UEFA Financial Fair Play Regulations

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mechanisms to bring greater efficiency and financial discipline to target companies, although there are also examples where they have actually added to an existing problem of debt. To football fans who find themselves paying significantly higher ticket prices (around 50% at Manchester United in the first five years of the Glazer takeover), LBOs are anathema, perhaps representing the complete opposite of the wealthy benefactor model, taking money out of the club and providing few or no positive changes since no new players are purchased and no facilities are built or improved. As with debt taken on in an attempt to improve the team, unexpected failure (such as not qualifying for the Champions League) can cause significant financial problems for clubs loaded with LBO debt.

1183:

money spent on infrastructure, training facilities or youth development will not be included. The legislation currently allows for eight separate punishments to be taken against clubs transgressing the rules, based in order of severity: reprimand / warning, fines, points deduction, withholding of revenue from a UEFA competition, prohibition to register new players for UEFA competitions, restrictions on how many players a club can register for UEFA competitions, disqualification from a competition in progress and exclusion from future competitions.

235: 1094:

the new rule should only apply to clubs with a turnover of more than €50 million, agreeing that all clubs should be treated the same. Also on the agenda was a proposal to limit squads to 25 players with unlimited under-21 players per team at national and European level, as well as plans to reduce fees paid to agents. Clubs also agreed that they will not be able to owe each other money, nor will they be allowed to compete in Europe if salaries have not been paid to players or non-playing staff.

1435:, may be over- or under-valued. For example, youth product does not have an asset value given that there is no formation cost of that capital, such as a transfer fee; the asset value would also be amortized which the residual value of the contract in accounting did not reflect the true market value; lastly, there is a lack of protocol to make impairment on flops. The residual contract value may be greater than the market value as the transfer market always had fluctuation. 697:(DFB) for a licence to participate again the following year; only when the DFB, which has access to all transfer documents and accounts, are satisfied that there is no threat of insolvency does it provide approval. The DFB have a system of fines and points deductions for clubs who flout rules and those who go into the red can only buy a player after selling one for at least the same amount. In addition, no entity is allowed to own 50% or more of any Bundesliga club. 77: 1320:

compromise the ethical composition of football. Some clubs are easily able to attract reputable sponsorship due to the willingness of companies to be associated with a successful brand. For example, many top clubs raise money from selling sponsorship for their playing as well as their away and training kit, and other titles like the "official logistics partner" (such as Serveto for Barcelona) or "official marine engine partner" (such as

808:. PSV recorded a €17.5 million loss as their annual revenue dropped back 40% from €85 million to €50 million, while major rival Ajax – the only Dutch club listed on the stock exchange – lost €22.8 million. After enjoying 11 consecutive years of Champions League qualification and reaching the semi-final in 2005, PSV found its regular profits turning into losses and began selling top players, including 622:" was to be funded by the sale of the existing ground; however, two years into the project, work ground to a halt when the club could not find a buyer following the Spanish property crash. Despite an impressive display on the field, Valencia was forced to temporarily halt work on a new stadium and delay wages when its bank denied it more credit, forcing management to sell some of their top players, including 113: 340:

teams who play in our tournaments have unanimously agreed to our principles…living within your means is the basis of accounting but it hasn't been the basis of football for years now. The owners are asking for rules because they can't implement them themselves – many of them have had it with shovelling money into clubs and the more money you put into clubs, the harder it is to sell at a profit.

1201: 674:

demotion or even expulsion from the league. Despite lower incomes, French clubs do not carry the enormous debt of the English, Italian and Spanish leagues. A number of French clubs have produced small profits over a number of years, concentrating on developing young players in modern academies, who then generate profits when sold. For example, in the four years up to 2009, player trading by

36: 1127: 174: 1113:, also a member of the ECA board, said that his club would meet the new rules, despite their reported debts of £716.5 million. He said, "We have seen what the proposals are and we would meet the financial break even rules. We as Manchester United have always been run professionally and will continue to be run professionally." 363:

although not all teams can be successful. There are many examples of clubs where the directors (true fans) have "chased the dream" – gambling short-term investment (or borrowing) in the hope of long-term success. The pressure on the directors of a club to invest, to sign a star player…is often immense from ordinary supporters.

848:, and in April 2012 was forced to sell its ground and training complex to the local council for €49 million, leasing it back for €2.3 million per year. A leading councillor said that the move was necessary because of "the idiocy of big money and the game played between millionaires and football agents". 383:: "... we learn by experience all over the world most club executives tend to operate riskily, tend to overestimate their chances in the Championship. This may result in disproportionate spending relative to the income some clubs generate... club executives have somehow to be protected from themselves." 876:

providing the first British team (Celtic in 1967) to become European champions, since the advent of pay-per-view TV Scottish football had failed to keep up with its English counterpart; in stark contrast to the Premier League's vast TV earnings, following the collapse of the Irish satellite broadcaster

465:

seemingly gambling their futures in an effort to gain promotion into the Premier League. The 2010–2012 parliamentary report into English football noted that, "Much of the overspending is as a result of the desire to get into the 'promised land' of the Premier League or indeed to simply stay there...

362:

Club owners are generally over optimistic about their management abilities and vision for a club. With ample academic evidence that there is a clear correlation between squad wages and points won – something which is obvious to owners – there is a natural tendency to borrow in the pursuit of success,

950:

The leveraged buyout model is common for normal business ventures where – apart from the actual employees – the overall national impact of a firm collapsing is not particularly significant since other companies will fill the gap in the market. LBOs have sometimes been defended by those using them as

712:

and a number of Bundesliga titles, Dortmund had gambled to maintain their success with an expensive group of largely foreign players but failed, narrowly escaping liquidation in 2006. In subsequent years, the club went through extensive restructuring to return to financial health, largely with young

357:

A 2009 UEFA review showed that more than half of 655 European clubs incurred a loss over the previous year, and although a small proportion were able to sustain heavy losses year-on-year as a result of the wealth of their owners, at least 20% of clubs surveyed were believed to be in actual financial

319:

clubs spending more than they earn in the pursuit of success, and in doing so not getting into financial problems which might threaten their long-term survival. Some have argued that they were instituted to prevent financial "doping" from outside sources injecting money into smaller clubs. They were

1182:

