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A tricky European fixture: an assessment of UEFA’s Financial Fair Play regulations and their compatibility with EU law

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Abstract

UEFA have recently implemented ‘Financial Fair Play’ regulations that govern the spending of European football clubs. This article examines the content of those regulations, with particular attention paid to the contentious ‘break-even’ requirement. Also considered is the European regulatory framework and the potential legal challenges this might present to UEFA, particularly in respect of the possibility that the regulations may inhibit the free movement of workers; whether Financial Fair Play constitutes an anti-competitive agreement; and if so, whether this is mitigated by doctrine of the specificity of sport. Crucial to the legality of the regulations is the prevailing financial climate of European football and this is also discussed, with the questions Financial Fair Play engenders presented and considered, and conclusions drawn as to Financial Fair Play’s enforceability in light of this.

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Notes

  1. For more specific discussion on this, see the chapters ‘Amateurs and Professionals’ and ‘Money in Victorians and Sport by Huggins (2004).

  2. “UEFA has a duty to consider the systemic environment of European club football in which individual clubs compete, and in particular the wider inflationary impact of clubs' spending on salaries and transfer fees,” Financial Fair Play, UEFA. http://www.uefa.com/uefa/footballfirst/protectingthegame/financialfairplay/index.html. Accessed 14 May 2012.

  3. The on-field history of Rangers Football Club 1873–2012 (BBC, 14 February 2012). http://www.bbc.co.uk/news/uk-scotland-glasgow-west-15307021. Accessed 14 May 2012.

  4. Lord Hodge approves liquidation of former rangers FC (BBC, 31 October 2012). http://www.bbc.co.uk/news/uk-scotland-glasgow-west-20141946. Accessed 24 January 2012.

  5. Portsmouth enter administration & are docked 10 points (BBC, 17 February 2012). http://www.bbc.co.uk/sport/0/football/16943651. Accessed 14 May 2012.

  6. Conn D, Cost of Glazers' takeover at Manchester United reaches £500 million (The Guardian, 22 February 2012). http://www.guardian.co.uk/sport/david-conn-inside-sport-blog/2012/feb/22/manchester-united-glazers-debt. Accessed 14 May 2012.

  7. Bond D, The £1billion Title. BBC (14 May 2012). http://www.bbc.co.uk/blogs/davidbond/2012/05/the_1billion_title.html. Accessed 14 May 2012.

  8. For more on the Premier League's 'fit and proper person' test, see ‘A fit and proper Premiership?’ (BBC, 31 July 2007). http://news.bbc.co.uk/sport1/hi/football/eng_prem/6923831.stm. Accessed 14 May 2012 or David Conn, What is the 'fit and proper person test'? (The Guardian, 7 October 2009). http://www.guardian.co.uk/football/2009/oct/07/fit-and-proper-person-test. Accessed 14 May 2012.

  9. Conn D, Manchester City’s fortunes wane and wax in tale of two billionaires. Guardian (22 April 2009). http://www.guardian.co.uk/sport/blog/2009/apr/22/manchester-city-sheikh-mansour-thaksin-shinawatra. Accessed 14 May 2012.

  10. Conn D, Premier League clubs lost £392 million last year despite record £2.2 bn income. Guardian (23 May 2012). http://www.guardian.co.uk/football/2012/may/23/premier-league-losses-2010-11-profits. Accessed 23 May 2012.

  11. Ibid.

  12. Focus on club licensing and Financial Fair Play (UEFA, 26 May 2010). http://www.uefa.com/uefa/aboutuefa/organisation/executivecommittee/news/newsid=1492741.html. Accessed 16 May 2012.

  13. Michel Platini, Financial Fair Play ensures football's stability (UEFA). http://www.uefa.com/uefa/video/videoid=1585436.html?autoplay=true. Accessed 24 January 2013.

  14. See, for example, Regulations of the UEFA Champions League Article 2, 2.04 c) “To be eligible to participate in the competition, a club… must have obtained a licence issued by the competent national body in accordance with the UEFA Club Licensing and Financial Fair Play Regulations”. Regulations of the Champions League 2012–15 Cycle, 2012/13 Season (UEFA, 2012). http://www.uefa.com/MultimediaFiles/Download/Regulations/competitions/Regulations/01/79/68/69/1796869_DOWNLOAD.pdf. Accessed 24 January 2013.

