Abstract
UEFA has revised its Club Licensing and Financial Fair Play Regulations in June 2015 (new FFP). Based on a conceptual analysis of the main components of new FFP – the Break-Even Requirement (BER), the Fair Market Value Principle (FVP) and the concept of Voluntary Agreements (VA) – this comment arrives to the following main conclusions: New FFP follows old FFP in creating hard budget constraints for football managers and in discriminating against “payroll gifts” and therefore against benefactors that are willing to inject money in exchange for “pure” sporting success. But new FFP is now less vulnerable to the allegation that it discriminates against true entrepreneurs wishing to develop mismanaged football clubs into sustainable businesses. The new concept of Voluntary Agreements (VA)gives them more flexibility to invest, particularly in such environments where quality is only slowly remunerated by the football markets.
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