On June 18, 2020, the UEFA Executive
Committee adopted an addendum to the UEFA
Club Licensing and Financial Fair Play Regulations containing a set
of temporary emergency measures aimed at limiting the negative
effects of the COVID-19 outbreak on the
finances of European football clubs.
By way of background, the UEFA
Financial Fair Play Regulations were introduced in 2010 by UEFA, the governing body of football in Europe,
with the ultimate aim of safeguarding the long-term welfare and
sustainability of European football.
The cornerstone of Financial Fair Play is the so-called
break-even rule, pursuant to which clubs participating in the UEFA Champions League and the UEFA Europa League, must not spend more than
the income they generate. In doing so, they must balance their
accounting books over the course of three reporting periods. The
maximum aggregate acceptable break-even deficit for three reporting
periods is EUR 5 million. Such threshold
may be exceeded by up
