Increase in Profit orientation and stock flotation in Football clubs in UK

Background:

The conflict between the view proposed by United States and that of Europe is a significantly important and interesting to investigate about. Most of the economists in United States believe that professional sports teams are directed towards the maximization of profit for their business, on the other and European professionals proposed that football clubs are not operating based on profit maximization as the ultimate goal. In this research, we are going to answer the question of why these football clubs are directed towards profit maximization by analyzing the English football clubs and the trends of their stock exchange listings. According to the David Conn the clubs aimed at becoming public companies including the Tottenham, Chelsea, Aston villa and Newcastle, are now having the creation of money for the stakeholders as their principle objective. Prior to the flotation if directors of clubs were behaving as the utility maximize, then there should be a significant change in the objectives brought about by the floating (Richard Slack, 2008).

 Our assumption is based upon the fact that investors in the public corporations are highly interested in financial returns and gains. In order to understand the firm’s behavior the most important area to observe is the firm’s objective functions, in our research, it is crucial to understand and analyze the sports leagues. The restrictive agreements including the limitations on players spending, revenue sharing and the restriction on the player mobility are the agreements in which the members of sports leagues usually enter. It is important to consider that a small market team is likely to receive more income under the collective selling but it is not likely to spend more on building successful teams. This research work is going to meet the assistance need for the sport’s policy makers regarding the specific actions, which are to be made, by both regulators and managers for gaining financial stability for the clubs in addition to the overall competitions improvement. Under our hypothesis about the profit maximization the owners of the foot ball teams spends up to a point when the marginal revenue will be equal to the marginal cost  involved, in addition to this the fixed share of broadcasted income will not affect the marginal revenue nor the marginal cost.

The ownership of the limited companies is residing with the shareholders and these shareholders are motivated and get involved by the profit objectives. In this English football clubs, the research indicates that original subscribers are mostly drawn by the Club’s locality and the profit motive is acting as the sporting success. It can be viewed that the stakeholders having commercial interests are more interested in the club’s success from the perspective of generating income for their personal core business interests. Hotspur, Manchester United and the Mill wall were the first three United Kingdom based football clubs, which obtained the stock exchange listings. After it, Premier league established making the stock market receptive to the new emerging issues, further 16 clubs of football gained the stock exchange listing (MMBAYA, 2013).

Rationale of the Research:

Most of the United States economist argued that the professional sports teams including the football teams are clearly profit making and maximizing business. In contrast to it, the Europe stated the professional football clubs are not the profit maximizing business the contrast between the views is having a implication including the income redistribution as the part of policy measures. After the analysis of the major football clubs of UK it is cleared that there is a shift towards the profit making behavior exhibited by the listed clubs in the stock exchange market, which reveled that the European concept is untrue. As compared to the rate, which was previously allowed the United Kigdom,’s football clubs are more directed towards the attainment of profit maximization objectives. We are taking the example of Tottenham, Chelsea, Aston villa and Newcastle, are now having the creation of money for the stakeholders as their principle objective whim were floated to become a public companies (Walters, 2011). Here we are dealing with the questions of Did all of the foot ball clubs were profit maximizes before the flotation, so that the stock market entry did not lead to the change in behaviors, Does the accounting profit give the poor indication regarding economic profit? So that the figures gained will not truly exhibit any change in to the economic performance, to what extent financial performance is likely to affect the profitability potential of the football clubs. In addition, Do the post flotation accounts of PLC are including the data related to the group business activities, which are likely to extend beyond football clubs that are not comparable to the pre flotation data, What is the relationship between Clubs league performance and the stock flotation?

After the analysis, the common depiction about the football club owners is reveled to be the “Utility Maximizes” with the link between Utility and the success of football pitch. These profit maximization managers n leaders are likely to select a success or profit combination, which will be tangent to the highest feasible horizontal indifference curve. Whole process involves the indirect consequences including the avoidance of excessive risks, having stable earning streams, a shift in distribution policy towards the higher dividend payments. In contrast to the football clubs in other countries, organized as the sporting association with no stakeholders, the professional Clubs of UK are all limited companies (Walters G. a., 2010)

Research Paper on Increase in Profit orientation and stock flotation in Football clubs in UK Name ABC Date: Chapter No. 1 Background: The conflict between the view proposed by United States and that of Europe is a significantly important and interesting to investigate about. Most of the economists in United States believe that professional sports teams are directed towards the maximization of profit for their business, on the other and European professionals proposed that football clubs are not operating based on profit maximization as the ultimate goal. In this research, we are going to answer the question of why these football clubs are directed towards profit maximization by analyzing the English football clubs and the trends of their stock exchange listings. According to the David Conn the clubs aimed at becoming public companies including the Tottenham, Chelsea, Aston villa and Newcastle, are now having the creation of money for the stakeholders as their principle objective. Prior to the flotation if directors of clubs were behaving as the utility maximize, then there should be a significant change in the objectives brought about by the floating CITATION Ric08 \l 1033 (Richard Slack, 2008). Our assumption is based upon the fact that investors in the public corporations are highly interested in financial returns and gains. In order to understand the firm’s behavior the most important area to observe is the firm’s objective functions, in our research, it is crucial to understand and analyze the sports leagues. The restrictive agreements including the limitations on players spending, revenue sharing and the restriction on the player mobility are the agreements in which the members of sports leagues usually enter. It is important to consider that a small market team is likely to receive more income under the collective selling but it is not likely to spend more on building successful teams. This research work is going to meet the assistance need for the sport’s policy makers regarding the specific actions, which are to be made, by both regulators and managers for gaining financial stability for the clubs in addition to the overall competitions improvement. Under our hypothesis about the profit maximization the owners of the foot ball teams spends up to a point when the marginal revenue will be equal to the marginal cost involved, in addition to this the fixed share of broadcasted income will not affect the marginal revenue nor the marginal cost. The ownership of the limited