The CFCB renders decisions on multi-club ownership cases for the 2023/24 UEFA club competitions

The First Chamber of the UEFA Club Financial Control Body (CFCB First Chamber) had previously opened proceedings against:

- Aston Villa FC (ENG) and Vitória Sport Clube (POR);

- Brighton & Hove Albion FC (ENG) and Royal Union Saint-Gilloise (BEL); and

- AC Milan (ITA) and Toulouse FC (FRA)

due to a potential conflict with the multi-club ownership rule provided for in Article 5 of the UEFA club competitions regulations.

Following the implementation of significant changes by the clubs and their related investors, the CFCB First Chamber accepted the admission of the aforementioned clubs to the UEFA club competitions for the 2023/24 season. The CFCB found that the significant changes implemented brought the clubs into compliance with the multi-club ownership rule, considering that as of today:

• No club, either directly or indirectly, holds or deals in securities or shares of any other club participating in a UEFA club competition;

• No club is a member of any other club participating in a UEFA club competition;

• No one has any power whatsoever or is simultaneously involved, directly or indirectly, in any capacity whatsoever in the management, administration and/or sporting performance of more than one club participating in a UEFA club competition; and

• No one has control or decisive influence over more than one club in a UEFA club competition.

More specifically, the significant changes that were implemented relate to the ownership, governance and financing structure of the concerned clubs. These changes substantially restrict the investors’ influence and decision-making power over more than one club, ensuring compliance with the multi-club ownership rule.

Some of the significant actions taken include:

• significant reduction of the investors’ shareholding in one of the clubs, or transfer of the effective control and decision making of one of the clubs to an independent party;

• significant restrictions in the ability to provide financing to more than one club;

• no representation on the board of directors and no capacity to directly appoint new directors on the board of more than one club;

• no ability to participate in the general assembly or ability to participate in key decisions such as the approval of the budgets of more than one club; and

• no ability to exercise control over more than one club at the level of the board of directors or their general assemblies through veto rights or contractual arrangements entered into with other shareholders.

Furthermore, as additional evidence of their independence, all concerned clubs accepted the following conditions:

• The clubs will not transfer players to each other, whether permanently or on loan, directly or indirectly, until September 2024;

• The clubs will not enter into any kind of cooperation, joint technical or commercial agreements; and

• The clubs will not use any joint scouting or player database.

The CFCB First Chamber will continue to monitor the above-mentioned clubs to ensure that the multi-club ownership rule continues to be complied with going forward.