FINANCIAL SUSTAINABILITY OF BULGARIAN FOOTBALL: A BALKAN PERSPECTIVE

Abstract

Purpose: This study examines the financial performance and sustainability of Bulgarian professional football clubs compared to other Balkan countries, focusing on revenue diversification, UEFA income, and infrastructure investment.
Methods: A descriptive comparative design was used, based on secondary data from UEFA, FIFA, and KPMG reports for the 2023–2024 season. Key indicators included total revenue, matchday income, broadcasting rights, UEFA payments, sponsorship, and transfer income. Variation and correlation analyses assessed disparities and relationships between financial and sport-technical indicators (FIFA ranking, UEFA coefficient, market value).
Results: Bulgarian clubs underperformed significantly across core revenue streams compared to regional leaders such as Turkey and Greece. Matchday and TV revenues were notably low, while reliance on transfer income was high (≈51.6%). Strong correlations (r > 0.90) were found between total revenue and UEFA income, sponsorship, and team value. A SWOT analysis identified systemic weaknesses such as outdated infrastructure and weak commercial ecosystems.
Conclusion: Bulgarian football operates under a fragile financial model with poor revenue diversification and infrastructural gaps. Strategic reforms—targeting media rights, digital engagement, and governance transparency—are essential. The study provides a comparative benchmark for modernizing football governance in Bulgaria and the region.