The analysis of accounting and financial practices of sports clubs and associations in the Republic of Croatia represents the central theme of this research, with a particular emphasis on the challenges and specificities that characterize their operations. The research provides a detailed overview of the legal framework regulating sports activities, including relevant legal regulations and financial reporting standards applicable to sports joint-stock companies and sports associations. Special attention is directed towards the two largest football clubs in Croatia, HNK Hajduk s.d.d. and GNK Dinamo, whose accounting systems, financial operations, and management strategies are thoroughly analyzed and compared. The analysis encompasses key information about the clubs, ownership structure, and specific accounting policies they apply. The financial statements of these clubs were reviewed to identify key challenges and opportunities for improving financial management. Additionally, the research includes horizontal and vertical analysis of balance sheets and profit and loss accounts, as well as the analysis of financial indicators such as liquidity, indebtedness, activity, economy, and profitability. This comprehensive analysis enables an in-depth insight into the financial health and operational efficiency of sports clubs, providing a basis for making informed decisions about management and financing strategies. The research results indicate significant differences in the operations and financial performance of the analyzed clubs, which is partly due to different management and financing models. Key financial practices contributing to the success or failure of the clubs were identified, and factors influencing their financial stability and sustainability were analyzed. This research contributes to a deeper understanding of the complexities of financial management in sports clubs and associations, providing a foundation for further research and analysis that can further enhance knowledge and practice in this area. Through thorough analysis of financial statements and business strategies, the research offers insights into effective financial practices and potential directions for the development of sports organizations in the Republic of Croatia.