Only a club's outgoings in transfers, employee benefits (including wages), amortisation of transfers, finance costs and dividends will be counted over income from gate receipts, TV revenue, advertising, merchandising, disposal of tangible fixed assets, finance, sales of players and prize money. Any

1005:

A number of clubs across Europe were historically in a position to spend substantially more than they earned as a result of the benevolence of their owners who made substantial financial gifts to the club, either by paying off existing debt, providing direct injections of cash, issuing extra shares

1310:

The financial gulf between successful clubs in the top-tier of European leagues has had an impact domestically, most notably in the Premier League, where for approximately a dozen years (from 1996 to 2008) there was a near complete dominance of the three major domestic English competitions by just

1093:

succeeded in delaying the full introduction of the FFP regulations to give clubs more time to adjust. The original timescale was lengthened, with a phased implementation over five years meaning that the full rules would apply in 2015 instead of 2012. The clubs also rejected a proposal by UEFA that

530:

SpA, from its ultimate holding company Italpetroli, intermediate holding company "Roma 2000" (the holding company or the head of Roma larger group of companies, holding company of "ASR Real Estate S.r.l." and "Brand Management S.r.l.") to AS Roma SpA (or AS Roma group), owed considerable money to

1350:

to West Ham United in 2006, third party ownership was banned in the Premiership, although it is widely used in South America and Europe and is permissible under FFP. Following the introduction of FFP, the Premiership unsuccessfully lobbied UEFA to review the situation to avoid English clubs being

1341:

One area of concern for English clubs is the practice of third-party ownership. Under this model, companies or wealthy individuals buy a percentage of a young player in the hope that if his value increases in the future they will make a profit based on their percentage. The advantage for clubs is

1319:

Some forums have expressed concern at the potential risk that as clubs become ever desperate to raise "allowable" revenue which will positively affect their balance sheet, they will indulge in questionable U.S.-style advertising and sponsorship practices from multiple backers which may eventually

979:

called on the British government to legislate against future LBOs of football clubs, calling for an outright ban or a limit on the amount which can be borrowed against acquisition – perhaps along the German model where no individual can own more than 49% of the club. There have also been calls to

941:

in February 2007. Although subjected to less leveraged debt than Manchester United, by 31 July 2010, the club was suffering a negative equity of £5.896 million while its holding company, KOP Football Limited – the entity which carried the debt – had a negative equity of £111.88 million,

875:

expressed deep concern at the fragile financial state of Scottish football. Despite a modest profit in five of the previous six seasons, net indebtedness of SPL clubs had grown over the previous year to £109m, with half of clubs reporting a worsening position and only two clubs debt free. Despite

673:

In France, The Direction Nationale du Contrôle de Gestion (DNCG) is responsible for administering, monitoring and overseeing the accounts of all professional clubs to ensure that owners are being financially prudent. Sanctions for non-compliance include transfer embargoes, reduced playing squads,

344:

Platini went on to say that the measures were supported by the majority of football club owners, and that an independent panel would be set up to judge whether clubs had broken the rules. Although the intentions of encouraging greater financial caution in football have been well-received, FFP has

1332:

In addition, there remains the issue of widely differing tax rates and social security costs to which the European leagues are subject, meaning that some clubs have to pay a player much higher gross wages in order for him to be left with the same net salary as if he belonged to a club in another

926:

in 2005 after which the club, previously very profitable, remains several hundred millions of pounds in debt. Since 2005, more than £300 million which might otherwise have been spent on players, improving facilities or simply kept as a contingency has been taken out of Manchester United and

517:

have accumulated losses of around €1.3 billion over the last 16 years, while on 20 May 2005, Lazio agreed a 23-year repayment plan to pay back a €140 million overdue tax bill. The club recovered, however, showing a net asset/equity of €10,500,666 in its consolidated accounts on 30 June

339:

Fifty per cent of clubs are losing money and this is an increasing trend. We needed to stop this downward spiral. They have spent more than they have earned in the past and haven't paid their debts. We don't want to kill or hurt the clubs; on the contrary, we want to help them in the market. The

1306:

Qualification and participation in the Champions League is a lucrative endeavor, paying out up to £60 million in prize money and television rights per season to clubs that reach the final. A club only has to play 13 matches from the group stages to reach the final. In comparison, finishing

434:

had long received praise for his continued ability to keep the club among the top Premier League sides despite an extremely tight transfer budget, had a negative equity (in group accounts) of £29.7 million on 31 May 2010, making a net loss of £3.1 million in consolidated accounts.

327:

The regulations provide for sanctions to be taken against clubs who exceed spending, over several seasons, within a set budgetary framework. Implementation of the regulations took place at the outset of the 2011–12 football season. The severest penalty is disqualification from the European

776:

deals and an extremely effective scouting network, particularly in South America, to purchase promising young players to develop and play in the first team in the near future before eventually selling them for a large profit. Since 2004, Porto has covered its large operating losses with a

942:

leaving the club tottering on the verge of bankruptcy, and had to be put up for sale. Hicks and Gillett placed what was widely believed to be an unrealistic value on the club in the hope of making a vast profit however, for which they were severely criticised in the House of Commons as "

1105:

agreed with the proposals. He stated, "After only two years of existence, the European Club Association has managed, together with UEFA, to set measures that will shape the future of European club football into a more responsible business and ultimately a more sustainable one."

954:

For these "emotional stakeholders", their club is not a "normal business" but rather an intrinsic part of their lives and often of great social and cultural importance to the local community. LBOs are also believed to have played at least a part role in takeovers at Portsmouth,

1061:

is owned by one of the world's richest men, UAE Deputy Prime Minister Sheikh Mansour. Since 2008, the owner has spent in excess of £1 billion on players and infrastructure at the club, though this has drawn considerable criticism from other clubs and football figures.

649:, were in administration with more threatened as the recession worsened. In July 2008, the Spanish government revealed that the clubs had a combined debt of £507 million to the tax authorities alone, with substantial amounts owed to a number of other state bodies. 589:

from Liverpool in August 2009, made the net financial debt only drop from €326.7 million to €244.6 million on 30 June 2010, still higher than the previous eight seasons. The net asset/equity, however, increased from €195.9 million to €219.7 million.

