The Integrity of the Game and Shareholdings in European Football Clubs

The ENIC judgement of the Court of Arbitration for Sports clarified in 1999 that the UEFA regulations on multi-club ownership are necessary to maintain the integrity of football, in particular, the authenticity of results. Under the UEFA regulations, controlling interests in more than one club participating in a UEFA club competition are prohibited. However, it is not only multi-club ownership that may influence the so-called integrity of the game. Investments of clubs in other clubs (cross ownership) and shareholdings of “club-involved” persons in a club different from their own also raise issues.

The following paper therefore examines the current regulations on those shareholdings for UEFA competitions (Champions’ League and Europa League) and for national leagues in England, Spain, and Germany. The analysis provides a detailed overview of how the game’s integrity is protected and shows whether improvements seem necessary.