A Workshop of Two Halves
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2 A Workshop of Two Halves 45 mins: A detailed look at the UEFA Financial Fair Play Rules and some practical examples Half Time: 15 mins 45 mins: Football League adoption of the rules and questions to bear in mind Injury Time: Any further questions Final Whistle: Lunchtime
3 Figures from Deloitte 90m was the minimum financial prize for winners of the play-offs Record Championship revenues but 133m Championship cumulative loss and Football League losses down to 194m 14 Championship clubs lost 5m or more Championship clubs spending 4 for every 3 generated Reduced Football League revenues due to lower broadcasting deal from 2012/13 (down from 264m to 195m for 3 years) Championship wages grew by 6% with wages/revenue ratio down to 88% Aggregate net debt of 24 Championship clubs increased to 875m 6% decrease in attendances in 2010/11
4 Financial Time-bomb? What are the regulations? Loss making clubs Buy-in from UEFA affiliated clubs and leagues
5 Objectives of the Regulations to improve the economic and financial capability of the clubs; to place the necessary importance on the protection of creditors; to introduce more discipline and rationality in club football finances; to encourage clubs to operate on the basis of their own revenues; to encourage responsible spending for the long-term benefit of football; and to protect the long-term viability and sustainability of European club football.
6 UEFA Club Licensing System Clubs competing in Champions League/Europa League have to apply for UEFA licence From 2013/14 season licence requirements will include Financial Fair Play adherence Compliance will be monitored as part of the licensing criteria Club Financial Control Panel will determine compliance with assistance of UEFA member association
7 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
8 Breaking Even(ish) - Definitions Acceptable Deviation (Article 61) Monitoring Periods (Article 59) Break even from ? Exchange Rates (Article 60(3))
9 Breaking Even(ish) - Revealed Acceptable Deviation Levels Monitoring Period Number of Years Years Included in the Calculation Acceptable Deviation ( m) T-2 T-1 T Equity investment Non-equity investment N/A >
10 Standard Deviation Something that Football League clubs will no doubt consider is important. Staggered to bring clubs into line gradually. Will debate more so in the second half of the workshop what type of figures will be appropriate for the FL clubs?
11 Manchester City and Etihad: Case Study Record-breaking 10 year, 400m shirt stadium and Etihad campus deal
12 Manchester City and Etihad: Case Study (cont) Definition of Related Party Transaction a club will fail the "related party" test if money comes in from a "close member" of the club owner's family who "has significant influence over the [club]". City are confident that they can demonstrate that Etihad's chairman, Sheikh Hamed bin Zayed al-nahyan, and vice-chairman Sheikh Kaled, both half-brothers, do not exert any influence over City.
13 Related Party Transactions 1 Definition of a related party transaction 2 Is it fair value? 3 Value of transaction amended
14 Related Party Transactions Other club comments "It raises the real question about the credibility of the financial fair play," Wenger said. "That is what this is all about. They give us the message that they can get around it by doing what they want. It means financial fair play will not come in. It is as simple as that. I can understand how they do it but it raises the real question. The difficulty and the credibility of the financial fair play is at stake. Arsene Wenger, Arsenal How much was the losing bid?... Mr. Wenger says boldly what everyone thinks. John W. Henry, Liverpool FC co-owner
15 Amortisation A player signs in January 2010 for a transfer fee of 10 million on a 5 year deal worth 5 million per year in wages. Thus the transfer fee in the club s accounts will show the amortised amount of 2 million each year for 5 years. 1 st Year 2 nd Year 3 rd Year 4 th Year 5 th Year 6 th Year Transfer Fee ( ) 2m 2m 2m 2m 2m - Wages ( ) 5m 5m 5m 5m 5m - Zero if contract not renewed Annex XI(2) Exemption If the contract was entered into before June 2010, a player s wages don t count towards the breakeven criteria 1 st (2 year) monitoring period 2 nd (3 year) monitoring period 3 rd (3 year) monitoring period The 2010 transfer has an effect (if, for example, the transfer is booked in the accounts) in five seasons worth of accounts (with the third, fourth and fifth years being included within FFPRs monitoring period). Thus even though the transfer occurred prior to the FFPR accounting period, the transfer will have consequences for future years accounts because of the way it was amortised.