753:. Mainly as a result of their lower populations and smaller economies, these and other leagues such as the Belgian and Scandinavian leagues generate less revenue than those of the bigger nations, and there are currently no clubs in the Deloitte Top 20 from outside the 927:

spent on interest, bank fees and derivative losses. (While Manchester United FC Limited was almost debt free, its ultimate holding company "Red Football Shareholder Limited" had a negative equity of £64.866 million in its consolidated balance sheet on 30 June 2010.)

617:

at one point in 2009 was reported to be as high as €547 million. In 2007, during a property boom, Valencia's management decided to build a new 70,000 capacity stadium, despite doubts that it could attract enough fans to regularly fill it. Construction of the

1362:

On 4 February 2013, UEFA confirmed that it intended to ban third-party ownership of players, stating, "We think this should be the case all over the world, certainly all over Europe. If FIFA will not do it, we will certainly do it as far as Europe is concerned."

466:

the prevailing reasoning amongst Football League sides seems to be that excessive levels of spending can be sustained for a few years within which time promotion must be achieved. After that, Premier League revenues can be used to pay off all the debts accrued."

535:. On 30 June 2010, AS Roma SpA had a negative equity (total liability greater than total asset) of €13.2 million on the consolidated balance sheet, which ultimately led to the group ("Roma 2000") being sold to group of investor led by American billionaire 1036:

became the majority shareholder of PSG by purchasing 70% of the shares in 2011 and effectively purchasing the club altogether in a deal worth €50 million, which covered an estimated €15–20 million in debt and losses of €19 million from the

442:, which had a shortfall of £59,458,603 to the creditor in February 2010 (after deducting the book value of the asset). Having invested heavily on players over previous seasons, (the previous year's net loss was covered by French-Israeli businessman 1006:

or giving loans which are later written off. Such a practice adversely affects the market by creating wage and transfer inflation as well as encouraging other clubs to spend more than they can afford in an effort to remain competitive.

1954: 1081:", UEFA President Michel Platini said, "If you buy a house, you have a debt but that doesn't mean someone is going to stop you from working. If you depend only on a rich benefactor however, then the financial model is too volatile." 454:. There then followed administration to avoid the club being liquidated, a nine-point deduction from the Premier League, and finally relegation into the lower division. A similar train of events had affected another English club, 2247: 900:" clubs. However, because of mediocre performances in recent years, the SPL champions no longer qualify automatically for the Champions League group stages and are now largely confined to the much less lucrative Europa League. 1342:

that they can make big savings from not having to pay the full transfer value of a player and can also make other financial gains, that is, from selling on a player's image rights. Following the problems caused by the sale of

887:

Following the global downturn, job insecurity and rising unemployment meant that a number of Scottish fans did not renew season tickets, leading to a 10% fall in attendance over one year. The entire turnover of SPL champions

992:

in a military coup, Shinawatra was accused of human rights abuses, charged with three counts of corruption and had his financial assets in Thailand frozen, but eventually made a significant profit when selling the club to

593:

Barcelona also continued to spend heavily initially, although the level had been slightly reduced in the years immediately following the regulations. On 30 June 2009, Barcelona's net asset/equity was €20.844 million.

1311:

four clubs (Arsenal, Liverpool, Chelsea, and Manchester United). During this period, the lack of competition for lucrative Champions League football in England from outside of those four clubs was frequently criticised.

946:

draining the club with their greed". Eventually Liverpool was bought by a new American consortium, but because leveraged buyouts are permitted under normal stock market rules they will not be addressed by the FFP rules.

1302:

One major criticism of FFP is the possibility of further entrenching the positions of the largest clubs, which generate the most revenue and profits, and can consequently spend more money on transfers and player wages.

1186:

Clubs are permitted to spend up to €5 million more than they earn per assessment period (three years). However it can exceed that level to a limit if it is covered by a direct contribution from the club's owner.

913:

There was also concern at the heavy debt being loaded onto some clubs as a result of new owners borrowing heavily to acquire the club and then using future earnings to pay the interest, a practice known as a

851:

Recognising the social and cultural importance of its clubs, Dutch authorities invested over €300 million in football between 2006 and 2011, mainly through indirect subsidies and loans to clubs such as

1147:

Important FFP Regulations could be summarised so to be more understandable for readers. Article includes "generalised" discussion on FFP regulations without truly explaining what the key parameters are.

3356: 884:

TV rights to be shared among all SPL clubs now amounted to only £13 million per year, a figure little changed from the £12 million it had received under the Sky deal as long ago as 1998.

450:

in 2010, but as the season wore on the financial situation deteriorated, leaving players unpaid and the club with an outstanding bill for income tax which in turn led to a winding-up petition from

349:, failing to reduce football club debt and protecting the status quo. In 2015, UEFA announced FFP would be "eased". A newspaper article alleged that this was in response to a number of lawsuits. 1958: 1597: 1333:

country. In addition, the UEFA guidance states that each club's accounts must be audited under the national accountancy conditions applicable in their particular country, which may vary.

2251: 1728: 597:

Total debt in La Liga was estimated at £2.5 billion, leaving many of the owners, as so often in the past, having to put more of their own money into clubs. In the summer of 2010,

547:

Despite the most recent report showing 8% growth in La Liga revenues, the highest of any European league, the overwhelming majority of the extra money went to the two dominant clubs,

2467: 2700: 1218: 1151: 198: 49: 2733: 2013: 1461: 1480: 1371:

Another big issue for English clubs is the substantial payments made to the lower leagues in the football "pyramid" and to other charities out of their joint Sky TV deal. In

896:

dropped 38% to £39.7 million. As with other leagues, participation in the Champions League continued to make the crucial difference between profit and loss for the two "

3143: 560: 1359:

that the Premier League's third-party ownership rules were not legitimate and that a legal challenge to overturn them would have a "very, very good chance of succeeding".