  15. Traverso A (2008) Club licensing—here to stay. UEFA (2008). Available at http://www.uefa.com/MultimediaFiles/Download/uefa/KeyTopics/618655_DOWNLOAD.pdf. Accessed 23 May 2012.

  16. Further details on the UEFA Club Financial Control Board can be found in 'Procedural Rules Governing the UEFA Club Financial Control Body', Edition 2012 (UEFA, 2012). http://www.uefa.com/MultimediaFiles/Download/Tech/uefaorg/General/01/85/85/25/1858525_DOWNLOAD.pdf. Accessed 23 January 2013; the personnel on the Financial Control Board are listed in 'Composition of the UEFA Organs and Bodies' (UEFA, 2012). http://www.uefa.com/MultimediaFiles/Download/uefaorg/Bodies/01/74/52/71/1745271_DOWNLOAD.pdf. Accessed 23 January 2013.

  17. UEFA Club Licensing and Financial Fair Play Regulations, Edition 2012, at Article 53.

  18. See Article 21, 1, h) of 'Procedural Rules Governing the UEFA Club Financial Control Body', Edition 2012 (UEFA, 2012). http://www.uefa.com/MultimediaFiles/Download/Tech/uefaorg/General/01/85/85/25/1858525_DOWNLOAD.pdf. Accessed 23 January 2013 “disqualification from competitions in progress and/or exclusion from future competitions”.

  19. Ibid.

  20. Geey (2009)

  21. Ibid.

  22. ‘Mallorca appeal dismissed’ (UEFA, 30 July 2010). http://www.uefa.com/uefa/footballfirst/matchorganisation/disciplinary/news/newsid=1509489.html. Accessed 24 January 2013.

  23. Liverpool to play Rabotnicki in Europa League (BBC, 22 July 2010). http://news.bbc.co.uk/sport1/hi/football/europe/8847150.stm. Accessed 23 May 2012.

  24. ‘Beşiktaş and Bursaspor decisions’ (UEFA, 30 May 2012). http://www.uefa.com/uefa/footballfirst/matchorganisation/disciplinary/news/newsid=1803680.html. Accessed 4 June 2012.

  25. 'Málaga vow to challenge one-season European ban for missing payment' (The Guardian, 21 December 2012). http://www.guardian.co.uk/football/2012/dec/21/uefa-malaga-european-ban. Accessed 24 January 2013.

  26. Braslavsky N QC (2011).

  27. See UEFA Club Licensing and Financial Fair Play Regulations, Edition 2012, Article 58.

  28. Annex X, B. 1.

  29. See supra, note 9.

  30. To explain the concept of amortisation, I defer to eminent football business blogger The Swiss Rambler, who states “When a player is purchased, his costs are not immediately booked to the profit and loss account, but they are capitalised as an asset and written-off over the length of his contract, so there will be a cost impact for a few years. As an example, it was reported that Sergio Aguero was signed for £35 million on a 5-year contract, so his annual amortisation is £7 million (£35 million divided by 5 years).” 'Money's Too Tight To Mention At Inter' (The Swiss Ramble, December 7, 2011). http://swissramble.blogspot.co.uk/2011/12/moneys-too-tight-to-mention-at-inter.html. Accessed 29 May 2012.

  31. The technical legal definition of insolvency will vary between the member states; however, the Insolvency Service (the executive agency of the United Kingdom that deals with insolvencies) states, “The most commonly used definition of insolvency is the inability of an individual or company to pay debts when they become due.” ‘A Guide for Creditors’ (The Insolvency Service, 2010). http://www.bis.gov.uk/assets/insolvency/docs/publication-pdfs/guideforcreditors.pdf. Accessed 18 January 2013.

  32. Foreword, The European Club Footballing Landscape, Club Licensing Benchmarking Report Financial Year (UEFA, 2008). http://www.uefa.com/MultimediaFiles/Download/Publications/uefaorg/Publications/01/45/30/45/1453045_DOWNLOAD.pdf. Accessed March 8 2012.