companies is residing with the shareholders and these shareholders are motivated and get involved by the profit objectives. In this English football clubs, the research indicates that original subscribers are mostly drawn by the Club’s locality and the profit motive is acting as the sporting success. It can be viewed that the stakeholders having commercial interests are more interested in the club’s success from the perspective of generating income for their personal core business interests. Hotspur, Manchester United and the Mill wall were the first three United Kingdom based football clubs, which obtained the stock exchange listings. After it, Premier league established making the stock market receptive to the new emerging issues, further 16 clubs of football gained the stock exchange listing CITATION MMB13 \l 1033 (MMBAYA, 2013). Rationale of the Research: Most of the United States economist argued that the professional sports teams including the football teams are clearly profit making and maximizing business. In contrast to it, the Europe stated the professional football clubs are not the profit maximizing business the contrast between the views is having a implication including the income redistribution as the part of policy measures. After the analysis of the major football clubs of UK it is cleared that there is a shift towards the profit making behavior exhibited by the listed clubs in the stock exchange market, which reveled that the European concept is untrue. As compared to the rate, which was previously allowed the United Kigdom,’s football clubs are more directed towards the attainment of profit maximization objectives. We are taking the example of Tottenham, Chelsea, Aston villa and Newcastle, are now having the creation of money for the stakeholders as their principle objective whim were floated to become a public companies CITATION Wal11 \l 1033 (Walters, 2011). Here we are dealing with the questions of Did all of the foot ball clubs were profit maximizes before the flotation, so that the stock market entry did not lead to the change in behaviors, Does the accounting profit give the poor indication regarding economic profit? So that the figures gained will not truly exhibit any change in to the economic performance, to what extent financial performance is likely to affect the profitability potential of the football clubs. In addition, Do the post flotation accounts of PLC are including the data related to the group business activities, which are likely to extend beyond football clubs that are not comparable to the pre flotation data, What is the relationship between Clubs league performance and the stock flotation? After the analysis, the common depiction about the football club owners is reveled to be the “Utility Maximizes” with the link between Utility and the success of football pitch. These profit maximization managers n leaders are likely to select a success or profit combination, which will be tangent to the highest feasible horizontal indifference curve. Whole process involves the indirect consequences including the avoidance of excessive risks, having stable earning streams, a shift in distribution policy towards the higher dividend payments. In contrast to the football clubs in other countries, organized as the sporting association with no stakeholders, the professional Clubs of UK are all limited companies CITATION Wal10 \l 1033 (Walters G. a., 2010). Problem Statement: “Why football clubs in United Kingdom are more committed to the profit oriented objectives” Objectives of the Study: All of the possible changes in the behavior associated with the stock market flotation is the basic focus on this research work. The ownership and operational structure of the football clubs owned by United Kingdom’s owners is highly different from those working in other countries. Here are distinct objectives around which our research work is arranged are as follows In relation to the stock flotation, examination of the significance of objectives for league policy To Examine impact stock flotation is imposing on the ownership and motives in the United Kingdom’s Soccer To ensure Exploration of the predicted effect a objective change might have in relation to the stock flotation To discuss the relationship between stock flotation and clubs league performance out comes. Research Questions: Did all of the foot ball clubs were profit maximizes before the flotation, so that the stock market entry did not lead to the change in behaviors Does the accounting profit give the poor indication regarding economic profit? So that the figures gained will not truly exhibit any change in to the economic performance To what extent financial performance is likely to affect the profitability potential of the football clubs. Do the post flotation accounts of PLC are including the data related to the group business activities, which are likely to extend beyond football clubs that are not comparable to the pre flotation data. What is the relationship between Clubs league performance and the stock flotation Significance of the study: This study is not been widely conducted before but is highly supporting and guiding for the football clubs and the professional leagues administrators. It is likely to support their insight on the financial performance and the profitability of the clubs in order to provide a strong financial base for a club with the better performance, realization of real potential in the emerging industry of foot ball and soccer and to reach the desired sustainability level. This research work is going to meet the assistance need for the sport’s policy makers regarding the specific actions, which are to be made, by both regulators and managers for gaining financial stability for the clubs in addition to the overall competitions improvement. It is also going to be useful in providing value to the academicians by reducing the gap and stimulating the future research in this regard CITATION Tac07 \l 1033 (Tacon, 2007). Limitations of the research: Access: As being a searcher, the limitations involve the limitation on the access to necessary and useful information. As these all organizations awe are examining are the well establish and listed organizations so the access to the documentation, people are restricted in getting the real and true data to make the inferences. Longitudinal effect is definitely having a negative impact as this research is to be completed with a limited period, but involves the analysis of large football clubs on eth topic, which is not being research much before. The literature review and the statistical analysis are time taking CITATION Far05 \l 1033 (Fareeha Shareef, 2005). Lack of reliable and available data Another important limitation to be considered is the limitation to the reliable and available data as it is likely to reduce the scope of analysis and the size of the sample considered which will directed limit eth future research. The lack of prior research studies on this topic is limiting the citation of prior research studies to support the literature review and making the bases for understanding the research problem and its extent. The lack of information some time refers to create a new typology for completing the research like generating the exploratory research instead of explanatory research. Chapter No. 2 Literature Review: According to the Benoit, 2008, It has been studied that Football clubs in the United Kingdom are more profitable oriented and its policies are always subjected seeking the higher profits for the football club. Studies show that major people like watching the football matches and they have strong emotions attached with Football game. Therefore, almost all football clubs have introduced the financial policy in accordance with generating the higher revenues and more profits. UK’s football clubs have to manage the different football events such as arranging the Barclay’s Premier League, Local clubs matches and Premier League. Match Sales is the higher source of generating the revenues and hundreds of thousand people visit the stadium for watching the match every time, which results in generating the millions of dollars for the ticket sales. According to the league policy in relation to the Stock floatation, they have a policy that every year