1101:, representing Bayern Munich, called the new rules "a magnificent achievement" and pointed out that 93 clubs from 53 countries who attended the ECA's General Assembly in 577:, with their associated high wages, trebled Real's net financial debt from €130 million on 30 June 2008 to €326.7 million on 30 June 2009, as the signing of 422:

At the time of the introduction of FFP, several Premier League clubs were known to be spending considerably above their income. For example, between 2005 and 2010,

3301: 3361: 792:, have each been crowned European champions at least once. In recent years, however, their dominance has been challenged by the emergence of other clubs such as 555:, primarily due to their ability to negotiate separate TV deals. During the summer of 2009, Real Madrid paid a world record transfer fee of £80 million for 773: 367:

Even among Europe's elite sides, continued excessive spending has often been justified by club executives as being "necessary to keep the club competitive". As

1788: 539:(25%). Before the formal handover on 30 June 2011, the club had a net financial debt of €53.831 million, with a negative equity of €43.984 million. 3291: 923: 2215: 1042: 1038: 3366: 2993: 2078: 1929: 1017:(over €120 million between 2007 and 2010). The Della Valle brothers, meanwhile, also contributed €84.7 million to Fiorentina from 2006 to 2009. 1904: 729:

incurred a net loss of €30.4 million in the 2009 financial year. Borussia Dortmund GmbH & Co. KGaA made a net loss of just €2.9 million in

1871: 55: 1618: 1586: 1672: 1384: 1265: 3176: 1237: 972: 717:

reported debts of £24.7 million and were able to continue in the Bundesliga only after proving they had long-term credit with their bank.

426:

recorded an aggregate net loss of £90.2 million, with equity of £13 million on 31 May 2010 following a re-capitalization. Meanwhile,

3394: 3296: 3065: 3060: 1735: 320:

agreed to in September 2009 by the Financial Control Panel of football's governing body in Europe (Union of European Football Associations –

2674: 1244: 730: 2761: 1696: 1662:

The Seventh Report of Session (2010–12) House of Commons (Culture, Media and Sport & Committee) report into English Football Governance

1375:, Premier League clubs paid a total of £167.2 million to various causes, including £62.2 million to recently relegated clubs in " 1009:

For example, Internazionale's enormous losses since the mid-1990s have been largely underwritten by their president, energy company owner

722: 700:

Despite the strong economic governance in the German league, there were still some instances of clubs running into difficulties. In 2004,

2052: 3399: 3255: 3038: 3033: 3028: 2156: 3050: 2726: 2002: 1454: 1396: 1251: 844:(less than €4 million in 2010), the club took on a €10 million loan from its long-standing benefactor, the electronic giant 1487: 769: 709: 3243: 1284: 1169: 829: 292: 274: 216: 155: 63: 3123: 3138: 2614: 1233: 585:

and some minor players to the 2009–10 squad were included in the 2008–09 financial year. Madrid signing one additional big name,

893: 3235: 3168: 2986: 754: 122: 2823: 1222: 461:

The problem of debt was not confined to the top division, with a number of clubs in the second tier of English football, the

3072: 2588: 1543: 980:

restrict levels of dividend withdrawal and improvements in "proper person tests"’ introduced after the earlier takeover of

3133: 2031: 1022: 3336: 3271: 3055: 2805: 1400: 994: 1372: 1821: 1796: 3023: 2979: 1033: 833: 694: 3082: 2273: 1258: 386:

The vast majority of the overall European football debt is owed by only three of the biggest leagues: the English

368: 133: 2222: 1142: 1090: 825: 606: 189: 2641: 765: 3230: 1921: 1029: 358:

peril. The reasons for this are well summarised in the 2010–12 House of Commons report on Football Governance:

245: 3150: 1896: 1860: 3346: 3341: 1774: 1388: 1211: 750: 451: 372: 249: 805: 801: 796:, meaning they can no longer rely on annual infusions of Champions League cash. As in other countries, the 3404: 3326: 3113: 3077: 1110: 938: 919: 872: 813: 126: 3103: 1098: 705: 536: 328:

competitions. Other penalties included fines, the withholding of prize money, and player transfer bans.

3195: 2139: 1760: 1058: 981: 423: 316: 2529: 1070:, a major proponent of the FFP legislation, has referred to transparent owner equity investment as " 1041:. PSG splashed a French record €108 million and were the biggest spenders in the world for the 3045: 1399:(referees and assistant referees); £2 million to the Conference National; and £500,000 to the 1392: 1380: 1078: 494:€527,661 on 30 June 2011, among others. Only a few Italian clubs made a net profit, which included 380: 800:

greatly diminished sponsorship and TV income, turning an Eredivisie profit of €64 million in

447: 3250: 3158: 3108: 2948: 2913: 2878: 2846: 2501: 2428: 2378: 2343: 2305: 2248:"Schalke unveil 2009 financials: debt repayment and firm footballing foundations go hand in hand" 2188: 2112: 1376: 985: 841: 682: 443: 415:

indicated that total debt among the 20 Premier League clubs at the end of the 2008/09 season was

1703: 764:

regularly reach the last 16 of the Champions League and have been European champions twice – in

610: 3128: 3002: 2649: 2537: 1980: 1525: 1352: 1347: 1137: 1014: 976: 968: 964: 960: 701: 582: 556: 491: 487: 455: 184: 971:, and perhaps unsurprisingly, the main supporters groups of Manchester United and Liverpool, 3306: 3200: 1432: 1071: 1067: 1054: 956: 915: 797: 718: 519: 462: 1074:" and has accused Chelsea, Manchester City, and Real Madrid for being "financially doped". 2961: 2926: 2891: 2859: 2783: 2514: 2441: 2391: 2356: 2318: 2201: 2125: 1010: 943: 817: 439: 1307:

bottom of the Premier League is now worth £175 million, but is won over 38 matches.

1391:( a charity for children leaving care); £12 million to other charities such as the 90:

Please help update this article to reflect recent events or newly available information.

