In this paper we explore the effects of team‐specific human capital (TSHC) on performance. We do so by delineating between two dimensions of TSHC, relating to team members and the team manager, and then exploring how the two dimensions may interact in shaping performance. Employing a 10‐year panel of football teams from the English Premier League we find that team members’ TSHC has a positive and significant effect on team performance, which is positively moderated by managers’ TSHC. Our results attest to the importance of considering both the team member and team manager dimensions of TSHC, and how the performance effects of team members’ TSHC are shaped by managers’ TSHC. Our results stand in stark contrast to the dramatic reduction in managerial tenure that has characterized the English Premier League in recent years.