Performance Enhancing Drugs In Sports

ACCT 3102 EXTERNAL REPORTING ISSUES CASE STUDY:
SPORTING CLUBS, COMPANIES AND CORPORATE GOVERNANCE
Introduction
In 2013, the Essendon Football Club was investigated for performance enhancing drugs in their elite sports science programs. News of the initial investigations was met with disbelief by supporters, players, club administrators and the governing body – the Australian Football
League (AFL). What followed was a period of intense and rigorous independent investigation by Australian Sports Anti-Doping Authority (ASADA) and the AFL. In August 2013, severe sanctions were handed down to the Essendon Football Club by the AFL. This case study focuses on the events at EFC before and leading up to August 2013.
Structure of clubs
In terms of the
AFL, seventeen AFL clubs are limited by guarantee (including the Essendon
Football Club), while only one AFL club (the West Coast Eagles) is a company limited by shares. For the clubs that are structured as limited by guarantee, the ownership is vested in the hands of its members which provide certain rights (Foreman, 2006). The members of the club are defined in the club’s constitution as individuals who hold membership tickets. The members’ rights are outlined in each club’s constitution, the Corporations Act 2001 and
Common Law. The club’s constitution outlines the right of members to vote at annual general meetings and elect directors to the board. The Corporations Act 2001 states guidelines for requisitioning a general meeting and for proposing a resolution to members. However, there are important differences between AFL club members and shareholders of a listed company.
Motivations for membership in an AFL club are quite different to the motivations for owning shares in a company. Obviously, the supporter (member) is motivated for entertainment purposes and subscribing as a fan of the club, whereas shareholders are motivated towards financial rewards.
English soccer is a good example of a combination of both members and shareholders. Many clubs are listed in the capital markets (Bell, Brooks et al. 2012) and club shareholders can comprise both conventional investors motivated purely by returns but also club fans who arguably care less about money making as they can be expected to some extent to hold shares for sentimental reasons (Bell, Brooks et al. 2012). Smaller clubs tend to have proportionally more fan shareholders, while larger clubs tend to have more conventional shareholders (Bell,
Brooks et al. 2012). However, investment in football clubs, can often be seen as high risk and this highly volatile situation typically yields low dividends and trading volumes, which can keep institutional investors away (Mazanov, Tenero et al. 2012). Investment from fans and speculators can sometimes be made more on personal or emotional reasons (Marotta 2008).
Compared to the open market, football clubs also tend to operate under a different set of market assumptions, which include unpredictability of sports results, joint production of the sports event and atypical competitive mechanisms within the sector (Marotta 2008).
Unpredictability of results impacts heavily on financial risk, which managers can find difficult to mitigate because financial results are influenced by match events.
Although results of football matches are not cash flows, Bell et al. (2012) explain that they are expected to impact the share price of football clubs as winning games is likely to increase the club’s subsequent cash flows and value. For example, this might include larger game attendances (assuming no capacity constraint), higher ticket prices, higher prices for leasing

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stadium boxes, increased advertising revenue, greater sponsorship income and merchandise sales, higher revenue from TV deals and radio commentary on games, increased prize money, and increased revenue from associated businesses.
Empirical evidence supports a strong link between on-field results and club revenues. Bernile and Lyandres (2011) found winning European Champions League games had a positive effect on a club’s return on assets. Morrow (1999) found wins increased and losses reduced the club’s share price. Spanish football club’s success on the pitch has been shown to have a positive effect on club revenues (Barajas, Fernandez-Jardon et al. 2005). In the Australian
Football League (AFL), Pinnuck and Potter (2006) found that match day receipts, membership receipts, sponsorship and other marketing receipts are a positive function of winning games. Aside from direct effects on a company’s cash flows, results of football matches can also indirectly affect share prices by altering the mood, confidence and emotional state of investors (Bell, Brooks et al. 2012). For example, despite only minimal aggregate effect on a country’s companies, international football results have been shown to affect national stock market indexes (Ashton, Gerrard et al. 2003; Tufan 2004; Berument and Yucel
2005; Dohmen, Falk et al. 2006; Edmans, Garcia et al. 2007; Kaplanski and Levy 2010).
Results of football matches have also been shown to influence the medical, social and political behaviour of supporters (Witte, Bots et al. 2000; Carroll, Ebrahim et al. 2002; Kirkup and Merrick 2003; Wilbert-Lampen, Leistner et al. 2008; Kaplanski and Levy 2010). Such non-economic effects can also reinforce the cash flow effects of football results (Bell, Brooks et al. 2012).
Essendon Football Club - history
The Essendon Football Club was one of the foundation clubs of the VFL (now the AFL) and commenced operations in 1873. The first ground of the football club was in Flemington,
Victoria and the club stayed in the same state and moved to East Melbourne in 1882. In the late 19th century, Essendon became the first club to win four premierships in a row and then in
1898 became the first team to score over 100 points. After World War I, Essendon left its home in East Melbourne in 1921 and moved to its current home at Windy Hill in Essendon. In
1933, a young player by the name of Dick Reynolds played his first game and went on to win a total of 7 best and fairest awards. He also won 3 Brownlow Medals which is the highest honour bestowed on any VFL/AFL player. He has since been voted the best and most successful player ever to have played for EFC and also spent several years as captain, captain coach and coached the club for 416 games.
In the 1940s, 1950s and 1960s, EFC was very successful, winning numerous premierships. In the 1970s and early 1980s the club was not as successful and did not win their next premiership until 1984. The club was successful again in 1985 and in 2000 won their 16 th premiership. To this day, the club has been the most successful VFL (AFL) club winning a total of 16 premierships. Currently the club has over 50,000 members and in 2012, attendances at home and away matches exceeded over 1,000,000.
The past 10 years have been mixed for the EFC in terms of financial performance and on-field performance. The club has reached the finals a couple of times but overall has had several periods of disappointing on field performance. There have been several changes in the coaching team during this time including the longest serving coach ever – Kevin Sheedy who coached the club for 27 years and won 4 premierships before leaving the club in 2007. Since then, a new coach Matthew Knights was appointed and subsequently made redundant in 2010.