equity financing must be increased and they decide to issue the shares outside the United Kingdom in the foreign countries. They need more financing to utilize and tap the opportunities available in the United Kingdom for the football fans. In the United Kingdom, football leagues and clubs are looking for conducting more football matches and introducing the new league matches other than Premier and Barclay’s leagues. They need to create more stadiums for conducting the large number of matches and arranging thousands of people in a stadium CITATION Placeholder1 \l 1033 (Benoit, 2008). According to the Elser, 2014, As discussed above, Match day sales is the higher source of revenue generation for the UK’s football clubs and its financing policy and objectives meet the higher growth rate in the profits. These football clubs have ensured that they have to provide the maximum shareholder’s value in the form of increasing profits and announce the higher dividend payout in a company. According to the stock floating policy, they have not made much debt financing for raising the capital because interest expense can reduce the business profits. UK’s clubs to provide the shareholder’s friendly policies so that they can easily raise the equity finance from issuing the shares in the stock market. Creating more Stadiums means they can arrange and conduct more matches in different cities and more football fans can visit to enjoy the football game watching it live. All its football clubs have been listed in the Stock Exchange and issuing the shares to the public, its shareholders enjoying the better stocks value position because people like the football in United Kingdom CITATION Els14 \l 1033 (Elser, 2014). According to Frick & Simsons, 2008, moreover, these football clubs are also looking for higher rated and players with excellent skills in the match. These players help the clubs in winning the matches in the United Kingdom or outside it. Players with good skills are expensive and it is required higher financing to make a five years contract with these players. Mostly UK’s clubs are purchasing the expensive good players from the other leagues. Because they want to win the matches and getting more sponsors. There is a huge potential available for the football clubs to earn the money through the sponsorship in the United Kingdom, which is also the major reason they are more towards profit-oriented objectives. There are several Sponsors available in the United Kingdom, which have business motive to sponsor these Football clubs and its matches in the events. People love the Football matches in the United Kingdom and therefore they have great associations with the football players, T-Shirts, similar brands and even its sponsors. This is a reason mostly Football clubs do not raise the debt because these sponsors can finance its events and local league matches all over the United Kingdom. Moreover, UK’s football clubs have the profitable objectives because they find the attractive market all over the UK due to the extreme passion in the people. They have lucrative target market available, they want to increase the number of football events, and matches conduct in the year. Therefore, league policy in relation to the stock floatation is aggressive and they are issuing large amount of shares in the stock exchange. When football match broadcast on the Sports television channel and radio, these different mediums and channels pay the large amount to the relevant football clubs. There is millions of pounds advertisement made on the television commercial and ads, which makes the football clubs profitable and business-oriented CITATION BFr08 \l 1033 (Frick and Simmons, 2008). According to Jonathan & Oughto, 2005, All UK’s football clubs have been following the profit objectives policy in relation to the Stock floatation and it has the major significance and contribution in achieving this objective. These clubs pay the higher amount of divided to its shareholder to maintain Shareholder’s value in the future as well. Moreover, Stocks are always floated when they have investment opportunity and they need the finances for exploit the opportunity. UK’s football clubs often have the market opportunity such as purchasing the new football player; find the Sponsors and promotional advertisements. According to the league policy, stocks cannot be floated into the market without having the business opportunity and there must be priority given to issuing the stocks over the debt financing so that they must have lower dependence over the external debtors. In the league policy, it has been clearly described that there must be the protection of shareholder’s value and it would help us in issuing and floating the stocks. UK’s football clubs cannot tap the business opportunities without floating the stocks into the market and therefore they have always offered the good divided to the shareholders CITATION Jon05 \l 1033 (Jonathan and Oughto, 2005). According to Benoit, 2008, UK’s football clubs have been offering stocks because these are the public limited companies and they have business like other companies in different industries. They have clubs managers and trainers who manages the team and responsible for the team fitness. They have the motive to increase the equity financing so that large number of shareholders can become the owner for these football clubs. These clubs have the motive that expand the business operations and introducing the more champions league where different UK’s league can compete with each other and play the matches. Large number of matches means these football clubs can earn the higher ticket sales and revenues for the clubs. It needs the large amount of finance from the equity financing which allows the people to become the owners for these football clubs. Issuing the shares in the stock exchange and when people purchase these shares become the shareholder, they are eligible for receiving the dividends. The shareholders can make the important decisions for the UK’s football clubs and they have an important decision making position in the Annual General Meeting. These shareholders have the right to attend the general meeting and make the important decisions such as selection of the Auditor, Board of Directors and other important business executives CITATION Placeholder1 \l 1033 (Benoit, 2008). According to Elser, 2008, It is mandatory for the UK’s football clubs to conduct the Annual General Meeting because it must be according to the Business Law and shareholders must be notified for this meeting. It is mandatory for the management to send the notice before the certain days and Annual General Meeting. According to the league’s policy, they do not want to be depended upon the external financing and these football clubs have the policy to show the more dependence over the equity financing. This is a reason they have more equity financing every year, which leads to the higher market capitalization in the Stock exchange. In the UK’s stock exchange, Football clubs have been enjoying the higher Market Capitalization and its shares are being traded on the upward trend. Football shares are considered as the best investment opportunity in the United Kingdom because these clubs have the profit-oriented policy and they are already generating the higher profits into the business. The management of these clubs has the motive to improve the Clubs financial value and position in the stock market, so that they can increase the shareholder’s financial value CITATION Els14 \l 1033 (Elser, 2014). According to Mitchell, 2013, In the recent years, it has been observed that UK’s football clubs have higher Earnings per share ratio as compared to the other football clubs in other leagues. Earnings per share is the most important investing ratio which helps the investors and common shareholders to decide, whether they should be investing in these shares or not. These football clubs have the higher EPS ratio and this is a reason whenever they issue the stocks in the market, there are already investors available who want to be investing in these stocks. UK’s football clubs do not want to raise the debt from the external sources, as they have to pay the interest expense, which reduces the business profits. it also raises the debt which