Financial management of Maltese aquatic sports clubs

Abstract

Purpose: The objective of this study is to analyse and provide insight into the financial management of the various aquatic sports clubs in Malta and understand how the clubs procure their finances and management thereon. The study then focuses on their governance structures and accountability aspects and ultimately reaching out to any improvements that can be made. Design: The objectives were attained by adopting a qualitative research approach, through the use of semi-structured interviews. Findings: These interviews resulted in interesting findings. A major finding was that the external accountability of the clubs has increased significantly over the years however with no little use and no scrutinization. A second finding was that the clubs’ administration is very raw and although they do recognise the importance of financial management, they do little to back it up. Conclusions: While it can be concluded that over the years the aquatic sports clubs have developed and some have seen great successes, it was established that to continue to build upon this, more importance must be given to the financial management and governance structures. Moreover, the external oversight organisations related to the clubs require certain improvements too. Recommendations include appointing qualified accountants as treasurers, implementing longer-term visions and certain scrutinization of club accounts by external stakeholders. Value: This study was the first directed towards aquatic sports clubs. As a result, it can serve to guide the clubs in developing their financial management and contribute to the existing literature regarding the internal and external accountability of voluntary organisations.