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On the 28th September 2010, former champion James Hird was appointed coach along with former player and former Geelong premiership coach Mark Thompson appointed as assistant coach. Drugs in sport
Stewart et al. (2011) explains that over the last four decades there has been a serious drug-use problem in sport (Hunt 2007; Rushall and Jones 2007; Hanstad, Smith et al. 2008). From the
1950s to the 1970s athletes used substances such as caffeine and painkillers to boost performance (Dimeo 2007; Hunt 2007). During the 1980s athletes moved onto more advanced substances like androgenic and anabolic agents, stimulants, and human growth hormone
(Taylor 1991; Hoberman 1992). By the 1990s use of erythropoietin (EPO) had become prolific and in the 2000s insulin, diuretics, adulterating agents to mask positive drug tests, as well as beta and cortisol blockers to reduce anxiety and improve motor skills became prevalent (Pampel 2007). Rapp (2009) explains that the financial stakes involved in professional sport create powerful incentives for the use of performance enhancing substances. However, at the same time, detection of drug use in sport can undermine the good standing of sport, bringing it into disrepute and fracturing the relationship it has with sponsors
(Senate Standing Committee on Environment Recreation and the Arts 1988; House of
Representatives Standing Committee on Finance and Public Administration 1990).
Rapp (2009) outlines five main arguments in favour of testing athletes for use of performance enhancing drugs. First, performance enhancing drugs should be banned in order to ‘level the playing field’. Second, player health suffers because of the use of performance enhancing substances. Third, players using performance enhancing substances make poor role models for children who often idolise professional athletes. Fourth, the black-market that sells performance enhancing drugs can use the leverage provided by their knowledge of an athlete’s use of drugs to blackmail them into manipulating on-field competition in order to produce ill-gotten gains. Finally, fans can enjoy a game that is clean, free and untainted by use of performance enhancing drugs. All of these reasons provide appropriate ground for imposing harsh sanctions for drug use.
In response to several drug scandals such as those that occurred at the 1996 Atlanta Olympics and the 1998 Festina affair at the Tour de France, athletes’ continued use of performance enhancing drugs saw the International Olympic Committee (IOC) in 1999 establish the World
Anti-Doping Agency (WADA) (Mignon 2002; Kirkwood 2004; Pampel 2007). Part of the reason for this is that scandals can harm the economic viability of sport (Mazanov, Tenero et al. 2012). As such the IOC saw investment of money toward implementation of anti-doping policy as a reasonable response so as to reduce revenue risks associated with drug scandals
(Mazanov and Connor 2010).
Scandals, for example, see spectators shift away from sport
(Carstairs 2003) which can reduce revenue associated with gate takings, sponsorship and broadcast rights (Leeds and Von Allmen 2011).
According to WADA’s 1999 policy statement, their mandate was to: (1) test athletes for drug use; (2) investigate allegations of use, possession or trafficking; (3) apply sanctions for violations of the code; and (4) communicate the virtues of drug-free sport so as to promote fairness and equality for all (Houlihan 2003; Park 2005). Following from this came WADA’s more precise World Anti-Doping Code (WADC) of 2004. According to WADA regulations, a substance would be banned if it met at least two of the following criteria: (1) it enhances performance; (2) consumption of the drug poses a risk to the athlete’s health; and (3) use of