3118: 1572: 930: 877: 809: 578: 548: 499: 495: 483: 416: 387: 332: 256: 2407:

PricewaterhouseCoopers 21st Annual Financial Review of Scottish Football (August 2010)

474:

In the Italian Serie A, most clubs also reported a net loss over the previous season:

3389: 3383: 3321: 785: 742: 726: 642: 638: 637:

In the lower Spanish leagues, at least six clubs, including former second-tier sides

602: 598: 574: 503: 346: 3313: 1343: 1063: 1046: 889: 865: 857: 821: 760:

Despite earning only a sixth of Real Madrid's revenue for example, Portuguese club

657:

For a number of years, the clubs in the two other big European leagues, the French

619: 605:

made his money was hit hard by the European credit crisis. At the end of the year,

552: 513:

Some of the Italian clubs had been losing money for a number of years; for example

479: 427: 137: 17: 1636: 1032:

became the richest club in France and one of the richest clubs in the world after

757:, although these are home to a number of extremely well run and successful clubs. 1387:(PFA); £7.8 million domestically and £3 million internationally to the 1021:

had re-capitalized twice in recent years, by about €104.8 million after the

1200: 1018: 861: 837: 627: 623: 614: 586: 514: 431: 693:

At the end of each season, Bundesliga rules state that clubs must apply to the

601:

failed to pay its players because the ceramics industry from which their owner

1102: 1049:'s massive transfer spending since 2003 has been paid for by their owner, the 853: 746: 714: 662: 646: 507: 475: 376: 2701:"Arsene Wenger accuses Manchester City and Real Madrid of 'financial doping'" 2653: 2541: 1791:[Reports and Financial Statements at 31 December 2010: Milan Group] 934: 793: 789: 675: 631: 532: 527: 704:

reported a debt of €118.8 million (£83 million). Having won the

1955:"Real Madrid's gross revenue increases 8.6% to reach 442.3 million euros" 989: 897: 781: 761: 412: 2806:"Manchester United break £60m mark in Premier League TV and prize money" 2032:"Valencia's brilliant bluff pays off as they close in on a winning hand" 1729:"Everton Football Club Company Limited: Annual Report and Accounts 2010" 1481:"UEFA Club Licensing and Financial Fair Play Regulations (2015 edition)" 1455:"UEFA Club Licensing and Financial Fair Play Regulations (2012 edition)" 1077:

Referring to the intention to reduce the plutocratic influence of the "

845: 658: 570: 395: 391: 2727:"UEFA Club Licensing and Financial Fair Play Regulations Edition 2012" 1419:

The House of Commons report was citing research done on behalf of the

933:

found itself in a similar position after being purchased by Americans

2938: 2936: 2468:"Manchester United opens window on murky world of leveraged buy-outs" 1431:

The net asset value, however, may under-valued or over-valued as the

1395:, which provides funding for grass roots sport; £2.9 million to 1321: 1050: 2971: 2562: 1520: 1518: 1516: 2175: 2173: 2462: 2460: 678:, one of the leading clubs, exceeded €164 million in profit. 2330: 2328: 881: 685:), had a net profit of €5.1 million in the 2008–09 season. 321: 2975: 2615:"Thaksin Agrees To Sell Manchester City To Abu Dhabi Investors" 1619:"Just how fair is Michel Platini's financial fair-play ruling?" 1567: 1565: 1563: 1561: 315:) are a set of regulations established to prevent professional 2642:"Abu Dhabi group buys Manchester City from former Thai leader" 2415: 2413: 1356: 1324:

for Manchester United). Several top clubs have similar deals.

1194: 1120: 228: 167: 106: 70: 29: 665:, had been subject to regulations not unlike the FFP rules. 2589:"Glazers consider hike in Manchester United tickets prices" 2575: 1837: 1835: 194:

Information out of date and/or not verified with citations.

1842: 1637:"Michel Platini: Uefa to 'ease' financial fair play rules" 1013:. Its archrival, Milan, was also financially supported by 2403: 2401: 1573:"Top clubs given extra time on financial fair play rules" 1089:

Despite broad approval across Europe, in early 2010, the

331:

On announcing the new legislation, former UEFA President

1789:"Relazioni e Bilancio al 31 Dicembre 2010: Gruppo Milan" 840:). Able to count only on the much lower revenues of the 2563:"Liverpool FC owners Hicks and Gillett 'draining club'" 2079:"Credit crisis hits Spain as clubs tumble into the red" 613:

owed more than €300 million, while the total for

1697:"WH Holding Limited: Report and Financial Statements" 1383:

