A guide to Financial Fair Play and the ability of European football clubs to raise finance (Part 2)

Player hand on UEFA ball
Thursday, 14 May 2020 By Michael Savva , Stuart Bolton

This article was first published in February 2013 and last updated on 14 May 2020.

This two part article gives an update on the current scope of UEFA’s Club Licensing and Financial Fair Play Regulations[1] (the UEFA FFP Regulations). 

Part 1 (available here) examined the key components of the UEFA FFP Regulations and the domestic equivalents in English Premier League (the EPL) and the English Football League (the EFL) together with an overview of current cases. 

Part 2, below, moves on to discusses the implications of the UEFA FFP Regulations on the ability of European football clubs to raise finance (and the means by which the can). Specifically, it looks at:

  • Common methods by which football clubs raise finance
    • Secured debt financing
    • Purchase of receivables
    • Financing of transfer fees by means of promissory notes
  • Effect of the UEFA FFP Regulations on financing documents
    • Representations and undertakings regarding compliance with the FFP Regulations
    • Financial covenants
    • Material adverse possession (MAC) clauses
  • Effects for clubs

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Written by

Michael Savva

Michael Savva

Michael is a Solicitor in the Asset Finance practice at Watson, Farley & Williams LLP. He specializes in advising clients in relation to sports finance including: loan finance, financing of broadcasting and ticket revenues and the player transfer finance.


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Stuart Bolton

Stuart Bolton

Associate, Watson Farley & Williams (Middle East) LLP

Stuart is an associate in the Assets & Structured Finance group, based in Dubai.  Stuart predominately advises investment banks on complex cross-border asset finance transactions in the aviation sector, and also practises sports finance and general corporate banking.

Since starting with Watson Farley & Williams as a trainee in 2016, Stuart has worked in London, Hamburg and Dubai.

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