Bayer To Pay Back Sponsorship Money DEB, Sport1 Extend Deal Until '17-18 Sky's CL Broadcast Attracts Top Ratings Curling Federation Set To Lose Funding Fabio Cannavaro Faces Tax Investigation Chris Froome May Skip Tour De France DOSB Doesn't Rule Out Winter Games Bid Businessman Buys Polish Football Club IOC To Discuss Kosovo Recognition UEFA Mulls Discipline For Racism At Games
Enter amount in full numerical value, without currency symbol or commas (ex: 3000000).
Upcoming Conferences and Events
SBD Global/September 12, 2012/International Football
UEFA Withholds Prize Money Of Clubs For Breaking Financial Fair Play Rules
Published September 12, 2012
WANT MORE GREAT STORIES LIKE THIS?
CLICK ON ONE OF THESE BUTTONS
These cases involve the following 23 clubs:
|FK Borac Banja Luka||Bosnia and Herzegovina|
|FK Sarajevo||Bosnia and Herzegovina|
|FK Željezničar||Bosnia and Herzegovina|
|PFC CSKA Sofia||Bulgaria|
|HNK Hajduk Split||Croatia|
|Maccabi Netanya FC||Israel|
|FK Shkendija 79||Republic of Macedonia|
|FK Budućnost Podgorica||Montenegro|
|FK Rudar Pjevlja||Montenegro|
|FC Dinamo Bucureşti||Romania|
|FC Rapid Bucureşti||Romania|
|FC Rubin Kazan||Russia|
Consequently, the CFCB investigatory chamber will continue their investigations and request these clubs to provide an updated situation as of Sept. 30 with regards to overdue payables toward other clubs, employees and social/tax authorities (UEFA).
SOME BACKGROUND: REUTERS' Phillips & Homewood reported that the measures were announced as members of the European Clubs Association, which represents more than 200 clubs, "were warned at a meeting in Geneva that some of them were not taking the new rules seriously." ECA President and Bayern Munich CEO Karl-Heinz Rummenigge said, "ECA members unanimously endorsed the financial fair play project back in 2010" (REUTERS, 9/11). METRO's Hannah Duncan wrote that while no EPL sides have currently been affected, this strict approach "could cause shockwaves through clubs including Manchester City and current European Champions Chelsea," who are both heavily financed by outside investors Sheikh Mansour and Roman Abramovich (METRO, 9/11). In London, Matt Scott wrote that Atlético Madrid's failure to pay its share of €1.35B ($1.7B) in tax and social security debts Spanish football clubs owe to their government "has finally caught up with them." According to the Spanish daily El País, Atlético Madrid is paying 4.5% interest on the outstanding €115M ($147.9M) it owes Spain’s treasury, amounting to an annual payment of €15M ($19.3M) (TELEGRAPH, 9/11). ESPN's Harry Harris reported that UEFA will impose "sanctions including withholding TV money and suspending players from clubs failing to comply with the regulations." A source said the developments showed that UEFA President Michel Platini was "doing exactly what he told us all he would do." The source said, "Firstly it is withholding prize money, next it will withhold TV money, then it will be suspensions of players bought in the transfer window going back a year. Finally, UEFA will implement even sterner punishments, perhaps culminating in elimination from the European competitions for clubs who make losses [beyond the specified limits]" (ESPN, 9/11).