Measuring Performances of Football Clubs Using Financial Ratios: The Gray Relational Analysis Approach

Abstract

The main purpose of this study is the measurement of financial performance of the football clubs in Turkey. Additionally, one other purpose is to identify the importance level of financial indicators measuring the financial performances. Hence, financial performance of the four largest football clubs in Turkey is measured by Gray Relational Analysis method in this study. We selected eleven financial ratios that take place within the context of liquidity, liability and profitability indicators. Results showed that Fenerbahce has the best financial performance. Moreover, the most important financial indicators are liability indicators. The present study is believed to contribute in evaluating the football clubs from an economical perspective.