  33. UEFA Club Licensing and Financial Fair Play Regulations, Edition 2012, UEFA at, Article 61, 3.

  34. Ibid at Article 61, 2.

  35. Ibid at Annex XI.

  36. Ibid at Annex XI, 2, (i).

  37. Ibid at Annex XI, 2, (i).

  38. Ibid at Annex XI, 2.

  39. Ibid.

  40. Ibid. at Annex XI, 1.

  41. Herbert I (2011) City seal sponsorship deal worth £400 million with Etihad. Independent (9 July 2011). http://www.independent.co.uk/sport/football/premier-league/city-seal-sponsorship-deal-worth-400m-with-etihad-2309387.html. Accessed 5 June 2012.

  42. Ibid.

  43. Gibson O (2004) Arsenal-Emirates deal worth £100 million. Guardian (5 October 2004). http://www.guardian.co.uk/media/2004/oct/05/business.marketingandpr. Accessed 5 June 2012.

  44. Council of Europe Parliamentary Assembly Committee on Culture, Science, Education and Media, Good Governance and Ethics in Sport (Provisional Report, 2012).

  45. Ibid at paragraph 39.

  46. Real to solve debt crisis (BBC, 28 May 2001). http://news.bbc.co.uk/sport1/hi/football/europe/1355780.stm. Accessed 5 June 2012.

  47. See supra, at 44, paragraph 45.

  48. Annex VI at E. (j).

  49. Annex X at B. (j).

  50. Ibid.

  51. Supra, at note 41.

  52. See Annex X, C.

  53. Ibid.

  54. Ibid at C. (g).

  55. UEFA to Investigate Manchester City over Etihad Sponsorship Deal (the Independent, 16 August 2011). http://www.independent.co.uk/sport/football/premier-league/uefa-to-investigate-manchester-city-over-etihad-sponsorship-deal-2338555.html. Accessed 26 January 2013.

  56. For further details, see Procedural Rules Governing the UEFA Club Financial Control Body (UEFA 2012), III. Decision Making Process of the CFCB, Chapter 1 Investigation.

  57. Annex X, C. (g).

  58. Ibid at B. (k).

  59. Value 11, European Sports Model and Specificity of Sport, 11 Values (UEFA). http://www.uefa.com/uefa/elevenvalues/index.html. Accessed 2 July 2012.

  60. Ennis D, Blow for Blatter as EU rejects '6 + 5' plan to limit foreign players. Independent (9 May 2008). http://www.independent.co.uk/sport/football/news-and-comment/blow-for-blatter-as-eu-rejects-65-plan-to-limit-foreign-players-824091.html. Accessed 2 July 2012.

  61. Statement by European Commissioners Ján Figel' and Vladimir Špidla, 28 November 2008. Available at http://ec.europa.eu/social/main.jsp?langId=en&catId=89&newsId=424&furtherNews=yes. Accessed 2 July 2012.

  62. See, for example, Case 36-74 B.N.O. Walrave and L.J.N. Koch v Association Union Cycliste Internationale, Koninklijke Nederlandsche Wielren Unie and Federación Española Ciclismo (1974) ECR 1423, or Case C 13-76 Donà v Mantero (1976) ECR 1333.

  63. Case C-415/93 Union Royale Belge des Sociétés de Football Association ASBL v Jean-Marc Bosman (1995) ECR I-4921.

  64. Chappelet (2010).

  65. Garcia and Weatherill (2005).

  66. Chappelet, supra, at 46, states 'it was the ECJ's judgment of 1995 concerning the Belgian footballer Bosman that really unleashed a series of complaints by sportsmen and women against their organisations, whose decisions and/or rules were thus challenged in the European courts, resulting in restrictions on their autonomy to determine sporting regulations'.

  67. For an examination of the impact of that the promulgation of wealth was beginning to have on the Premier League specifically from the mid-90s onwards (and more generally on the costs associated with Premier League football), see Tomkins et al. Pay as you Play: the True Price of Success in the Premier League Era. GPRF Publishing, London (2010).

  68. Case C-519/04P, David Meca-Medina and Igor Majcen v. Commission (2006) ECR I-6991 and Case T-313/02, Meca-Medina and Majcen v Commission (2004) ECR II-3291.

