FROM INVESTMENT LOGIC TO ACCOUNTING CONSTRAINTS: A CONCEPTUAL FRAMEWORK AND OPERATIONAL MATRIX FOR RISKS, IMPAIRMENT AND FINANCIAL GOVERNANCE IN SPORT

Iustin Atanasiu POP; Paul Sorin LAZAR; Traian Ionut LUCA; Ioana Madalina RITI; Raul Vegas VIMAN

doi:10.24193/subbnegotia.2026.1.04

Authors

Iustin Atanasiu POP Lecturer dr., Faculty of Business, Babes-Bolyai University, Cluj-Napoca, Romania, e-mail: iustin.pop@ubbcluj.ro https://orcid.org/0000-0002-6687-3109
Paul Sorin LAZAR Assoc. prof. dr, Faculty of Business, Babes-Bolyai University, Cluj-Napoca, Romania, e-mail: paul.lazar@ubbcluj.ro https://orcid.org/0000-0003-0775-9231
Traian Ionut LUCA Lecturer dr., Faculty of Business, Babes-Bolyai University, Cluj-Napoca, Romania, e-mail: traian.luca@ubbcluj.ro https://orcid.org/0000-0002-0795-3643
Ioana Madalina RITI Master student, Faculty of Economics and Business Administration, Babes-Bolyai University, Cluj-Napoca, Romania, e-mail: ioana.riti@stud.ubbcluj.ro https://orcid.org/0009-0000-1244-2584
Raul Vegas VIMAN Bachelor student, Faculty of Business, Babes-Bolyai University, Cluj-Napoca, Romania, e-mail: raul.viman@stud.ubbcluj.ro https://orcid.org/0009-0001-5984-5345

DOI:

https://doi.org/10.24193/subbnegotia.2026.1.04

Keywords:

sports accounting, investments in sport, intangible assets, impairment, consolidation, financial regulation in sport

Abstract

The article examines the accounting reflection of sports investments within multi-entity and multi-sport portfolios, in which the investment logic (value creation through brand, sports performance and media exposure) interacts with the constraints of financial reporting (recognition, valuation, depreciation, depreciation and consolidation). The approach is predominantly theoretically applied, based on conceptual and documentary analysis, without claiming to investigate a singular “particular case”. Methodologically, the study uses the triangulation between (i) the academic literature on financial reporting in sport, with a focus on specific intangibles (rights to athletes), impairment and quality of disclosures; (ii) records from audit practice, through recurring topics in Key Audit Matters (KAM) reported for listed European clubs; and (iii) the compliance frameworks of sports regulators, in particular UEFA’s licensing and financial sustainability requirements. On this basis, the paper proposes (a) an investment classification scheme (equity / M&A, intangibles, infrastructure, sponsorship / marketing, technological capabilities and talent development), (b) an IFRS / IAS mapping of the relevant accounting treatments and (c) an operational matrix of misstatement risks. The main contribution is an integrated tool for the interpretation and governance of sports investment reporting, extendable to multi-jurisdiction portfolios and useful to investors, creditors and internal audit/control functions.

JEL classification: M41, G32, G34, L83, M42, G38

Article History: Received: December 4, 2025; Reviewed: February 9, 2026;
Accepted: March 17, 2026; Available online: March 24, 2026.

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