German professional football clubs have operated under a members' association governance structure for several decades. Pressure to change the members' association governance model in Germany intensified during the late 1990s and as a consequence, governance rulings were relaxed to allow private investment into football clubs. Utilising a case study approach, this article provides a case study insight into Hamburger SV FC, who unlike their counterparts, voted to remain as a members' association until 2014. The findings highlighted that the governance model helped instil democratic decision-making and influenced the club to favour long term planning over a short-termist approach. The club faced many challenges to their chosen governance structure due to the growing perception among members that it was hindering the club's ability to compete on the field. This article contributes to the growing body of literature focusing on the implications a football club's ownership structure has on performance.

Mutuality is a longstanding successful model of ownership within European professional football. There was little understanding of mutuality as a form of ownership in British football until it emerged during the past decade, albeit, confined to lower leagues. It now merits further investigation. Focusing on Exeter City FC, operating as a nonprofit organization, this research examines the range of business and financial management issues facing the club. The main findings reveal that supporter ownership allowed a greater sense of “buy in” and inclusion of a wider cross-section of stakeholders. However, evidence shows limitations to mutuality in identifying alternative revenue streams, overly bureaucratic decision making, and ability to developing capabilities to compete. The case of Exeter City FC offers lessons for others considering mutuality as a form of ownership. This study contributes to understanding mutuality in this specific context and within the broader discussion of corporate governance issues in the nonprofit sector.

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