An analysis of how multi-club ownership is regulated in France
French football is emerging as one of the European “hubs” of multi-club ownership, driven largely by the low valuation of its clubs and their urgent demand for financing. Evidence of this shift can be seen in the recent takeover of Racing Club de Strasbourg by the BLUECO consortium[1] (which previously acquired Chelsea FC in the summer of 2022) as well as Sir Jim Ratcliffe's investment in Manchester United (owner of OGC Nice)[2].
This article explores the reasons behind this phenomenon especially in light of the particular provisions of the French Sports Code and UEFA regulations around multi-club ownership.
As of today, 9 out of the 18 clubs in Ligue 1 already share at least one shareholder with one or more other football clubs (PSG, Lyon, Lens, Lorient, Monaco, Clermont, Racing Club de Strasbourg, Toulouse, and OGC Nice)[3].
This article looks at acquisitions of football clubs in France and the relevant regulations governing acquisitions:
- Multi-club ownership: A compelling mechanism for investors
- Attractiveness of the French footballing market
- A financial guarantee for target clubs, enabling an increase in valuation
- French Sports Code’s prohibition on 'significant influence'
- Prohibition on 'decisive influence' under UEFA Regulations
- Decisions by the UEFA CFCB
- Conclusion
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- Tags: Corporate Law | Court of Arbitration for Sport (CAS) | FIFA | FIFA Regulation on Status and Transfer of Players (FIFA RSTP) | Football | France | French Sports Code | Governance | Multi-Club Ownership | Regulation | UEFA | UEFA Champions League Regulations
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Written by
Thierry Aballéa
Thierry Aballéa has been advising events’ organizers, athletes, sports institutions, companies, from start-ups to international corporations, either French or international, over the past 25 years in connection with their strategy, investments, sponsors, event organising issues including litigation in front of the courts.
Now a partner at Ewen Law, he began his career at Warner Cranston, a London City Firm, became Legal Director of the Telecom Operator Belgacom and then joined the US firm Coudert Brothers as an international and cross-border transactions Attorney before setting up an international law firm dedicated to Sport, M&A and Litigation.
Charles AZIERE
Charles AZIERE is registered at the Paris Bar. He operates in sports law, corporate law and international private law.