16 An Early Loophole- Annex XI Definition Players under contract before 1 June 2010 If a licensee reports an aggregate break-even deficit that exceeds the acceptable deviation and it fulfils both conditions described below then this would be taken into account in a favourable way. i) It reports a positive trend in the annual break-even results (proving it has implemented a concrete strategy for future compliance); and ii) It proves that the aggregate break-even deficit is only due to the annual break-even deficit of the reporting period ending in 2012 which in turn is due to contracts with players undertaken prior to 1 June 2010 (for the avoidance of doubt, all renegotiations on contracts undertaken after such date would not be taken into account). This means that a licensee that reports an aggregate break-even deficit that exceeds the acceptable deviation but that satisfies both conditions described under i) and ii) above should in principle not be sanctioned.
17 An Early Loophole- Annex XI Definition Player Date Signed Length of Contract (in years) Expiry of Contract Eligible for Annex XI Qualification? A June June 2014 Yes B June June 2013 Yes C June June 2012 Yes D May May 2015 Yes E July July 2015 No, as the contract was signed after the 1 June 2010 deadline
18 Financial Fair Play Rules Timeline FFPR in force (first monitoring period) May 2010 (Two years to go) season (One year to go) season (Second monitoring period) (Third monitoring period) FFPRs approved and published by UEFA Accounts from this season will be used for the licence application Clubs to supply at least 2 years worth of accounts Acceptable deviation = 15m per season The earliest possible date clubs may be required to breakeven Accounts from this season will be used for the licence application When applying for a UEFA licence, clubs will have to adhere to the FFPRs too Clubs to supply 2 years worth of accounts Acceptable deviation = 10m per season Acceptable deviation = 22.5m per season Clubs can take advantage of Annex XI(2) wage exemption
19 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)) UEFA's general secretary, Gianni Infantino, has recently stated There may be intermediate measures. We would have to ask why, maybe there would be a warning, but we would bar clubs in breach of the rules from playing in the Champions League or the Europa League. Otherwise, we lose all credibility. Early soft touch approach v or licence rejection?
20 Talk Takeaways Rules/sanctions in force by season Leeway for a transitional period A phased approach obviously beneficial for clubs Pure break-even not required until at least the 2018/19
21 Half Time
22 Football League Press Release At their Summer Conference, Football League clubs have made significant progress towards achieving greater financial sustainability by agreeing to adopt UEFA's Financial Fair Play framework. Clubs in all three divisions voted in favour of developing rigorous new measures aimed at delivering a 'break even' financial model at clubs. In giving 'in principle' support to the introduction of the UEFA model, Championship clubs agreed to work towards the introduction of new regulations, to be developed and approved, by the beginning of the 2012/13 season.
23 How to Shape the Football League Rule Drafting Phase What is the current FL state of play? How are the FL communicating with you about the potential rules? Are you going to have a say in the drafting or just vote on a draft set of rules? Think about protecting your club interests
24 Issues to think about 1 Timetable for consultation How to shape the drafting of the rules Are the rules being consulted on? When will the finalised rules be available to clubs and the public? Will there be guidelines on? License applications: what information to provide, when to provide it etc Appealing a license refusal and the procedure
25 Issues to think about 2 What will the rules contain? A phased approach to compliance (standard deviation/annex XI wages/how long to rules come into force) How much lead in time to comply? When will the rules substantively be in force? Sanctions (soft touch approach?) expulsion from the league a real threat? How far will the rules mirror the UEFA rules? Issues with particular relevance to the Football League Parachute payment advantage ( 48m over 4 years) What happens if clubs relegated/promoted from PL? Need to consult with the OFT?
26 Issues to think about 3 Transparency Will licensing decisions be published for fans and other clubs to see? Who will appoint the independent group that will determine whether a club is Financial Fair Play compliant? Appeals Procedures Sanctions? How to deal with topical issues like RPT? Same as UEFA? Should Board members of certain clubs be coming to decisions for the FL which will affect their individual club?
27 Ten Takeaway Questions Every club should be asking
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