  69. Ibid at paragraph 49.

  70. European Commission, White Paper on Sport (COM (2007) 391 final, Brussels, 2007).

  71. Supra, at note 65.

  72. See quotes from Michel Platini elsewhere in this article.

  73. Infantino G, Meca-Medina: a Step Backwards for the European Sports Model and the Specificity of Sport? (UEFA). http://www.uefa.com/MultimediaFiles/Download/uefa/KeyTopics/480401_DOWNLOAD.pdf. Accessed 4 July 2012.

  74. Article 45(3) stipulates limitations on the basis of public policy, public health or public security; Article 45(4) stipulates that the provisions of Article 45 generally are not to apply to employment in the public service generally. Clearly, no such exemption is applicable here.

  75. European Commission, Sport and Free Movement (accompanying document to the communication from the commission to the European Parliament, the Council the European Economic and Social Committee and the Committee of the Regions, Developing the European Dimension of Sport, 66/2, 2011).

  76. Ibid.

  77. Case C-176/96, Jyri Lehtonen and Castors Canada Dry Namur-Braine ASBL v Fédération Royale Belge des Sociétés de Basket-ball ASBL (FRBSB) ECR (2000) I-2681 at paragraph 51–60.

  78. Case C-55/94, Reinhard Gebhard v Consiglio dell'Ordine degli Avvocati e Procuratori di Milano ECR (1995) I-4165.

  79. Case C-41/90, Höfner and Elser v. Macrotron GmbH (1991) ECR I-1979, (1993) 4 CMLR 306, at paragraph 21.

  80. As established in Case 5/69 Völk v. Vervaecke (1969) ECR 295, (1969) CMLR 273.

  81. Whish and Bailey list as anticompetitive objects: In respect of horizontal agreements, price fixing; exchange of information that reduces uncertainty; market sharing; the limiting of output; the limiting of sales; and collective exclusive dealing. In respect of vertical agreements, imposition of fixed or minimum resale prices; and imposition of export bans. Whish and Bailey (2012).

  82. Joined Cases T-374/94, T-375/94, T-384/94, T-388/94, European Night Services v. Commission 1998 ECR II-3141, (1998) 5 CMLR 718.

  83. Case T-193/02 Piau (2005) ECR I-209, (2005) 5 CMLR 42.

  84. Case C-309/99 J.C.J. Wouters et al. v Algemene Raad van de Nederlandse Orde van Advocaten (2002) ECR I-1577.

  85. Ibid at paragraph 51. http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:61999J0309:EN:HTML. Accessed 10 August 2012.

  86. Ibid at paragraph 56 to 71, notably at paragraph 64, “it appears that a professional organisation such as the Bar of the Netherlands must be regarded as an association of undertakings within the meaning of Article 85(1) of the Treaty where it adopts a regulation such as the 1993 Regulation. Such a regulation constitutes the expression of the intention of the delegates of the members of a profession that they should act in a particular manner in carrying on their economic activity”.

  87. Ibid at paragraph 90.

  88. Ibid at para 97.

  89. Beloff MJ QC, The canniness of the long-distance swimmers: the far-reaching effects of Meca-Medina on European Sports rules. http://www.blackstonechambers.com/document.rm?id=214. Accessed 16 September 2012.

  90. Case T-313/02 Meca-Medina and Majcen v Commission (2004) ECR II-3291.

  91. Indeed, there are pertinent points throughout the judgment. “Sport is subject to Community law in so far as it constitutes an economic activity” at paragraph 22; “the mere fact that a rule is purely sporting in nature does not have the effect of removing from the scope of the Treaty the person engaging in the activity governed by that rule or the body which has laid it down” at paragraph 27; “even if the anti-doping rules at issue are to be regarded as a decision of an association of undertakings limiting the appellants’ freedom of action, they do not, for all that, necessarily constitute a restriction of competition incompatible with the common market, within the meaning of Article 81 EC, since they are justified by a legitimate objective. Such a limitation is inherent in the organisation and proper conduct of competitive sport and its very purpose is to ensure healthy rivalry between athletes” at paragraph 45 etc.

  92. Case T-313/02 Meca-Medina and Majcen v Commission at paragraph 42.

  93. Question adapted from Wouters at paragraph 107.

  94. Supra, note 92 at paragraph 43. Further, is FFP intended to safeguard the integrity, objectivity and ethical values of professional football?.