makes the weak financial performance for the business. In the debt instrument, football club has to pay the interest on these debt instruments and they want to maintain the debt-equity ratio in the business. They do not want to imbalance the debt-equity ratio because it makes the credit rating agencies poorly evaluate the club’s financial position. This is a reason management is more interested in issuing the stocks in the exchange market so that they can have the more shareholder’s rather than having the creditors CITATION Mit13 \l 1033 (Mitchell, 2013). According to Nagy, 2012, UK’s football managers do not want to gain the creditors in the financial statement and instead they are quite satisfied having the more shareholders’ for the Clubs. These clubs find the more profitable and attractive investment opportunities as compared to the other businesses in the United Kingdom. UK’s football clubs have the strong stock flotation policy where shares are issued to ensure that only owners can take the financial interest in the Club’s businesses. People like watching the football and enjoy watching different football club matches throughout the season and this is a reason they have profit oriented policies and objectives. They are not depended upon the creditors and external sources of financing because these clubs have been enjoying the great business credibility among the shareholders and they have all dependence over the owners rather than external debtors CITATION Zol12 \l 1033 (Nagy, 2012). According to Frick and Simmons, 2008, the listed football clubs with wide range of the ownership have weak performance as the owner have minimum interest in the startegic preorities of the club. The ownership with broad base usually less motivted to participate in behaviour management of the firm. According to recent research, the performance of the companies are highly correlated with the management. The english premier leaguage has successfully kept itself as profit league over the years and therefore, has managed to attract large amount of investment as well as genearte revenues through success on the pitch. The club in the england are placed to set the discretional prices of the players and delpoy startiges to earn the revneues and craete competitve balance.The americanmodel for the sport is highly variable as it have salary restraction, the different types of revenues are shared among the players and play the league in the domestic considtions. CITATION BFr08 \l 1033 (Frick and Simmons, 2008)According to Nagy, 2012, the modern footbal clubs, the different stakeholders attached to club, want the win maximsation for their club and the ownership of the clubs has created the financial pressure to achieve the balance between the objectives of thwe company.The balance among the financial propostion and utility maximisation has resulted in the change the objecitves of the clubs. The public limted ownership of the UK clubs has even highlighted the importance of the clubs as profit maximisation. Nevetheless, the listing on the stock exchange does not have direct impact on the listing itself, howver, the shareholders are more interested in the profits of the clubrather having direct interest interest in the club tram itself. The large number of shares are usually held by pension funds and insurance companies and the value of the share price as well as dividend have important consideration for the owners of the clubs. CITATION Zol12 \l 1033 (Nagy, 2012)According to Holik, 2013, flotation is process of the listing the companies on the stock exchange and making the company public. The public lisiting incrase the transparency in the process of the company as well as demand for efficicent utilization of the resources. moreover, the lisiting on the exchnage improve the creditiability of the clubs along with acheiement of the objacitve to rasie the fianace for the club. The financial pressure on the clubs in terms of the player acuisition and arrangement of the finance to manage the daily activites of the club is key matter of concern in the era of massive competitor pressure. The change in the objecitive has helped the clubs to raise the finance, incrase the reputation and brand image of the club, as well as source of share capital for the owners of the club. The most important and primary consideration for stock flotation through changes the objectives of the football club from win maximization utility toward the profit maximization is subject to competitive and financial pressure on the football clubs. The finance provided to the football club was deprived of the profitability. CITATION Her13 \l 1033 (Holik, 2013)According to Rodríguez, Késenne, & García, 2006, many clubs in the UK , dated between 1999 to 2004 went into administration due to financial presssure they face. Furthermore, according to author, 22 clubs out of the total 72 clubs were into adminitraion in the period of the five years. The key reason behind suh a financial collapse was the poor finanial management of the clubs. Compared to traditional American clubs with objective is to organize the club as sporting association with no shareholders. The professional clubs in the England are limited companies with most of them listed of the stock exchange. The English clubs have been managed as limited companies for more than 50 years ago. Over the years, the clubs have changed there focus towards profit maxmistaion in order to deliver the utility for win miaximisation as well as effectively manage the financial matters of the club. Floatation is the way to incrase the liquidity of the business. CITATION Pla06 \l 1033 (Rodríguez, Késenne and García, 2006)According to Garland, Malcolm and Rowe, 2013, if the owners of the club wants to list the club and achieve the floation , they have to face the number of the changes in the objectives of the club. The primary objecivtes of the public limited company is to show the prfdotability for its shareholders and generate enough returns on the investment. Morover, according to Morris and Goldsworthy, 2011, the most important factor to consider in the order to understand the behaviour of the company. the understanding of the firm behaviour even become important when sport leagues are reviewd. The important facotrs assoiocted with the football clubs are the agreements present between the clubs. The agreements involve range of elements such as revenue sharing of the clubs, the amount which could be spended on the purchase of the players as well as there are restrcitions on the players transfer between the clubs. The restriction involve the caps on the playsers salaries as well as players price tage has created massive competitve pressure on the clubs. CITATION Jon13 \l 1033 (Garland, Malcolm and Rowe, 2013)Furthermore, accordibng to Késenne, 2000, the competitve pressure and financial constraints on the club has resulted in the change the objectives of the club in order to raise the profit as well as competitve balance balance in the market. therefore, its is important that club set the objective to achieve the profit maximisation and changes the practies of the club. In america mos of the revenues are achieved from the selling the broadcast rights and tickets and then they are distributed among the players. However, in the UK, the players are paid salaries from the football club and club has to derived the revenues to meet the expnses of the club. CITATION Ste00 \l 1033 (Késenne, 2000)According to Sloane, 2012, the objecitve of the profit maximisation can achieved in the scenario in which marginal revnues derived by the club exceed the marginal cost assoicted with eth operations of the club. Nevertheless, it order to achieve the profit maximistaion, the owners of the club needs owners need to achieve compeetive balance in terms of the win maximisation and revenues derived by the club. The clubs are not bounded to amount of money they spent on the players and other expenses of the club. Therefore, it is important to achieve the balance between the amount of revenues derived by the clubs and create the high performance teams. The competetive pressure need to be addresss through balance the cost and reveubes of the club. CITATION Pet121 \l 1033 (Sloane, 2012)According to Hirai and Kawashima, 2009, the interest assoicted