in "solidarity payments"; £17.3 million to the

3264: 3223: 3216: 3188: 3096: 3016: 3009: 2784:"Champions League financial distribution – 2010/11" 1225:. Unsourced material may be challenged and removed. 721:made a net profit of just €2.5 million in the 510:(€9,982,408 on the group account on 30 June 2011). 1351:disadvantaged, and in October 2011, sports lawyer 559:. Being the world's richest club according to the 478:(group) €69.751 million on 31 December 2010; 2824:"English Clubs to Adopt U.S. Sponsorship Model?" 2640:Fuller, Thomas; Hughes, Rob (1 September 2008). 681:OL Group, the holding company of the same name ( 1957:. Real Madrid. 8 September 2010. Archived from 1928:(in Spanish). Real Madrid C.F. September 2010. 868:, though such aid has fallen foul of EU rules. 360: 337: 777:€190 million net profit in player sales. 741:Other European leagues include the Portuguese 2987: 2530:"Two American Buyers Purchase Liverpool Club" 518:2011, while net financial debt of the group ( 8: 2454:Deloitte Football Money League February 2009 1658: 1656: 1654: 3367:2009 European football match-fixing scandal 2762:"Financial fair play: all you need to know" 1899:[Report: Real Madrid dreams again] 438:Worst of all, though, were the finances of 345:been criticised as illegal by limiting the 64:Learn how and when to remove these messages 3220: 3013: 2994: 2980: 2972: 988:. After being ousted as prime minister of 609:were more than €120 million in debt, 136:. Please do not remove this message until 3362:UEFA–CONMEBOL memorandum of understanding 1612: 1610: 1596:. January–February 2011. pp. 12–13. 1285:Learn how and when to remove this message 1170:Learn how and when to remove this message 918:(LBO). One of the world's richest clubs, 293:Learn how and when to remove this message 275:Learn how and when to remove this message 259:so that sources are clearly identifiable. 217:Learn how and when to remove this message 156:Learn how and when to remove this message 27:Financing rules for clubs in UEFA leagues 2250:. Schalke 04. 6 May 2010. Archived from 1673:"Annual Review of Football Finance 2010" 402:The English, Italian and Spanish leagues 132:Relevant discussion may be found on the 1910:from the original on 24 September 2015. 1822:"Money's Too Tight To Mention at Inter" 1512: 1412: 569:, heavy spending on two other players, 2957: 2946: 2922: 2911: 2887: 2876: 2855: 2844: 2510: 2499: 2437: 2426: 2387: 2376: 2352: 2341: 2314: 2303: 2197: 2186: 2145:. OL Groupe – via actusnews.com. 2121: 2110: 2019:from the original on 25 November 2011. 1935:from the original on 24 September 2015 1544:"Financial Fair Play – fair or farce?" 1234:"UEFA Financial Fair Play Regulations" 904:Issues relating to Financial Fair Play 3357:Proposals for a European Super League 2756: 2754: 2274:"Porto's Buy Low, Sell High Strategy" 2047: 2045: 1897:"Informe: Real Madrid volvar a sonar" 1385:Professional Footballers' Association 446:), Portsmouth were runners-up of the 7: 3177:Intercontinental Champions' Supercup 1537: 1535: 1223:adding citations to reliable sources 526:) was €9.01 million. Its city rival 309:UEFA Financial Fair Play Regulations 1981:"Real Madrid debt spirals to £296m" 2157:"The Bundesliga licensing process" 1775:"Leeds may be debt-free in a year" 1603:from the original on 1 March 2011. 1526:"Uefa approves new spending plans" 1397:Professional Games Match Officials 1117:Summary of current FFP regulations 1109:Manchester United Chief Executive 1025:and in 2011 by €120 million. 25: 2739:from the original on 25 July 2012 2675:"Wenger fears 'financial doping'" 1877:from the original on 12 June 2017 1467:from the original on 25 July 2012 1298:Creation of a big club status quo 1045:. In the English Premier League, 804:into a €90 million loss for 506:(€4,197,829 on 30 June 2011) and 482:€16,964,706 on 31 December 2010; 45:This article has multiple issues. 2216:"Bayern Munich accounts 2008/09" 1199: 1125: 1097:Despite the delay, ECA chairman 922:, was bought in this way by the 490:€4,166,419 on 30 June 2011; and 486:€9,604,353 on 31 December 2010; 257:add missing citation information 233: 172: 111: 75: 34: 3332:Financial Fair Play Regulations 2221:. Bayern Munich. Archived from 1903:(in Spanish). Real Madrid C.F. 1777:. BBC Sport. 10 September 2006. 1763:. Sky Sports. 26 February 2010. 1528:. BBC Sport. 15 September 2009. 1367:Charity and solidarity payments 1210:needs additional citations for 1085:Delay in implementing FFP rules 53:or discuss these issues on the 3051:CONMEBOL–UEFA Cup of Champions 2943:. BBC News. 26 September 2011. 2528:Bell, Jack (7 February 2007). 1983:. BBC Sport. 20 September 2009 1315:Questionable sponsorship deals 1: 3288:UEFA men's club competitions 3134:Under-20 Intercontinental Cup 1702:. 31 May 2010. Archived from 1542:Masters, James (9 May 2014). 1379:"; £56.4 million across 1023:2006 Italian football scandal 713:home-grown players. In 2004, 653:The French and German leagues 398:, commonly known as La Liga. 3395:Sports rules and regulations 2873:. BBC News. 7 December 2011. 2841:. BBC News. 27 October 2011. 2140:"REFERENCE DOCUMENT 2008/09" 2053:"Stadium project hit by woe" 1486:. UEFA. 2015. Archived from 780:The three main Dutch clubs, 3256:Women's Futsal Championship 2300:. Reuters. 14 October 2010. 2183:. London. 17 November 2004. 1861:"La Liga Informe Economico" 1617:Conn, David (25 May 2011). 