema

FC Barcelona, the best example of how the club can be owned by

FC Barcelona, je najbolji primjer kako klub moe biti u vlasni{tvu

Gruji, M.: ORGANIZACIJA, FINANSIRANJE I VLASNI[TVO SPORTSKIH...

Gruji, M.: ORGANIZATION, FINANCING AND OWNERSHIP OF SPORTS...

Professional clubs earn by:

Profesionalni klubovi zarauju ostvarujui:

income of games: ticket sale, income of commercial

Proceedings 2012, 5264

It has been noted that accomplishing of high percentage

prihode od samih utakmica: prodaja karata, prihodi

historical success of a club and its fans expectations,

Prihodi jednog profesionalnog sportskog kluba se, ilustracije radi,

Zbornik radova 2012, 5264

the legal status of the club (business company or association of citizens),

pravni status kluba (privredno dru{tvo ili udruenje

Klubovi koji nisu imali znaajnih uspjeha u pro{losti imaju

the clubs which struggle to stay in the league or to get

koji se bore za opstanak u ligi ili ulazak u vi{i rang

One more interesting observation: the industrial branch

Advantages and disadvantages of listing on the Excange

In order for a private club to raise funds by an initial public

Da bi privatni klub prikupio kapital inicijalnom javnom

More from Eri (2003): Yield is the main motive of investing in

Naime, kako to nagla{ava Eri (2003): Prinos (return) je osnovni

Gruji, M.: ORGANIZACIJA, FINANSIRANJE I VLASNI[TVO SPORTSKIH...

Gruji, M.: ORGANIZATION, FINANCING AND OWNERSHIP OF SPORTS...

Proceedings 2012, 5264

Ako klub svoje poslovanje finansira iskljuivo kroz zaduivanje,

Zbornik radova 2012, 5264

Proces of initial public

Proces inicijalne javne

Listiranje sportskog kluba na berzi nije jednostavan proces.

Nakon gotovo sedam godina otkada je amerika porodica Glejzer

Gruji, M.: ORGANIZACIJA, FINANSIRANJE I VLASNI[TVO SPORTSKIH...

Gruji, M.: ORGANIZATION, FINANCING AND OWNERSHIP OF SPORTS...

Proceedings 2012, 5264

Iako su jo{ sredinom pro{le godine planirali inicijalnu javnu

Zbornik radova 2012, 5264

Unlike industrial and commercial companies which release

Za razliku od industrijskih i komercijalnih kompanija koje

Condition and posibility(ies)

Najvei problem (i osnovni razlog trenutne situacije) u

Under most laws controlling shareholder of the joint stock company