Second Annual FFW Sports
Group Lunchtime Seminar
UEFA Financial Fair Play
Regulations
Daniel Geey, Associate, Sports
Group
at Field Fisher Waterhouse LLP
Daniel.Geey@ffw.com
Financial Time-bomb?
• What are the regulations?
• Loss making clubs
• UEFA Publication “The European Club Footballing
Landscape”
• Deloitte Report
• Buy-in from UEFA affiliated clubs and leagues
Aiming for a Deflationary Effect
• Initial sanctions against clubs who do not fulfil the break-even
requirement can be taken in time for the 2013/14 season
• Clubs to spend no more than they earn (with exceptions)
• Infrastructure investment permitted
• The Debt v Loss Debate
Breaking Even (ish)- Definitions
• Clubs do not have to break even until 2018 at the
earliest
• Acceptable Deviation (Article 61)
• Monitoring Periods (Article 59)
• Exchange Rates (Article 60(3))
Break Even (ish) Revealed
Acceptable Deviation Levels
Monitorin
g Period
2013-14
2014-15
2015-16
2016-17
2017-18
2018-19
Number of Years
Included
Years
calculation
2
3
3
3
3
3
in
the Acceptable
(€m)
Deviation
T-2
T-1
T
Equity
investment
Non-equity
investment
N/A
2011-12
2012-13
2013-14
2014-15
2015-16
2011-12
2012-13
2013-14
2014- 15
2015-16
2016-17
201213
201314
201415
201516
201617
201718
45
45
30
30
30
Less than
30
5
5
5
5
5
5
Sanctions
• ‘Club Financial Control Panel’
and ‘Organs for Administration
of Justice’
• “the Club Financial Control
Panel may refer the case to the
Organs for Administration of
Justice, which will take the
appropriate measure(s) without
delay in accordance with the
procedure defined in the UEFA
Disciplinary Regulations for
urgent cases.” (Article 63(4))
Talk Takeaways
• Sanctions in force by 2013-14 season
• Leeway for a transitional period
• A phased approach obviously beneficial for clubs
• Pure break-even not required until at least
the 2018/19