Research published in the Int'l Journal of Sports Marketing & Sponsorship analyzed all Serie A clubs over a four-year period and found that Cagliari, then run by new Leeds United Owner Massimo Cellino, "was fourth most efficient" after AC Milan, Inter Milan and AS Roma, according to INT'L MARKETING REPORTS. The significance of Cagliari’s position, however, "is that it was the most efficient club outside of the major cities." The report's authors state that "the size of city appears to be important." The report stated, "The difference in efficiency among clubs can be mainly explained by the big city effect, where big cities have big clubs that dominate the league and small cities have small clubs that are dominated in the league." The study analyzed the efficiency of club income and expenditure over four seasons "using an industry standard model." The research found that the "big city" effect worked because it allowed clubs with large fan bases to use proportionally fewer resources to generate income. Report author Carlos Barros said, "Cagliari has proven to be an exception and out-performed some of the bigger clubs such as Juventus, Lazio and Fiorentina" (INT'L MARKETING REPORTS, 7/22).