with the floatation of the on the stock market is a studying the behaviour of the limited companies. The ownership model of the UK clubs are completelty different when we review in comparsion to the US clubs. The strucutre as limited company as well as the payment to players as salaries has bring ther club to commerical spot light. The most of the football clubs in the english primers league has changed to limited company in the start of the 19th century. Therefore, the motivation for the shareholders as well as the ownership are usually motivated by the profits. The reveunes and cost assoicted with clubs are fundamental reason to achieve the competitve balance in the club operations. CITATION Shu09 \l 1033 (Hirai and Kawashima, 2009)According to Nagy, 2012, the modern footbal clubs, the different stakeholders attached to club, want the win maximsation for their club and the ownership of the clubs has created the financial pressure to achieve the balance between the objectives of thwe company.The balance among the financial propostion and utility maximisation has resulted in the change the objecitves of the clubs. The public limted ownership of the UK clubs has even highlighted the importance of the clubs as profit maximisation. Nevetheless, the listing on the stock exchange does not have direct impact on the listing itself, howver, the shareholders are more interested in the profits of the clubrather having direct interest interest in the club tram itself. The large number of shares are usually held by pension funds and insurance companies and the value of the share price as well as dividend have important consideration for the owners of the clubs. CITATION Zol12 \l 1033 (Nagy, 2012)According to Senaux, 2008, the investor require the information in terms of financial return they can derived from the investment as well as share price and risk assoicted with the club perofmance. The floatation has introdued the commerical objectives to the club operations. The stock lisitng has resulted in excessive commericalisation of the clubs. Therefore, the listed clubs are more oriented towards the profit taking rather taking interest in the game.The impact of changes in the objectives and has made clubs more oriented toward the proft taking. The polices of the clubs in terms of the cost control, training failcites and acquiring best player has resulted in the cange of the objective of the club. The commercial approach to club operation and management has resulted in number of changes in objectives of the club. CITATION Ben08 \l 1033 (Senaux, 2008)According to Wilson, Plumley and Ramchandani, 2013, the relationship between the performance and stock lisitng has goverance and performance of the club. The competitve balance in terms of shareholders interest and managers in order to achieve generate return on the investment as well as utility maximisation. For example, if club spend too much on the players, then it will be financial constraints. The people will get attract to the lub on the the base of winning proposition and revnues of the club will incrase. On the other hand, if the club spent too litle on the players, the it might be able to geneatre profits on the short-terms. but in the long-terms, it will be enable to keep the fans base as well as people might not be interested in the losing team. The policy of the club needs to based on the profit maximisation as well as success of the club. The competitve balance between the profit and utility maximisation ibn terms of success is important for the club. CITATION Rob131 \l 1033 (Wilson, Plumley and Ramchandani, 2013)According to Frick and Simmons, 2008, the listed football clubs with wide range of the ownership have weak performance as the owner have minimum interest in the startegic preorities of the club. The ownership with broad base usually less motivted to participate in behaviour management of the firm. According to recent research, the performance of the companies are highly correlated with the management. The english premier leaguage has successfully kept itself as profit league over the years and therefore, has managed to attract large amount of investment as well as genearte revenues through success on the pitch. The club in the england are placed to set the discretional prices of the players and delpoy startiges to earn the revneues and craete competitve balance.The americanmodel for the sport is highly variable as it have salary restraction, the different types of revenues are shared among the players and play the league in the domestic considtions. CITATION BFr08 \l 1033 (Frick and Simmons, 2008)According to Hamil and Chadwick, 2010, the clubs that have listed on the stock exchange have better financial health compare to clubs which are not listed. The clubs focus on the sporting perfomance as well as economic peformance to generate return on the investment. The governance of the clubs are rules by the UEFA fair play policy which has helped the clubs to improve the perfomance and maximise the return on investment. CITATION UEF10 \l 1033 (UEFA, 2010)the rules and laws set in the policy has helped the clubs to level the field through prevntion of unfair spending or gift and take actions against the club who fail to meet the spending standards set in the budget of the club. CITATION Ham10 \l 1033 (Hamil and Chadwick, 2010)Accroding to Vamplew, 2007, as the objectves of the clubs have changed and lisitng as managed to provide the clubs with required finance to acquire the startegic assets for the clubs. This has resulted in incrase the pitch performance of the companyas well as financial adventage. The listing has helped the companies to incrase its perofmance either through acquiring new players to incrase the pitch performance which result in incrase profit of clubs through attraction of fans towards the winning team. Or the funds has been used by companies to optimise their debt-equity sturcutre and incrase the financial returns. The on-pitch perofmance does not improve directly linked to stock market lisitng. Howver, the lisitng is source of finance which is useful to restrucutre the club. CITATION WVa07 \l 1033 (Vamplew, 2007)According to Kesenne, 1996, the majority of the football club peromance does not have directly relation with the performance of the club. The direct benefit of the lsiting does derived immediate benefit on the club performance. The direct benefit from the stock lisitng is derived in terms of improve goverance and better financial management. The listing has helped the companies to impove the brand image and purchase of the players which has lead to incrase pitch and economic performance. . The listing has helped the company to increase the financial and economic perofmance as well as pitch performance. CITATION SKe96 \l 1033 (Kesenne, 1996)The performance and objectives of the club in terms of profit maximisation and utility maximisation has changed after the club floated as company focus shifts towards the maximisation of the retrun for the shareholders. Howver, clubs still needs to buy quality players as keep the winning proposition. The economic performance as well as team winning ability is required in order to fulfil the objectives of the club. Recent research has sown that club after floatation usually result in the changes of the behaviour of the organsiation. The two key reason behind the chnages in the objectives are commerical approach for the investor push the club to achieve higher prfot and keep cashflow positive. However, the success is standing with the players along with team abililty to perfom to create win maximaisation. Chapter No. 3 Methodology: The topic of the research is multi faceted as it contains complex nature of matters and topics in it. In the above chapters, the introduction and literature review of the topic have been laid out. The focus of the research is on the change in orientation of football clubs in UK towards profit maximization. In this chapter, the methodology adopted and reasons of adoption have been narrated. The comparison of different research methods have been made in this chapter. Complete analysis and insights have been made regarding the methodology in this research. Introduction to the Research Methodology: First, it is very important to note down the nature of the