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the drug(s) violates the spirit of sport (WADA 2003). The WADA Code distinguishes between in-competition drug use and out-of-competition drug use. Performance enhancing drugs are banned throughout the year while illicit drug-use is banned only during periods of athletic competition (Horvath 2006).
Within Australia, the Australian Commonwealth Government (ACG) adopted WADA’s
1999 policy statement in 1999 and established the Australian Sports Doping Agency (ASDA).
ASDA undertook drug testing to ensure that policy was effectively delivered. It was around this time that the National Rugby League (NRL) implemented its first performance enhancing drug policy (Stewart, Adair et al. 2011). Football codes’ governing bodies, for example, have a vested interest in sustaining and growing their fan base, as this can bring greater economic capital from merchandise royalties, competition sponsorships and broadcasting rights contracts (Andon, Free et al. 2013). Governing bodies would therefore be opposed to the use of drugs by any one team because the strength of their product is contingent on joint production from all teams in the competition. For example, the greater the emotions, tensions and uncertainty of the result, the greater the financial strength the league could be expected to have through gate receipts, broadcast rights, sponsorship and merchandising (Cashmore
2005). As a result, administrators invest much effort to strengthen the appeal and reputation of their football code, which can include: changes to make on-field play more exciting; public investigations and sanctioning of on and off-field player misconduct; and mobilising crisis management strategies in order to contain serious scandals (Andon and Free 2012).

The Essendon Football Club supplement scandal
The investigation into the EFC’s sports science program began in February 2013 when the club invited the AFL and ASADA to investigate its supplements program administered by Dr
Stephen Dank in 2012. At the same time EFC appointed former Telstra boss Dr Ziggy
Switkowski to conduct an independent review of the program and its’ corporate governance practices. For the next 7 months leading up to the August 2013 charges and severe sanctions imposed upon the EFC, there were a number of significant developments and new information in the case which came to light.
In March 2013, it was revealed that some EFC players may have had up to 40 injections each in 2012. The independent investigation by Ziggy Switkowski reported that EFC had used exotic supplements, frequent injections and marginalisation of traditional medical staff and this had created a “disturbing picture of pharmacologically experimental environment never adequately controlled or challenged or documented within the club” (EFC, 2013).
In response the club chairman Mr David Evans apologised to supporters and other stakeholders and promised “zero tolerance” toward risky procedures. Following this statement, ASADA commenced interviews with EFC players, and asked them about 35 substances. Amidst the on-going pressures and the mounting evidence against the club, the then CEO of the club Mr Ian Robson resigned and in his statement admitted that he was accountable for everything that happened at the club, including the supplements program even though he didn’t know anything about it. He also admitted that the club had let down their players and their families.
In August 2013, the AFL received a 400 page interim report from ASADA and following this report, the AFL announced that the club, the coach James Hird, the assistant coach Mark

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Thompson, the football manager Danny Corcoran and the club doctor Dr Bruce Reid were all charged with the conduct of bringing the game into disrepute or prejudicing the interests of the AFL. On 27 August 2013, sanctions were handed down to the Essendon Football Club,
James Hird, Mark Thompson and Danny Corcoran.
It was determined by the AFL Commission that EFC had breached Rule 1.6 of the AFL Rules for bringing the game into disrepute. Specific charges against the club included:


establishing a program relating to the administration of supplements to its players in preparation for, and during, the 2012 AFL premiership season (the Program);

engaging in practices that exposed players to potential risks to their health and safety as well as the potential risk of using substances that were prohibited by the AFL Anti-Doping
Code and the World Anti-Doping Code;

disregarding standard practices involving the human resources department when employing Dean Robinson and Dr Stephen Dank at EFC;

failing to conduct routine, systematic pre-employment checks in respect of Dean
Robinson and Dr Stephen Dank;

failing to ensure that persons with the necessary integrity, reputation and training were engaged by EFC to implement the Program;

failing to ensure that those implementing the Program were adequately supervised;

failing to devise or implement adequate systems or processes to ensure that some substances provided to and used by players were safe and were compliant with the AFL AntiDoping Code and the World Anti-Doping Code;

failing to have proper regard to player health and safety, including failing to ensure that some substances had no potentially negative effects on players;

failing to identify and record the source from which some substances used by players were obtained;

failing to adequately monitor and record the use of some substances;

failing to audit or monitor some substances held on the premises of EFC;

