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            <title xml:lang="en">The transfers of football players: an optional analysis.</title>
            <title xml:lang="fr">Le transfert des joueurs de football : une analyse optionnelle</title>
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                <title xml:lang="en">The transfers of football players: an optional analysis.</title>
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                <term xml:lang="en">real option theory</term>
                <term xml:lang="en">player transfer value</term>
                <term xml:lang="en">football clubs management</term>
                <term xml:lang="fr">théorie des options réelles</term>
                <term xml:lang="fr">valeur de transfert des joueurs</term>
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              <p>Football clubs manage the transfer of their players as opportunities during their professional lives. This paper investigates the contribution of real options theory to the management of player transfers in order to highlight the different future investment opportunities and the value of one of these opportunities.  As a further application of this theory to a field of research that has not yet been fully explored, our framework of analysis leads to the identification of a decision support tool by identifying which player should be kept in the team and which player should be given priority for disposal.</p>
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              <p>Les clubs de football gèrent le transfert de leurs joueurs comme autant de possibilités offertes pendant leur vie professionnelle. Cet article se propose d’étudier la contribution de la théorie des options réelles à la gestion des transferts des joueurs pour mettre en évidence les différentes possibilités futures d’investissement et la valeur d’une de ces possibilités.  Application supplémentaire de cette théorie à un terrain de recherche encore peu exploité, notre cadre d’analyse conduit à mettre en évidence un outil d’aide à la décision en identifiant quel joueur il faut conserver dans l’équipe et quel joueur il conviendrait de céder prioritairement.</p>
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