research. The research can be carried out if the literature review on the topic is used and employed effectively. It is because the profit maximization of the football clubs is the rising phenomenon in Europe and UK. It is already developed phenomenon in United States. Therefore, the qualitative nature of the study is used to accommodate the development of the phenomenon across the globe. Moreover, this rising trend facilitates such trend in UK that is relatively new as compared to United States. Therefore, the primary research to take real-time and up-to-the-date information is required because only this way can satisfy the intent of this research. Before starting further, it is worth to be considered that this research adopts mixed method approach. It means that it adopts both research methods simultaneously; i.e. Quantitative research methods and Qualitative research methods. The purpose of using both research methods is to increase the worth of the findings of this research. The qualitative research methods explore the phenomenon and the quantitative research methods focuses in objective manner. Both paradigms and research methods have been used simultaneously in this paper. Research Process: The data and information have been obtained from the primary and secondary sources. Literature review plays an important role in the secondary research and the articles and studies included in the literature review will be used in effective way to conclude the orientation towards the profit of the football clubs. For this purpose, the following chapter will contain the review of the literature that would later help formulating the questions to be asked for primary research from the football clubs. Thus, both types of research will be used in this paper. Inductive Reasoning: Secondary research and qualitative research come under the inductive reasoning paradigm. Under this reasoning, the theory is generated. The data and information is calculated with open and broad perspective that is later narrowed down to achieve the common point to be discussed. In its essence, the reasoning is the part of exploratory-nature research. The researcher starts from the phenomenon with open mind and heart that reaches at certain conclusion. In the given research, the profit orientation has been spread across the football clubs in the world. In this way, there is needed to start the research with open and broad perspective. Therefore, the secondary research has been used to cover the aspects and variables associated with the problem being addressed CITATION Bra11 \l 1033 (Branthwaite & Patterson, 2011). Deductive Reasoning: As it has been discussed in the start of the chapter that both reasoning have been used in this paper, thus, in the following lines the introduction and explanation about the deductive reasoning have been made. The deductive reasoning is very much different from inductive reasoning. It is based on the primary research. After carefully gathering and analyzing the information and data on the topic, it is useful if it is implemented on the population and people. In this research, the target population is the football clubs in UK. Referring to the objectives that are formulated for this research and included in the first chapter of the paper, it is needed to interpret them on the football clubs in UK. It is also objective of the study that profit maximization should be studied in connection with the football clubs in UK. That is the reason the football clubs have been used for this primary research. The players especially the management of these clubs will be asked through questionnaires so that the purpose of the study can be achieved CITATION Mal111 \l 1033 (Malina, Nørreklit, & Selto, 2011). Reasons to include both types of reasoning: It is logical for asking the reasons of using both types of reasoning. In the explanation of both heads, it has been discussed. However, it is worthwhile to discuss here again. Both types of reasoning are integrated with each other. The secondary research paves the way for the primary research. The variables and points extracted from the secondary research lead the formation and development of questionnaire that is used for the primary research in the paper. This logic and reasons satisfy the purpose of using both of the reasoning. Interpretivism: Interpretivism is the paradigm that is associated with the secondary research methods and inductive reasoning. In this paradigm the characteristics employed in inductive reasoning are used. Here again, the characteristics have been narrated related with it. In the research paper, the Interpretivism has been used so that topic can be explored further. This supports qualitative nature of study and engages the broader perspective of the study. The research is then narrowed down exactly like in the inductive reasoning. Thus, the qualitative research methods, inductive reasoning, and Interpretivism are similar and associated with each other. In the social sciences and market research, this paradigm is very effective. It is because the nature of these topics is exploratory and theses topics are broad. This paradigm focuses on the in depth analysis of the behavior of the human beings and the reasons of such behavior. As the nature of this paradigm is exploratory; therefore, this method investigates the phenomenon with the questions of why and how in decision making. The objectives of the study are to assess and identify the trend of profit maximization of the football clubs in UK. Thus, this paradigm will help the researcher to identify the in depth reasons of this trend. If this paradigm is used alone then the sample is small. However, in this research the mixed method research approach has been employed, therefore, the sample size is little larger at 50 CITATION Lil08 \l 1033 (Lillis, 2008). Positivism: Positivism is the paradigm that is associated with deductive reasoning and quantitative research methods. In this paradigm the questionnaires are use as the tool for research. The questionnaires are distributed to the end user so that the direct information can be obtained. This paradigm is less biased and contains real time information about the target population. Quantitative research method, deductive reasoning, and positivism are closely related and associated with each other. Positivism paradigm derives knowledge from the sources. The information and data taken from the target population make the bases upon which the conclusion and drawn and findings are made. It concludes in the empirical findings those come after the analysis of the statistical analysis of the data from the target population. It is little inflexible as it follows the path that is resulted from the facts and information from the primary sources. However, it is of the view that all rational thinking can be verified with the help of science, logic, and related principles. Mixed Method Approach: In this regard, the research method employed in the paper is mixed method approach. As positivism and Interpretivism, both paradigms are used in this paper; therefore, the mixed method approach has been employed in this paper. It is more effective and useful for the purpose of research as it serves broader objective of the research CITATION Har11 \l 1033 (Harrison & Reilly, 2011). Research Design: Sources of Secondary and Primary Research: In the paper, both types of the research have been used. In the following, secondary and primary research sources have been included. Secondary Sources: The sources of secondary research include Google Scholar, Emerald Insight, Jstor, Science Direct, and other data bases. These sources have been researched with the variables of profit maximization in the football clubs in UK. The secondary research sources have been explored so that trend of profit maximization can be analyzed in relation with the football clubs in UK. The standard and credibility of the secondary research sources is so high that should be necessary for the research purposes. The sources of secondary research may reflect on the results from primary research because in this paper both research methods have been employed. Moreover, the tools of primary research are affected by the secondary research in the paper. Primary Sources: The primary sources for the research include the distribution of questionnaires to the experts of the football clubs in UK. However, the emphasis should be made on the management officials so that operational considerations can be taken into account. In this way, the considerations and matters related with the profit maximization can be explored. Sample: In this paper, the target population is the football clubs in UK. All of the analysis and evaluations have been made in concerned with these clubs. 