1401:League Managers Association 1145:. The specific problem is: 880:in June 2009 the joint Sky- 524:Posizione finanziaria netta 192:. The specific problem is: 138:conditions to do so are met 3421: 3400:Financial crime prevention 1843:"AS Roma Official Website" 1828:. Zürich. 7 December 2011. 1795:. AC Milan. Archived from 1575:. BBC Sport. 2 March 2010. 1034:Qatar Investment Authority 834:Jan Vennegoor of Hesselink 695:German Football Federation 581:, Benzema, Kaká, Ronaldo, 3284: 2565:. BBC News. 17 June 2010. 2474:. London. 27 January 2010 1091:European Club Association 458:, some years previously. 84:This article needs to be 3139:Women's Champions League 2576:http://www.parliament.uk 2030:Lowe, Sid (3 May 2010). 1924:[Annual Report] 1639:. BBC Sport. 18 May 2015 1053:oil and gas billionaire 725:(group accounts), while 452:HM Revenue & Customs 199:improve this out of date 3272:Futsal Champions League 3144:Second tier competition 2707:. London. 7 August 2009 2578:– 'Football Governance' 2003:"Yearly Accounts 08/09" 751:Scottish Premier League 430:, whose former manager 3292:Records and statistics 3073:Women's Nations League 2812:. London. 24 May 2011. 2786:. UEFA. 16 August 2011 1389:Creating Chances Trust 873:PriceWaterhouseCoopers 607:Deportivo de La Coruña 523: 365: 342: 3337:Homegrown Player Rule 3024:European Championship 2732:. UEFA. 1 June 2012. 2010:Futbol Club Barcelona 1587:"Financial Fair Play" 1337:Third party ownership 1099:Karl-Heinz Rummenigge 824:(Manchester United), 706:UEFA Champions League 537:Thomas R. DiBenedetto 181:This out of date may 3169:Intercontinental Cup 3056:Women's Championship 2764:. UEFA. 30 June 2015 1961:on 13 September 2010 1219:improve this article 1152:improve this section 1141:to meet Knowledge's 772:. Porto make use of 244:needs more complete 188:to meet Knowledge's 3231:Futsal Championship 3078:Women's Finalissima 2705:The Daily Telegraph 2681:. 21 September 2012 2472:The Daily Telegraph 2181:The Daily Telegraph 2059:. 21 September 2012 1741:on 21 February 2011 1421:Wall Street Journal 1393:Football Foundation 1381:The Football League 1328:Differing tax rates 1030:Paris Saint-Germain 1001:Wealthy benefactors 871:A 2011 report from 381:European Commission 125:of this article is 18:Financial Fair Play 3347:Stadium categories 3251:Futsal Finalissima 2908:. 5 February 2013. 2646:The New York Times 2621:. 1 September 2008 2534:The New York Times 2496:. 3 November 2010. 2280:. 8 December 2010. 2085:. 20 November 2008 1377:parachute payments 986:Thaksin Shinawatra 842:UEFA Europa League 683:Olympique Lyonnais 444:Alexandre Gaydamak 419:3.3 billion. 3377: 3376: 3327:Coaching licences 3280: 3279: 3212: 3211: 3114:Conference League 3003:UEFA competitions 2956:Missing or empty 2921:Missing or empty 2886:Missing or empty 2854:Missing or empty 2509:Missing or empty 2436:Missing or empty 2423:. 19 August 2010. 2386:Missing or empty 2351:Missing or empty 2313:Missing or empty 2254:on 8 October 2011 2228:on 21 August 2010 2196:Missing or empty 2120:Missing or empty 1493:on 1 October 2015 1353:Jean-Louis Dupont 1348:Javier Mascherano 1295: 1294: 1287: 1269: 1180: 1179: 1172: 1143:quality standards 1134:This section may 1015:Silvio Berlusconi 977:Spirit of Shankly 920:Manchester United 909:Leveraged buyouts 814:Tottenham Hotspur 702:Borussia Dortmund 557:Cristiano Ronaldo 531:banks, including 303: 302: 295: 285: 284: 277: 227: 226: 219: 190:quality standards 166: 165: 158: 105: 104: 68: 16:(Redirected from 3412: 3342:Respect campaign 3307:UEFA coefficient 3302:Winning managers 3221: 3151:Cup Winners' Cup 3104:Champions League 3014: 2996: 2989: 2982: 2973: 2966: 2965: 2959: 2954: 2952: 2944: 2940: 2931: 2930: 2924: 2919: 2917: 2909: 2902: 2896: 2895: 2889: 2884: 2882: 2874: 2870: 2864: 2863: 2857: 2852: 2850: 2842: 2838: 2832: 2831: 2828:Football Fancast 2820: 2814: 2813: 2802: 2796: 2795: 2793: 2791: 2780: 2774: 2773: 2771: 2769: 2758: 2749: 2748: 2746: 2744: 2738: 2731: 2723: 2717: 2716: 2714: 2712: 2697: 2691: 2690: 2688: 2686: 2671: 2665: 2664: 2662: 2660: 2637: 2631: 2630: 2628: 2626: 2611: 2605: 2604: 2602: 2600: 2585: 2579: 2573: 2567: 2566: 2559: 2553: 2552: 2550: 2548: 2525: 2519: 2518: 2512: 2507: 2505: 2497: 2490: 2484: 2483: 2481: 2479: 2464: 2455: 2452: 2446: 2445: 2439: 2434: 2432: 2424: 2417: 2408: 2405: 2396: 2395: 2389: 2384: 2382: 2374: 2367: 2361: 2360: 2354: 2349: 2347: 2339: 2336:The Swiss Ramble 2332: 2323: 2322: 2316: 2311: 2309: 2301: 2297: 2291: 2288: 2282: 2281: 2278:The Swiss Ramble 2270: 2264: 2263: 2261: 2259: 2244: 2238: 2237: 2235: 2233: 2227: 2220: 2212: 2206: 2205: 2199: 2194: 2192: 2184: 2177: 2168: 2167: 2165: 2163: 2153: 2147: 2146: 2144: 2136: 2130: 2129: 2123: 2118: 2116: 2108: 2105:The Swiss Ramble 2101: 2095: 2094: 2092: 2090: 2075: 2069: 2068: 2066: 2064: 2049: 2040: 2039: 2027: 2021: 2020: 2018: 2007: 1999: 1993: 1992: 1990: 1988: 1977: 1971: 1970: 1968: 1966: 1951: 1945: 1944: 1942: 1940: 1934: 1927: 1918: 1912: 1911: 1909: 1902: 1893: 1887: 1886: 1884: 1882: 1876: 1865: 1857: 1851: 1850: 1839: 1830: 1829: 1826:The Swiss Ramble 1818: 1812: 1811: 1809: 1807: 1801: 1794: 1785: 1779: 1778: 1771: 1765: 1764: 1757: 1751: 1750: 1748: 1746: 1740: 1734:. Archived from 1733: 1725: 1719: 1718: 1716: 1714: 1709:on 17 April 2012 1708: 1701: 1693: 1687: 1686: 1684: 1682: 1677: 1669: 1663: 1660: 1649: 1648: 1646: 1644: 1633: 1627: 1626: 1614: 1605: 1604: 1602: 1591: 