failing to implement a system for recording and storing some substances held on the premises of EFC;

failing to meaningfully inform players of some substances the subject of the Program and obtain their informed consent to the administration of some of the substances;

failing to take appropriate and adequate action when it became aware of facts that suggested unsatisfactory and potentially risky practices were occurring in relation to the administration of supplements; and

permitting a culture at EFC of frequent, uninformed and unregulated use of the injection of supplements (AFL, 2013).
The sanctions handed down to Essendon Football Club included paying a fine to the AFL of
$2,000,000, forfeiting its place in the 2013 finals series and being prohibited from exercising its round 1 and 2 draft selections at the AFL national draft. The charges and sanctions handed down to Essendon Football Club by the AFL are separate to the ASADA investigation.
Corporate Governance
The corporate governance practices in sporting clubs have become a critical issue in the past couple of years (O’Brien 2013). Corporate governance refers to the relationship between the board, management and its owners (Foreman 2006). It is important to note that in most
AFL/NRL clubs, the owners are the clubs’ members. In March 2013, the Australian Sports

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Commission (ASC) issued new governance principles whereby sporting organisations must now comply with the ASC’s principles to receive their government funding. The ASC recognises that sports governance consists of leadership, integrity and good judgement. The sporting organisation also must demonstrate transparency, accountability and responsibility
(ASC 2012). There are six major corporate governance principles stipulated by the ASC:
Principle 1 - board composition, roles and powers; Principle 2 - board processes; Principle 3 governance systems; Principle 4 - board reporting and performance; Principle 5 - stakeholder relationship and reporting; and Principle 6 - ethical and responsible decision making.
Previous research has investigated crises in European sporting clubs in the last five years and these have been explained by examples of weak corporate governance (Dietl and Franck
2007; Andreff 2007; Michie and Oughton, 2005). Deitl and Franck (2007) provide a case study of the current crisis in the German Football League. They conclude that the financial crisis is caused by governance failures and the peculiar German club governance structure characterised by wide discretionary freedoms. The so-called ‘wide freedoms’ can result in clubs investing in risky ventures. Andreff (2007) also concludes that French Football suffers from weak governance which results in lax financial management and a soft budget. Michie and Oughton (2005), investigate the corporate governance practices in professional football clubs in England and conclude that English clubs took advantage of a lack of guidelines in terms of disclosure, the appointment of directors, induction and training of directors, risk management etc. The standards of corporate governance in these clubs was significantly below those of listed companies.
For more information on the structure and history of the AFL go to: http://www.afl.com.au/afl-hq/the-afl-explained/history http://en.wikipedia.org/wiki/Australian_Football_League

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CASE STUDY QUESTIONS (50 MARKS)
SPORTING CLUBS AND SCANDALS (30 MARKS)
1. Football clubs have grown in sophistication and size over the past two decades.
Today’s clubs require formal structures and delegated powers, processes and controls
(Switkowski, 2013). The financial stakes involved in professional sport can create powerful incentives for the use of performance enhancing substances (Rapp, 2009).
In your opinion, do you think it was the growth and commercialisation of the sport or do you think it was the governance (or lack of) that contributed to the “scandal” at the
EFC? Discuss with reference to the facts of the case.
In your response, you should refer to financial information from the EFC annual reports 2001-2014. Reference should also be made to the Australian Sports
Commission
Sports
Governance
Principles. http://www.ausport.gov.au/supporting/clubs/governance. Your response must be supported by examples of research from at least three academic research articles.
1500 words maximum

(does not include tables, graphs, figures etc.)

GOVERNANCE DISCLOSURES IN COMPANY REPORTS (12 MARKS)
2. ASX listed companies follow the ASX’s Corporate Governance Principles and
Recommendations in relation to corporate governance. These Principles and
Recommendations set out practices that are likely to achieve good governance outcomes for the company.
Choose an ASX listed company and examine the contents of its most recent annual report. Provide specific examples from the annual report of the adoption of each one of the 8
Corporate Governance Principles and Recommendations. In your response, you must refer to specific sections of the annual report and relevant accounting standards and policies that have been applied by the company. Please note: for some Principles and Recommendations – there may be more than one relevant section of the annual report. 800 words maximum (does not include tables, graphs, figures etc.)
STAKEHOLDER NEEDS AND ANNUAL REPORTS (8 MARKS)
3. Collectively, how does the corporate governance information meet the expectations of different stakeholders of the company? In your response you must discuss the different needs of stakeholders and support your argument with reference to specific sections of the annual report and at least three academic research articles.
600 words maximum (does not include tables, graphs, figures etc.).

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