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The global football market has grown in the past three decades, and football clubs' sustainable financial operations have gradually gained attention. This study aims to construct a financial risk assessment model applicable to the football industry, explore globally listed football clubs' overall financial operating characteristics, and analyse the leading causes of the club's financial crisis. We selected a sample of 24 currently listed football clubs worldwide and an exploratory factor analysis (EFA) model to construct the model of financial risk assessment for football clubs. The model identified and classified the financial risk components for listed football clubs, thus facilitating risk warning and prevention for modern professional clubs. This study found that football clubs are at higher financial risk overall, with the following general characteristics: (1) small amount of listed capital; (2) high asset-liability ratio; (3) low net profits and a large proportion of clubs make losses; and (4) weak asset liquidity. Finally, the study discussed the leading causes of the financial crises of football clubs in both external and internal dimensions, providing a reference for the self-sustainability of clubs and football authorities.

When the COVID-19 epidemic spread around the world, researchers did many studies about sports and COVID-19, but there was not much quantitative research. Therefore the purpose of this study was the effect of the COVID-19 epidemic on the sports performance of Asian football clubs with quintile regression. This study used panel data for fifteen Asian football clubs from April to December 2020. The research used the points of Asia football clubs to estimate their sports performance. Also, this study collected cases and deaths caused by the COVID-19 epidemic as the other two variables. According to the results, because coefficient estimates (degree of dependence) for each quantile are equal (for both effects COVID-19 virus on Sports Performance and effect death of COVID-19 virus on Sports Performance), the dependence structure is said to be constant. Therefore, a positive estimate and equivalent in all quantile for the impact of cases of COVID-19 virus on Sports Performance show that cases of COVID-19 virus have a constant positive effect on sports performance. A negative estimate and equivalent in all quantile for the impact of death of COVID-19 virus on Sports Performance show that death of COVID-19 virus has a constant negative effect on Sports Performance.

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The global football market has grown in the past three decades, and football clubs' sustainable financial operations have gradually gained attention. This study aims to construct a financial risk assessment model applicable to the football industry, explore globally listed football clubs' overall financial operating characteristics, and analyse the leading causes of the club's financial crisis. We selected a sample of 24 currently listed football clubs worldwide and an exploratory factor analysis (EFA) model to construct the model of financial risk assessment for football clubs. The model identified and classified the financial risk components for listed football clubs, thus facilitating risk warning and prevention for modern professional clubs. This study found that football clubs are at higher financial risk overall, with the following general characteristics: (1) small amount of listed capital; (2) high asset-liability ratio; (3) low net profits and a large proportion of clubs make losses; and (4) weak asset liquidity. Finally, the study discussed the leading causes of the financial crises of football clubs in both external and internal dimensions, providing a reference for the self-sustainability of clubs and football authorities., Competing Interests: The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper., (© 2023 The Authors.)