Joe Gorman, Exeter City CEO: What Happens When the Fans Own a Football Club?

Today we welcome Exeter City CEO Joe Gorman. This show is long in the making. One of the most requested guests we have had. Why? Well Exeter are one of football’s biggest rarities; a fan owned club. This means they cannot rely on the wealth and exuberance enjoyed by many to succeed on and off the pitch. They actually have to try and make the business make sense. Punching above their weight for many years, the club sits in League One alongside mega rich teams like Birmingham and Wrexham, and are more than competitive. So how does a club owned by 4700 fans paying £24 a year compete at the top level? How have they turned a £5m investment into the academy to a return of £20m. And why is Joe adamant this is a club here to be the best football team, not just to pat on the head and applaud for doing things unusually well. A truly unique model. A truly unique conversation. This is the other side of the ‘Business of Football’. --------------------------------------------------------------------------------- Timestamps: 00:00 Intro 01:50 Exeter City FC’s Ownership and Business Model Structure 09:58 Does Fan Ownership Drive Smarter Spending? 13:04 Revenues and Budgets 16:58 Is the Financial Gap in League One Making Competition Unfair? 18:50 Are Big Clubs Like Wrexham Lifting the Rest Through Exposure? 20:57 Balancing Budget Constraints with On-Pitch Performance 26:28 Is Exeter’s Academy a Strategy, Not a Football Lottery? 28:56 How the Ollie Watkins Sell-On Clause Transformed Exeter’s Finances 32:08 How Have Fans Embraced Exeter’s Stepping-Stone Model? 35:12 Can Exeter’s Model Work in the Championship? 44:17 Balancing Leadership with Fan Ownership and Consensus 49:15 Should the Premier League Share More with the Football League? 51:48 How Important Is the Women’s Team to Exeter’s Brand and Growth? 59:38 The Role of Transparent Communication in Club Growth 01:02:58 Quick-Fire Round --------------------------------------------------------------------------------- On today's show we discuss: 1. Exeter: A Fan-Owned Club: What does it mean to be owned by the fans and how does it actually work when you have over 4700 ‘owners’ involved in the club? Is Joe’s job made easier or harder without having the pressures exerted on management by demanding multi-millionaire owners chasing the glories of Premier League football? How does the business of the club actually work in the context of making decisions to spend money. Is it consensus driven? The importance of building trust: “the fans need to know I have the best interests of the club at heart” Why this is more than a club to patronise for doing well off the field and how Joe along with manager Gary Caldwell is instilling a winning culture from top to bottom. Would the club ever look for investment away from the fanbase? 2. A Unique Playing Model: When you can’t go out and spend millions on a star player, how do Exeter uncover talent who fit their model? The importance of creating value for top teams by nurturing talent and being a home that clubs want to send their brightest young players to. Buying players for 5-figures and selling them for 7-figures; winning for Exeter is more than just 3 points on the pitch. The value of the sell-on clause: why having a percentage sale on players sold is such a valuable cash flow addition. The fanbase needs to understand and get behind this business model for it to work. How do they relate to a team with pure ideals that may have a ‘success ceiling’? 3. Competing in the EFL: The financial disparity between clubs even in League One is becoming more apparent than ever. How do Exeter leverage their unique model to compete with big spenders? Are clubs like Wrexham and Birmingham good for the Football League? Whose responsibility is it to capitalise on the increased exposure afforded to the football league with big investors and TV deals now a common occurrence? Why does Joe fear wage inflation will be the thing that makes competing on a manageable playing field too hard to navigate? --------------------------------------------------------------------------------- Subscribe on Spotify: [https://open.spotify.com/show/1lD0eIj...](https://open.spotify.com/show/1lD0eIj...) Subscribe on Apple Podcasts: https://podcasts.apple.com/gb/podcast... Follow Harry Stebbings on X:   / harrystebbings   Follow Charlie Stebbings on X:   / charliestebbs   Follow Exeter City FC on X:   / officialecfc   Follow Business of Sport on Instagram:   / bizofsport   Follow Business of Sport on TikTok:   / bizofsport   ---------------------------------------------------- #businessofsport #charliestebbings #joegorman #ceo #exetercity #premierleague #leagueone #olliewatkins #fanownerclub