A study by Professor Hideki Koizumi and Project Professor Masaaki Kimura of the University of Tokyo's Research Center for Advanced Science and Technology, et al., found that when the corporate value of professional soccer J-League clubs was estimated using a European football club valuation model, it exceeded the actual transaction value. It also found that the value of players was underestimated relative to sales.
According to the University of Tokyo's Research Center for Advanced Science and Technology, the value of professional sports clubs in Japan is often assessed based on the face value of their shares and net assets, but in Europe they are valued based on a multiplier of their sales, and can sometimes be bought and sold for surprisingly high prices.
The research group conducted multiple regression analysis of actual transaction amounts and identified several highly valid calculation formulas. They then applied the formula that includes sales as an explanatory variable (Model 1) and the formula that includes player value as an explanatory variable (Model 2) to J.League clubs to estimate corporate value.
その結果、最も企業価値が高く出た浦和レッズでモデル1なら242億円、モデル2なら61億円、2019年に日本製鉄がメルカリに16億円で売却した鹿島アントラーズでモデル1なら183億円、モデル2なら46億円の価値があるとの結果が出た。
If evaluated using the European method, the company's value would be much higher than the actual transaction amount, but it was also found that the value of players is estimated to be lower compared to sales at European clubs.
Paper information:[arXiv] Valuation methods for professional sports clubs: A historical review, a model development, and the application to Japanese football clubs
