'Not quite as expected?': An Investigation of the Regulation of Insolvency as applied to English Professional Football Clubs

This dissertation reviews the theory and practice of Regulation and its application to

professional football. The exploration uses the legal pivot of the 1986 Insolvency Act

with subsequent amendments and consolidations to analyse the activities of regulatory

agents (Insolvency Practitioners), industry bodies (the Football League) and directors

(owners of football clubs) in the context and conduct of affairs relating to Corporate

Insolvency. The operation of The Football Creditors’ Rule receives specific scrutiny. At

the heart of this investigation lies ‘The Puzzle’ in that, historically, firms in this industry

seem exceptionally likely to suffer an insolvency event yet appear exceptionally

unlikely to be wound-up. The causes and consequences of this paradox are probed via a

journey from theory to practice in the development of the study.

Whilst ‘unexpected consequences’ attend many human activities, this thesis is novel in

its examination of phenomena in which many taken for granted assumptions are not

wholly delivered as expected. The ideas driving the review are obtained from extensive

reading of published material and the data are obtained from on-line published sources

and are often couched in systems terms. In the main, the data refer to the period

1986-2016 and relate to the full-time English Football industry. The discussion and

analysis of data within the thesis are categorised in the manner of Merton’s Law of

Unintended Consequences. The results of the enquiry pay special heed to issues relating

to the accountability of key actors for both the manner and the outcome of their actions;

to the need for greater energy to be devoted to how understanding of the complexities

surrounding insolvency might be achieved by more effective communication styles/

methods; and to the suggestion that regulation of insolvency and the practice of

insolvency law may be better accomplished via an approach which is both fine-tuned

and industry-specific.