Considering the inconsistency in the literature on crowdinvestment motivations and the uniqueness of football club investors, the purpose of this study is to identify the motivation to invest in football clubs through equity crowdfunding. Following Churchill’s scale development procedure, it is found that those who crowdinvest in football clubs are fans who highly identify with these teams. The fans’ motivations include supporting the cause of the campaign, acquiring the status of a football club owner, and gaining rewards. These findings show the dominance of intrinsic motivations among crowdinvestors of European football clubs, providing evidence for compensatory activities assumed in self-determination theory, which is the theoretical framework for this research. Moreover, we devise a motivation scale that can be adopted in future research on equity crowdfunding for football clubs. For sports managers, the results offer practical recommendations for marketing communication and relationship marketing of equity crowdfunding campaigns by football clubs.

考虑到众投动机文献的不一致以及足球俱乐部投资者的独特性，本研究的目的是识别通过股权众筹投资足球俱乐部的动机。按照丘吉尔的规模发展流程，我们发现众筹足球俱乐部的人都是对球队高度认同的球迷。球迷的动机包括支持运动事业、获得足球俱乐部老板的地位以及获得奖励。这些发现显示了欧洲足球俱乐部众投资者的内在动机占主导地位，为自决理论中假设的补偿活动提供了证据，自决理论是本研究的理论框架。而且，我们设计了一个动机量表，可以在未来的足球俱乐部股权众筹研究中采用。对于体育管理者来说，研究结果为足球俱乐部股权众筹活动的营销传播和关系营销提供了实用的建议。