50 questionnaires have been distributed using random sampling to different experts on foot ball clubs. The questions in the questionnaire are included in connection with the variables associated with the objectives and intent of the paper. Chapter No. 4 Results and Discussion of Primary Research: Question No. 1: 50 experts were asked about this question that comes at first in the questionnaire. The aim of this question was to identify the link between stock flotation and profitability and sustainability. Overwhelming majority of experts believe that stock flotation guarantees profitability and sustainability of football clubs. If we add the number of experts agreeing and strongly agreeing the statement, it is found that 39 experts agree on the statement. Thus, it is established link between stock flotation and profitability and sustainability of football clubs in UK. Question No. 2: This question tends to explore the future of stock flotation in the football clubs in UK. 11 experts strongly agree that the trend of stock flotation by football clubs in UK will keep rising into the future while 18 agree to the statement as well. However, 12 experts disagree to the statement with nine being neutral. Question No. 3: Impact of stock flotation is sought to have on ownership and overall motives of football clubs in UK. 21 experts agree on this impact while seven strongly agree. However, 15 remain neutral on this statement. This number on neutral side implies that this may be considered as topic deserved for future research as there is need for research in this regard. Question No. 4: Stock flotation can be associated with profit maximization. Current profit orientation of football clubs in UK is associated with stock flotation. However, the question is asked from experts about the aspect of being beneficial for football club and players. 11 experts strongly agree and 12 experts agree with the statement while 21 remain neutral. Large number of experts on neutral side means that this statement should be researched in the future so that the relationship between stock flotation and profit orientation can be established. Question No. 5: The profit orientation of football club in UK is expected to continue into the future. 16 experts strongly agree and 23 experts agree with the statement. It means that overwhelming majority of experts’ supports the statement that in future, the orientation is expected to continue. The above paragraphs and graphs show that most of the experts feel positive relationship between profit maximization and orientation and stock floating. The point worth to be analyzed was the opinion of the experts. Most of the experts are of the view that this trend is expected to grow in the future. However, the some of the relationship need to be investigated further. Two of the statements spur the discussion. One is about the impact of stock flotation on the matters of the football clubs and second is about benefits of the profit orientation for club or the players. Both of these statements get large number on the neutral side of the graph that means high chances of research on these two topics. One may argue that profit orientation is beneficial for players and clubs; however, it may be harmful for the game as professionalism may suffer. However, profit maximization may also help to increase in professionalism. In the result, the game can also benefit from the emerging behaviors. Findings and Discussions of Secondary Research This study has been conducted on conceptual based because of low availability of data and time. Its second reason is the data of the study is not easy accessible due to the non-public football clubs. These clubs do not maintain their records accurately because these are not registered organization in Europe. Following is the table given as follow that would explain the answers of the research questions as well.     Table of Previous Researches   Were all foot ball clubs profit maximizes before the flotation? Sr. No. Researcher Name Research Study Relationship/Status 1 (Nagy, 2012) Modern Forms of Business in Professional Football Yes 2 (Vamplew, 2007) Playing with the Rules: Influences on the Development of Regulation in Sport No 3 (Hamil and Chadwick, 2010) Managing Football: An International Perspective No 4 (Frick and Simmons, 2008) The impact of managerial quality on organizational performance No   Overall Status   No         Does the accounting profit give the poor indication regarding economic profit? 1 (Kesenne, 1996) League management in professional team sports with win maximising clubs Yes 2 (Wilson, Plumley and Ramchandani, 2013) The relationship between ownership structure and club performance in the English Premier League Yes 3 (Senaux, 2008) A stakeholder approach to football club governance No 4 (Hirai and Kawashima, 2009) The Impact of Revenue Sharing on Club Objectives in Professional Sports Yes   Overall Status   Yes         To what extent financial performance is likely to affect the profitability potential 1 (UEFA, 2010) Financial fair play explained Is Likely 2 (Sloane, 2012) The Economics of Professional Football: The Football ClubUtility Maximizer Is Likely 3 (Garland, Malcolm and Rowe, 2013) The Future of Football: Challenges for the Twenty-first Century Not Likely 4 (Késenne, 2000) Revenue Sharing and Competitive Balance in Professional Team Sports Is Likely   Overall Status   Is Likely         Do the post flotation accounts of PLC are including the data of group business activities? 1 Morris and Goldsworthy, 2011 PR Today: The Authoritative Guide to Public Relations No 2 (Rodríguez, Késenne and García, 2006) Sports Economics After Fifty Years: Essays in Honour of Simon Rottenberg, Yes 3 (Holik, 2013) Handbook of Paper and Board No 4 (Mitchell, 2013). History of English Football Clubs No   Overall Status   No         What is the relationship between Clubs league performance and the stock flotation? 1 (Elser, 2014) Aston Villa Owner Lerner Plans to Sell Premier League Club Positive 2 (Jonathan and Oughto, 2005) The corporate governance of professional football clubs in England." corporate governance Negative 3 (Benoit, 2008) A stakeholder approach to football club governance Negative 4 Hamil, S. and Chadwick, S. (2010) Managing Football: An International Perspective Positive   Overall Status   Moderate Description of the above table Research Q. 1Did all of the foot ball clubs were profit maximizes before the flotation, so that the stock market entry did not lead to the change in behaviors Four researches studies have been found to answer the question one of this study. According to previous four research studies, the three studies are responding against our question. Out of three studies are no answer and one was in the favor of this study according to this question. The three studies are of the viewpoint that all the football clubs are not profit maximize before flotation. They are of the view that if one organization goes toward the stock market and issue its shares it would not affect the behaviors of the investors. According to one, study that when these clubs move toward stock market then these clubs value increase and they get more profit as well. Therefore, this study will support the three studies. It is said that the clubs’ profits do not increase due to indulge in the stock market. Research Q. 2Does the accounting profit give the poor indication regarding economic profit? So that the figures gained will not truly exhibit any change in to the economic performance For this question answering, the four studies have been studies and selected for supporting our question. Three studies are in favor of this question and gave their view point that there accounting profits have drawbacks due to which these profits are not satisfied and according to the requirement of the shareholders. They are