Kieran Maguire examines the different ways in which professional football operates as a business – how clubs make their money, or more commonly, lose it – and how success is measured by the different and often competing stakeholders in football clubs – owners, managers, fans, players, commercial partners and the media. The book begins by interrogating the football club balance sheet, income statement and cash flow statement and explains how assets are financed and how clubs account for players in different ways. The supply and demand of players and managers is explored, including the reasons for the rise in wage levels at the elite end, and how clubs account for player acquisitions, disposals, contract extensions and loans. How clubs are traded and how they are valued is contrasted with other businesses and the rich variety of ownership models is examined. How ticket prices, television rights and brand monetization impact on the finances of clubs are all explained as well as the main causes of financial distress and why some clubs may be too big to fail. At a time when many commentators are bemoaning the effects of “too much money” in the game, this clear-headed and rigorous analysis and presentation of the financial imperatives and challenges facing football will be welcomed not only by students of the industry, but by the wider consituency of fans and supporters.