The authors analyze the financial situation of the Spanish football industry. They first argue that a relevant analysis of the industry's financial results relies on a careful description of how historical and cultural factors have influenced its organization. Moreover, they stress the important relationship between the industry and television. The authors suggest that the situation of the Spanish football industry suffers from some structural weaknesses in its accounts. However, the situation seems less severe than in other major European football leagues, partly because local authorities in Spain have strong incentives to back football teams.
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