of the viewpoint that these clubs are not registered in stock markets due to which these do not follow the rules and regulations of Securities and Exchange Commission also while preparing their financial data. They say that clubs show low income due to reduction in their tax amount. They also are of the viewpoint that managers of these clubs also embezzle the amount of profit while not informing to their owners of these clubs also. One research went against this study and they said that there is not poor accounting profit they cannot do so because they show more profits to influence others to take into consideration their club. They say that these clubs make fools to others in order to be the part of this club as well. Therefore, this study will also suggest that there is poor presentation of financial statements and facts about profits and other things are hidden. This trend is mostly used in Europe because in America these clubs are registered. Research Q. 3To what extent financial performance is likely to affect the profitability potential of the football clubs. Four studies have been selected and used for this research for the support of this research question. The researchers have said that there is chance of financial performance may take the effect of future expected profitability of the football clubs. They are of the view point that when organization is looking new investment opportunity it may expect to increase its financial performance and make the financial performance of the firm more prosperous. All those clubs that have ability to invest in those opportunities that are expected to grow very rapidly. One researcher is in against of it. He has the viewpoint that expected profitability is not necessary for financial performance increment because it varies organization to organization. He says that the opportunity that you are looking may not bring more profit and may move toward loss than the profit. Therefore, this study suggested that the firm performance will boost due to near expected potential profitability of the club. Research Q. 4Do the post flotation accounts of PLC are including the data related to the group business activities, which are likely to extend beyond football clubs that are not comparable to the pre flotation data. Four different studies have also been found and inserted in the table above the three researchers have given their viewpoint that and said that flotation accounts data is included in the other group activities of the clubs that show their interest. They argue that there when these clubs includes other small businesses and due to which they are very effective in responsiveness as well. They have given the opinion that when these small units of business include their revenue in these clubs due to which they are very increasing trend in their profits in post flotation accounts as compared to post flotation accounts. The one of the researchers disagreed with the statement and argued that there is not increment in profits in post accounts of PLC. Therefore, at the end of this statement this study have been supported by three previous research studies and concluded that there is increment in post flotation accounts as well. Research Q. 5What is the relationship between Clubs league performance and the stock flotation? Four previous research studies have used in literature that have concluded in their studies differently. Two studies are of the viewpoint that there is positive relationship between club leagues and stock flotation. Two studies are of the viewpoint that there is negative relationship between these two variables named as club leagues and stock flotation. They are of the viewpoint that stock flotations have relationship but this relationship is negative. It shows that one stock flotation do not have direct relationship with stock flotation. While other of the view point that there is direct relationship between club league performance and stock flotation as well. Therefore, these researchers have overall moderate relationship between these variables. Bibliography BIBLIOGRAPHY Benoit, S. (2008). A stakeholder approach to football club governance. International Journal of Sport Management and Marketing. , 4 (1), 4-17. Branthwaite, A., & Patterson, S. (2011). The power of qualitative research in the era of social media. Qualitative Market Research , 14 (4), 430-440. Elser, C. (2014, May 12). Aston Villa Owner Lerner Plans to Sell Premier League Club. Retrieved January 05, 2015, from Businessweek: http://www.businessweek.com/news/2014-05-12/aston-villa-owner-lerner-says-he-ll-sell-premier-league-club Fareeha Shareef, H. D. (2005). "Accounting for intellectual capital: Evidence from listed English football clubs",. Journal of Applied Accounting Research , 7 (3), 78 - 116. Frick, B., & Simmons, R. (2008). The impact of managerial quality on organizational performance. Managerial & Decision Economics , 29 (7), 593-600. Garland, J., Malcolm, D., & Rowe, M. (2013). The Future of Football: Challenges for the Twenty-first Century. Routledge. Hamil, S., & Chadwick, S. (2010). Managing Football: An International Perspective. Elsevier: London. Harrison, R., & Reilly, T. (2011). Mixed methods designs in marketing research. Qualitative Market Research , 14 (1), 7-26. Hirai, S., & Kawashima, Y. (2009). The Impact of Revenue Sharing on Club Objectives in Professional Sports. Retrieved 01 06, 2015, from http://www2.tamacc.chuo-u.ac.jp/keizaiken/discussno128.pdf Holik, H. (2013). Handbook of Paper and Board. John Wiley & Sons. Jonathan, M., & Oughto, C. (2005). The corporate governance of professional football clubs in England." corporate governance. An international review , 13 (4), 517-531. Kesenne, S. (1996). League management in professional team sports with win maximising clubs. European Journal for Sport Management , 2 (2), 14-22. Késenne, S. (2000). Revenue Sharing and Competitive Balance in Professional Team Sports. Journal of Sports Economics , 1 (1), 56-65. Lillis, A. (2008). Qualitative management accounting research: rational, pitfalls and potential – a comment on Vaivio (2008). Qualitative Research in Accounting & Management , 5 (3), 239-246. Malina, M., Nørreklit, H., & Selto, F. (2011). Lessons learned: advantages and disadvantages of mixed method research. Qualitative Research in Accounting & Management , 8 (1), 59-71. Mitchell, C. (2013). History of English Football Clubs. New Holland Publishers. MMBAYA, L. K. (2013). INANCIAL PERFORMANCE OF FOOTBALL CLUBS IN KENY. A CASE OF KENYAN PREMIER LEAGUE , 1 (1), 1-38. Nagy, Z. I. (2012). Modern Forms of Business in Professional Football. Law and Economics Review , 1 (2), 1-18. Richard Slack, P. S. (2008). "Social disclosure and legitimacy in Premier League football clubs: the first ten years",. Journal of Applied Accounting Research, , 9 (1), 17 - 28. Rodríguez, P., Késenne, S., & García, J. (2006). Sports Economics After Fifty Years: Essays in Honour of Simon Rottenberg. Universidad de Oviedo. Senaux, B. (2008). A stakeholder approach to football club governance. International Journal of Sport Management and Marketing , 4 (1), 4-17. Sloane, P. (2012). The Economics of Professional Football: The Football Club as a Utility Maximizer. Scottish Journal of Political Economy , 2 (17), 121-146. Tacon, R. (2007). Football and social inclusion: Evaluating social policy. , Managing Leisure , 12 (1), 1-23. UEFA. (2010). Financial fair play explained. Retrieved 01 05, 2015, from : www.uefa.com/uefa/footballfirst/ Vamplew, W. (2007). Playing with the Rules: Influences on the Development of Regulation in Sport. International Journal of the History of Sport , 1, 1-11. Walters, G. a. (2010). Corporate Social Responsibility in Sport: Stakeholder Management in the UK Football Industry. , Journal of Management and Organization , 16 (4), 566-586. Walters, G. (2011). The implementation of a stakeholder management strategy during stadium relocation: a case study of Arsenal football club’s move to the Emirates Stadium. Managing Leisure , 16 (1), 49-64. Wilson, R., Plumley, D., & Ramchandani, G. (2013). The relationship between ownership structure and club performance in the English Premier League. Sport, Business and Management: An International Journal , 3 (1), 19-36.

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