Dar es Salaam, Sept. 23 -- ATAX authority buying a football club only makes sense if you treat it as a valuation and-attribution exercise: The verifiably attributable lift in tax receipts must exceed the fully priced cost of running the club, using a plain breakeven model rather than public-relations sentiment.

Lenders logic applies: In many emerging leagues, wageto-revenue ratios sit around 60 to 80 per cent (disciplined below 65 per cent, distress above 85 per cent), while revenues are performance sensitive—roughly 35 to 55 per cent sponsorship and advertising, 20 to 40 per cent broadcast and 10 to 25 per cent matchday.

Relegation or extended poor form can knock revenues by 20 to 40 per cent year over year absent parachutes. Pri...