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Our view

The illusion that we understand the past fosters overconfidence in our ability to predict the future
DANIEL KAHNEMAN – Author of Thinking, Fast and Slow

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Changing the Conversation
21st Club presents a collection of insights for football club boardrooms

Changing the Conversation

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  • 30 Jan 2020

    Player Portfolio Theory

    Money has poured into football over the past decades, transitioning football clubs into football businesses. Savvy owners and operators are acutely aware that club business performance actually depends on sporting performance. And as a result, we’ve found that owners have started evaluating on-pitch talent like an investment portfolio. 

    Global football is more connected today than ever […]

  • 23 Jan 2020

    Clubs that beat the market

    In the Summer of 2017, Liverpool signed Mohamed Salah from Roma for around €40m. A few months later, they sold Philippe Coutinho to Barcelona for €120m. Two years later, it is hard to argue that having Coutinho was three times better than having Salah; whereas Salah led Liverpool to the Champions League title and to […]

  • 16 Jan 2020

    Insights from Asia: One step at a time

    Takumi Minamino’s journey from Japan to Merseyside has, on the face of it, been relatively simple.  Starting his professional career at Cerezo Osaka in his native Japan, it has only taken two transfers to find himself part of a Liverpool team rated as the strongest team in the world by almost everyone, including 21st Club’s […]

  • 09 Jan 2020

    The import-export business

    We often assess clubs’ efficiency by looking at how well they perform given their wage budget, or revenues. But most clubs are constrained at a more fundamental level by the league they are in. There is a strong relationship between a country’s GDP and its clubs’ revenues. The challenge then for smaller leagues is to […]

  • 24 Dec 2019

    The undervalued team of the decade

    With the end of the decade upon us, we are all thinking about the best teams, players, and moments of the past ten years. Naturally, a consensus emerges over time and most lists of the best players of the decade tend to be slight variations on the same few players. We wanted to take a […]

  • 13 Dec 2019

    January sales? Think again

    According to our analysis, deals completed in January have on average come at a 39% premium among the big 5 leagues in the last four years. This follows the widely held view that the January transfer window is inflated and should be avoided where possible – unless unforeseen circumstances have left your club in desperate […]

  • 05 Dec 2019

    Best tickets into European Competition

    Consumers today are more savvy than ever. As prospective buyers, we rarely buy the first product we find. Instead we often dig around through ratings, reviews, and other evidence-based research prior to deciding what is worth buying and whether to transact. Shouldn’t the same approach exist for prospective football club investors?


    Football clubs are most attractive […]

  • 28 Nov 2019

    Be the Airbnb of football

    There are conventions that govern any industry. In the world of hotels, one convention is that you own real estate. Another is that you have someone greet guests to check them in. There are countless others – or there were, until Airbnb decided to break them. They effectively asked: what if you didn’t have real […]