Motivations for Crowdinvesting in European Football Clubs

Considering the inconsistency in the literature on crowdinvestment motivations and the uniqueness of football club investors, the purpose of this study is to identify the motivation to invest in football clubs through equity crowdfunding. Following Churchill’s scale development procedure, it is found that those who crowdinvest in football clubs are fans who highly identify with these teams. The fans’ motivations include supporting the cause of the campaign, acquiring the status of a football club owner, and gaining rewards. These findings show the dominance of intrinsic motivations among crowdinvestors of European football clubs, providing evidence for compensatory activities assumed in self-determination theory, which is the theoretical framework for this research. Moreover, we devise a motivation scale that can be adopted in future research on equity crowdfunding for football clubs. For sports managers, the results offer practical recommendations for marketing communication and relationship marketing of equity crowdfunding campaigns by football clubs.