Mutuality Ownership Form and Professional Sports: Football

Mutuality is a longstanding successful model of ownership within European professional football. There was little understanding of mutuality as a form of ownership in British football until it emerged during the past decade, albeit, confined to lower leagues. It now merits further investigation. Focusing on Exeter City FC, operating as a nonprofit organization, this research examines the range of business and financial management issues facing the club. The main findings reveal that supporter ownership allowed a greater sense of “buy in” and inclusion of a wider cross-section of stakeholders. However, evidence shows limitations to mutuality in identifying alternative revenue streams, overly bureaucratic decision making, and ability to developing capabilities to compete. The case of Exeter City FC offers lessons for others considering mutuality as a form of ownership. This study contributes to understanding mutuality in this specific context and within the broader discussion of corporate governance issues ...