Abstract: Based on analyzing the characteristics of the holders of the clubs and their behavior in China's Super League,the motivation hypothesis was presented that to hold the club was just a temporary instrumental makeshift for the holders.Then,the events studies method and the holders' stock price data from A-share and H-share market of China were applied to tested the hypothesis.The results show that the clubs' performance in the Super League has no irregular effect on the abnormal return of their holders' stock.In other words,the clubs' bumping up and getting a higher ranking did not necessarily bring significant positive abnormal return to their holders,meanwhile,a much lower ranking of the clubs did not necessarily bring a significant positive abnormal return to their holders.That is to say,in the point view of the capital market,the holders never took the clubs as part of their value but just a makeshift.So,the hypothesis was verified.Finally,an extending discussion was made based on empirical findings and came to the conclusion that the governance structure in the form of private firm was inevitable,but the club should be the heart of the holders' business model.