1583: 1577: 1576: 1569: 1556: 1555: 1553: 1551: 1539: 1530: 1529: 1522: 1502: 1500: 1498: 1492: 1485: 1476: 1474: 1472: 1466: 1459: 1436: 1433:intangible asset 1429: 1423: 1417: 1290: 1283: 1279: 1276: 1270: 1268: 1227: 1203: 1195: 1191:Criticism of FFP 1175: 1168: 1164: 1161: 1155: 1129: 1128: 1121: 1072:financial doping 1055:Roman Abramovich 916:leveraged buyout 798:Global Recession 755:big five leagues 566: 396:Primera División 394:and the Spanish 369:Christian Müller 298: 291: 280: 273: 269: 266: 260: 237: 236: 229: 222: 215: 211: 208: 202: 176: 175: 168: 161: 154: 150: 147: 141: 115: 114: 107: 100: 97: 91: 79: 78: 71: 60: 38: 37: 30: 21: 3420: 3419: 3415: 3414: 3413: 3411: 3410: 3409: 3380: 3379: 3378: 3373: 3276: 3260: 3208: 3184: 3092: 3005: 3000: 2970: 2969: 2955: 2945: 2942: 2941: 2934: 2920: 2910: 2904: 2903: 2899: 2885: 2875: 2872: 2871: 2867: 2853: 2843: 2840: 2839: 2835: 2822: 2821: 2817: 2804: 2803: 2799: 2789: 2787: 2782: 2781: 2777: 2767: 2765: 2760: 2759: 2752: 2742: 2740: 2736: 2729: 2725: 2724: 2720: 2710: 2708: 2699: 2698: 2694: 2684: 2682: 2673: 2672: 2668: 2658: 2656: 2639: 2638: 2634: 2624: 2622: 2613: 2612: 2608: 2598: 2596: 2595:. 17 March 2010 2587: 2586: 2582: 2574: 2570: 2561: 2560: 2556: 2546: 2544: 2527: 2526: 2522: 2508: 2498: 2492: 2491: 2487: 2477: 2475: 2466: 2465: 2458: 2453: 2449: 2435: 2425: 2419: 2418: 2411: 2406: 2399: 2385: 2375: 2373:. 5 April 2012. 2369: 2368: 2364: 2350: 2340: 2338:. 28 July 2011. 2334: 2333: 2326: 2312: 2302: 2299: 2298: 2294: 2289: 2285: 2272: 2271: 2267: 2257: 2255: 2246: 2245: 2241: 2231: 2229: 2225: 2218: 2214: 2213: 2209: 2195: 2185: 2179: 2178: 2171: 2161: 2159: 2155: 2154: 2150: 2142: 2138: 2137: 2133: 2119: 2109: 2103: 2102: 2098: 2088: 2086: 2083:The Independent 2077: 2076: 2072: 2062: 2060: 2051: 2050: 2043: 2029: 2028: 2024: 2016: 2005: 2001: 2000: 1996: 1986: 1984: 1979: 1978: 1974: 1964: 1962: 1953: 1952: 1948: 1938: 1936: 1932: 1925: 1922:"Informe Anual" 1920: 1919: 1915: 1907: 1900: 1895: 1894: 1890: 1880: 1878: 1874: 1863: 1859: 1858: 1854: 1841: 1840: 1833: 1820: 1819: 1815: 1805: 1803: 1799: 1792: 1787: 1786: 1782: 1773: 1772: 1768: 1761:"Pompey's fall" 1759: 1758: 1754: 1744: 1742: 1738: 1731: 1727: 1726: 1722: 1712: 1710: 1706: 1699: 1695: 1694: 1690: 1680: 1678: 1675: 1671: 1670: 1666: 1661: 1652: 1642: 1640: 1635: 1634: 1630: 1616: 1615: 1608: 1600: 1589: 1585: 1584: 1580: 1571: 1570: 1559: 1549: 1547: 1541: 1540: 1533: 1524: 1523: 1514: 1496: 1494: 1490: 1483: 1479: 1470: 1468: 1464: 1457: 1453: 1445: 1440: 1439: 1430: 1426: 1418: 1414: 1409: 1369: 1339: 1330: 1317: 1300: 1291: 1280: 1274: 1271: 1228: 1226: 1216: 1204: 1193: 1176: 1165: 1159: 1156: 1149: 1130: 1126: 1119: 1087: 1059:Manchester City 1011:Massimo Moratti 1003: 982:Manchester City 944:asset strippers 911: 906: 818:Mark van Bommel 739: 691: 671: 661:and the German 655: 611:Atlético Madrid 564: 545: 472: 424:West Ham United 409: 404: 355: 347:internal market 299: 288: 287: 286: 281: 270: 264: 261: 254: 238: 234: 223: 212: 206: 203: 196: 177: 173: 162: 151: 145: 142: 131: 116: 112: 101: 95: 92: 89: 80: 76: 39: 35: 28: 23: 22: 15: 12: 11: 5: 3418: 3416: 3408: 3407: 3402: 3397: 3392: 3382: 3381: 3375: 3374: 3372: 3371: 3370: 3369: 3364: 3359: 3351: 3350: 3349: 3344: 3339: 3334: 3329: 3324: 3316: 3311: 3310: 3309: 3304: 3299: 3294: 3285: 3282: 3281: 3278: 3277: 3275: 3274: 3268: 3266: 3262: 3261: 3259: 3258: 3253: 3248: 3247: 3246: 3241: 3227: 3225: 3224:National teams 3218: 3214: 3213: 3210: 3209: 3207: 3206: 3198: 3192: 3190: 3186: 3185: 3183: 3182: 3174: 3166: 3156: 3148: 3147: 3146: 3136: 3131: 3126: 3124:Club Challenge 3121: 3116: 3111: 3106: 3100: 3098: 3094: 3093: 3091: 3090: 3080: 3075: 3070: 3069: 3068: 3063: 3053: 3048: 3046:Nations League 3043: 3042: 3041: 3036: 3031: 3020: 3018: 3017:National teams 3011: 3007: 3006: 3001: 2999: 2998: 2991: 2984: 2976: 2968: 2967: 2932: 2897: 2865: 2833: 2830:. 7 June 2012. 2815: 2797: 2775: 2750: 2718: 2692: 2666: 2632: 2606: 2580: 2568: 2554: 2520: 2485: 2456: 2447: 2409: 2397: 2362: 2324: 2292: 2283: 2265: 2239: 2207: 2169: 2148: 2131: 2107:. 10 May 2011. 2096: 2070: 2041: 2022: 1994: 1972: 1946: 1913: 1888: 1870:(in Spanish). 1852: 1831: 1813: 1802:on 15 May 2012 1780: 1766: 1752: 1720: 1688: 1664: 1650: 1628: 1606: 1578: 1557: 1531: 1511: 1510: 1509: 1508: 1504: 1503: 1477: 1460:. UEFA. 2012. 1450: 1449: 1444: 1441: 1438: 1437: 1424: 1411: 1410: 1408: 1405: 1368: 1365: 1338: 1335: 1329: 1326: 1316: 1313: 1299: 1296: 1293: 1292: 1207: 1205: 1198: 1192: 1189: 1178: 1177: 1133: 1131: 1124: 1118: 1115: 1086: 1083: 1043:2011–12 season 1039:2010–11 season 1002: 999: 939:George Gillett 910: 907: 905: 902: 894:2008–09 season 832:(Chelsea) and 810:Heurelho Gomes 738: 735: 723:2008–09 season 690: 687: 670: 667: 654: 651: 583:Álvaro Negredo 544: 541: 471: 468: 448:2009–10 FA Cup 408: 407:Premier League 405: 403: 400: 390:, the Italian 388:Premier League 375:of the German 354: 351: 333:Michel Platini 301: 300: 283: 282: 241: 239: 232: 225: 224: 180: 178: 171: 164: 163: 119: 117: 110: 103: 102: 83: 81: 74: 69: 43: 42: 40: 33: 26: 24: 14: 13: 10: 9: 6: 4: 3: 2: 3417: 3406: 3405:Sportsmanship 3403: 3401: 3398: 3396: 3393: 3391: 3388: 3387: 3385: 3368: 3365: 3363: 3360: 3358: 3355: 3354: 3352: 3348: 3345: 3343: 3340: 3338: 3335: 3333: 3330: 3328: 3325: 3323: 3322:Bosman ruling 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