  95. Ibid paragraph 44.

  96. As per Butterworths Competition Law Services on Meca-Medina, “the applicants failed because they did not adduce evidence to substantiate their disproportionality claim, not because that claim itself was inadmissible.” Butterworths Competition Law Service, Division I, Chapter 2, C, 3.Relationship between the competition laws and other policies.

  97. Hynter D (2009) European super league will be here in 10 years, says Arsène Wenger. Guardian (17 August 2009). http://www.guardian.co.uk/football/2009/aug/17/arsene-wenger-european-super-league. Accessed 2 October 2012.

  98. UEFA Statutes, Rules of Procedure of the UEFA Congress, Regulations governing the Implementation of the UEFA Statutes, Edition 2012, Statute XII. Recognition of the UEFA Statutes, Disputes, Part 3. http://www.uefa.com/MultimediaFiles/Download/EuroExperience/uefaorg/WhatUEFAis/01/80/54/03/1805403_DOWNLOAD.pdf. Accessed 2 October 2012.

  99. CAS 2011/O/2574 UEFA v. Olympique des Alpes SA/FC Sion at paragraph 60 “OLA [Sion] informed CAS that it did not accept the jurisdiction of CAS and denied the admissibility of UEFA's Request for Arbitration”.

  100. 'FIFA threaten ban on Switzerland over Sion transfer ban' (BBC, 17 December 2011). http://www.bbc.co.uk/sport/0/football/16231758. Accessed 2 October 2012.

  101. 'ECA calls on member clubs to adhere to Financial Fair Play rules' (European Club Association, 11 September 2012). http://www.ecaeurope.com/news/eca-calls-on-member-clubs-to-adhere-to-financial-fair-play-rules/. Accessed 4 October 2012.

  102. 'EPFL welcomes Financial Fair Play' (UEFA, 12 March 2010). http://www.uefa.com/uefa/stakeholders/leagues/news/newsid=1462150.html. Accessed 4 October 2012.

  103. European Commission, State aid: Vice President Almunia and UEFA President Platini confirm Financial Fair-Play rules in professional football are in line with EU state aid policy (Press release, Reference IP/12/264 21, March 2012). http://europa.eu/rapid/pressReleasesAction.do?reference=IP/12/264&format=HTML&aged=0&language=EN&guiLanguage=en. Accessed 4 October 2012.

  104. Joint Statement by Vice-President Joaquín Almunia and UEFA President Michel Platini (21 March 2012). http://ec.europa.eu/competition/sectors/sports/joint_statement_en.pdf. Accessed 4 October 2012.

  105. Joint statement on UEFA's Financial Fair Play rules and EU State aid policy (European Commission, Sport News, 28 March 2012). http://ec.europa.eu/sport/news/20120321-uefa-rules-policy_en.htm. Accessed 4 October 2012.

  106. Case C-415/93, URBSFA v Jean-Marc Bosman.

  107. For analysis on this see Morris et al. (1996).

  108. For a discussion on the concept and scope of ‘lex sportiva’, see Foster (2003) or Foster (2010).

  109. 'Green light for Financial Fair Play' (UEFA, 5 September 2009). http://www.uefa.com/uefa/stakeholders/professionalfootballstrategycouncil/news/newsid=879610.html. Accessed 28 October 2012.

  110. The European Club Footballing Landscape, Club Licensing Benchmarking Report Financial Year 2010. http://www.uefa.com/MultimediaFiles/Download/Tech/uefaorg/General/01/74/41/25/1744125_DOWNLOAD.pdf. Accessed 28 October 2012.

  111. Szymanski (2012).

  112. The top four tiers of English football (currently being the Premier League, the Championship, Division One and Division Two, although varying in moniker over time) are the professional levels of the English game.

  113. This large number of insolvencies has been mirrored in other leading European leagues. The Supporters Direct Positioning Paper states "In Italy, between 2002 and 2012, 103 professional clubs from the four top divisions collapsed… In Spain, 22 clubs have been or still are under administration since the introduction of the Concursal Law in 2003 and March 2012". For more information, see Supporters Direct Positioning Paper, Section 2 'Improving the Financial Stability of Football Clubs and Leagues', Supporters Direct, November 2012. Available at http://www.supporters-direct.org/wp-content/uploads/2012/11/SDEurope_Position-Paper_2012.pdf. Accessed 7 November 2012.

