Volatile Football Stocks Offer a Tough Match for Shareholders

If following a soccer team can be frustrating, try investing in one.

As British Premier League stalwart Manchester United Plc seeks a new owner, it is one of a handful of well-known publicly traded clubs whose share price moves would test the faith of even the most loyal supporters.

Soccer teams are unable to guarantee the type of earnings growth that shareholders usually demand, say analysts, citing volatile on-field performance that impacts revenue sources including television income, sponsorships, ticket sales and prize money. Player salaries and transfer fees add to high costs.

“Football clubs are like investment banks,” said Russ ...