  114. Supra, note 111, at p. 2.

  115. Conn (2012).

  116. See supra, note 114.

  117. Ibid.

  118. Slaton Z (2012) The Writer & The Economist: An Interview with Soccernomics' Authors. Forbes (4 June 2012). http://www.forbes.com/sites/zachslaton/2012/06/04/the-author-the-economist-an-interview-with-soccernomics-authors-part-1/3/. Accessed 28 October 2012.

  119. Simmons R (2012) Financial foul play? An analysis of UEFA’s attempts to restore financial discipline in European football (Vox, 3 September 2012). http://www.voxeu.org/article/own-goal-uefa-s-financial-fair-play-initiative-misguided. Accessed 28 October 2012.

  120. Financial Fair Play in the Football League (the Football League, 25 April 2012). http://www.football-league.co.uk/page/FLExplainedDetail/0,,10794~2748246,00.html. Accessed 28 October 2012.

  121. Scott M (2012) Manchester United and Manchester City split by proposals on Premier League financial controls. Telegraph (22 August 2012). http://www.telegraph.co.uk/sport/football/competitions/premier-league/9493345/Manchester-United-and-Manchester-City-split-by-proposals-on-Premier-League-financial-controls.html. Accessed 28 October 2012.

  122. See supra, at note 111.

  123. ‘Deloitte survey finds Premier League player wages have hit record high’ (The Guardian, 31 May 2012). http://www.guardian.co.uk/football/2012/may/31/deloitte-premier-league-survey-wages. Accessed 28 October 2012.

  124. Originally released as ‘Why England Lose’ (HarperSport 2009).

  125. Kuper and Szymanski (2012).

  126. Highlights, Deloitte Annual Review of Football Finance (Deloitte, 2011). http://www.deloitte.com/assets/Dcom-UnitedKingdom/Local%20Assets/Documents/Industries/Sports%20Business%20Group/uk_sbg_arff11_highlights.pdf. Accessed 3 November 2012.

  127. Highlights, Deloitte Annual Review of Football Finance (Deloitte, 2012). http://www.deloitte.com/assets/Dcom-UnitedKingdom/Local%20Assets/Documents/Industries/Sports%20Business%20Group/uk-sbg-annual-football-finance-review-2012-highlights.pdf. Accessed 27 January 2012.

  128. Boyle D, Football Mad: Are We Paying More for Less (High Pay Centre, August 2012). Available at http://www.highpaycentre.org/pubs/football-mad-are-we-paying-more-for-less. Accessed 7 November 2012.

  129. Graphic: Premier League transfer and wage spending from the 2000/01 season to 2011/12 by Conrad Quilty-Harper and Donna Bowater; graphic by Mark Oliver and Dan Palmer, the Telegraph (1 September 2012). http://www.telegraph.co.uk/sport/football/competitions/premier-league/9514149/Graphic-Premier-League-transfer-and-wage-spending-from-the-200001-season-to-201112.html. Accessed 7 November 2012.

  130. Indeed, following the introduction of FFP, there will only have been a relatively short period of unbridled owner input at the levels seen in recent years, from the beginning of the 2003/2004 season when Roman Abramovich bought Chelsea, to the first FFP monitoring period in the 2010/2011 season.

  131. Wilson B (2012) Premier League Club Wages Climb to New High. BBC (31 May 2012). http://www.bbc.co.uk/news/business-18248540. Accessed 16 November 2012.

  132. Including Emmanuel Adebayor, Kolo Touré, Samir Nasri and Gael Clichy.

  133. Arsenal—The Song Remains the Same, the Swiss Ramble 2 October 2012. http://swissramble.blogspot.co.uk/2012/10/arsenal-song-remains-same.html. Accessed 16 November 2012.

  134. Supra at note 109.

  135. Conn D, Just how fair is Michel Platini's Financial Fair-Play ruling? Guardian (25 May 2011). http://www.guardian.co.uk/sport/david-conn-inside-sport-blog/2011/may/25/financial-fair-play-uefa-michel-platini. Accessed 16 November 2012.

  136. Kesenne (2003).

  137. Sass (2012).

  138. The Council of Europe Culture, Science, Education and Media Committee is against the introduction of a salary cap for fear that this would lead to a reduction in salary “especially young players or players from African or Asian countries.” It also raises concerns that clubs would enter into "secret deals,” or “to reach arrangements with sponsors to transfer part of the costs to them”. Zeigler (2012) Report questions Manchester City's etihad deal. Independent (7 Match 2012). http://www.independent.co.uk/sport/football/european/report-questions-manchester-citys-etihad-deal-7543869.html. Accessed 17 November 2012.

  139. Szymanski (2003).

  140. Lindholm (2010/2011).

  141. As Szymanski notes “Insolvency is a chronic problem in the world of professional Association football”; however, he argues that this is not due to “irrational” or “undisciplined” spending, rather “negative shocks” to productivity or demand. For further details, see Stefan Szymanski 'Insolvency in English Professional Football: Irrational Exuberance of Negative Shocks?' [October 2012] North American Association of Sports Economists, Working Paper Series, Paper No. 12-02.

  142. Case C-325/08 Olympique Lyonnais v Olivier Bernard and Newcastle United FC.

  143. Fifield D (2012) Michel Platini: I just want clubs to spend money they have. Guardian (31 August 2012). http://www.guardian.co.uk/football/2012/aug/31/michel-platini-financial-fair-play?newsfeed=true. Accessed 25 November 2012.

  144. Morris et al. (1996).

  145. Herbert I (2012) Ferguson Fears Loopholes Will Defeat New FFP Rules. Independent (28 April 2012). http://www.independent.co.uk/sport/football/premier-league/ferguson-fears-loopholes-will-defeat-new-ffp-rules-7685236.html. Accessed 17 November 2012.

  146. Reck and Geey (2011).

  147. Geey D, Financial Fair Play and Third Party Ownership: Updated UEFA Licensing Regulations (23 July 2012). http://www.danielgeey.com/financial-fair-play-and-third-party-ownership-updated-uefa-licensing-regulations/. Accessed 17 November 2012.

  148. Braslavsky N QC, The UEFA Financial Fair Play regulations—is the playing field being leveled? (the Lawyer, 25 October 2011). http://www.thelawyer.com/the-uefa-financial-fair-play-regulations-is-the-playing-field-being-levelled?/1009960.article. Accessed 18 November 2012.

  149. See supra at note 136.

  150. Hare J (2011) Chelsea fans call for Champions League boycott in ticket-price protest. Telegraph (14 September 2011). http://www.telegraph.co.uk/sport/football/teams/chelsea/8763733/Chelsea-fans-call-for-Champions-League-boycott-in-ticket-price-protest.html. Accessed 25 November 2012.

  151. James S (2012) Manchester City fans to face champion size rise for season tickets. Guardian (22 May 2012). http://www.guardian.co.uk/football/2012/may/22/manchester-city-rise-season-tickets. Accessed 25 November 2012.

References

Statutes and legal instruments

  • Article 45 Treaty of the Functioning of the European Union

  • Article 101 Treaty of the Functioning of the European Union

  • Procedural Rules Governing the UEFA Club Financial Control Body, Edition 2012, UEFA

  • Regulations of the Champions League 2012-15 Cycle, 2012/13 Season, UEFA

  • UEFA Club Licensing and Financial Fair Play Regulations, Edition 2012

  • UEFA Statutes, Rules of Procedure of the UEFA Congress, Regulations governing the Implementation of the UEFA Statutes, Edition 2012

Cases

  • CAS 2011/O/2574 UEFA v. Olympique des Alpes SA/FC Sion

  • Case 5/69 Völk v Vervaecke (1969) ECR 295, (1969) CMLR 273

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  1. University of the West of England, Bristol, UK

    Christopher A. Flanagan

  2. Lloyds Banking Group, Litigation, Commercial Debt Recovery Department, Bristol, UK

    Christopher A. Flanagan

  3. Bank House, Wine Street, Bristol, BS2 1AN, UK

    Christopher A. Flanagan

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Flanagan, C.A. A tricky European fixture: an assessment of UEFA’s Financial Fair Play regulations and their compatibility with EU law. Int Sports Law J 13, 148–167 (2013). https://doi.org/10.1007/s40318-013-0006-4

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