European football’s governing body, UEFA, has reaffirmed its stringent multi-club ownership (MCO) regulations, creating a complex landscape for Premier League clubs eyeing continental competition. With half of England’s top-flight teams now part of multi-club structures, the 1 March compliance deadline has become a critical checkpoint, threatening to demote clubs or exclude them from Europe entirely if conflicts arise.

UEFA’s MCO rules scrutinize both total shareholding and voting rights – typically triggered at a 30% stake – alongside a “decisive influence” test that examines the involvement of directors or staff in key decisions across multiple entities. Should UEFA’s Club Financial Control Body (CFCB) identify a conflict, one club must be removed, with priority given to the team in the higher-ranked competition, then domestic league position, and finally UEFA coefficient.

The urgency of the situation was underscored by a fresh circular from UEFA in December, reiterating that 1 March remains “a strict deadline for compliance.” This followed the precedent set last season when Crystal Palace, Irish club Drogheda United, and Slovak outfit FC DAC 1904 were sanctioned under MCO regulations, subsequently losing their appeals at the Court of Arbitration for Sport (Cas).

Clubs make moves to comply

Several Premier League clubs have been actively working to untangle their multi-club ties. Everton, Chelsea, and Nottingham Forest enlisted legal teams to find solutions before the deadline, while Brighton, who took action three years ago, hopes its arrangements still meet the requirements.

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Everton’s situation is intertwined with Serie A side Roma, both owned by the Friedkin Group through subsidiary entities. US billionaire Dan Friedkin serves as chairman of Everton and president of Roma, while high-ranking Friedkin Group officials Analaura Moreira-Dunkel and Marcus Watts hold significant control in Everton’s parent company, Roundhouse Capital Holdings, and sit on the Everton board. Everton, currently 11th in the Premier League but within striking distance of a Europa League spot, remains confident in its solution, though it has ruled out a blind trust.

Chelsea and French club Strasbourg operate under the BlueCo umbrella, a connection highlighted by manager Liam Rosenior’s move from Strasbourg to Stamford Bridge in December and 11 player transfers between the clubs this season.

To address potential conflicts, four members of the BlueCo Alsace (Strasbourg’s holding company) board, Paul Winstanley, Laurence Stewart (Chelsea’s joint-sporting directors), James Pade, and Jeffrey Wilbur (Chelsea directors), stepped down on 17 February. Co-owners Todd Boehly and Behdad Eghbali also resigned as directors of BlueCo Data Limited at UK Companies House on 28 February, though they remain on Chelsea’s board. Should both clubs qualify for the same competition, they would likely face a ban on player trading until January 2028.

Nottingham Forest’s owner, Evangelos Marinakis, placed the club into a blind trust last year, a move that could prove crucial with Forest in the Europa League semi-finals and his other club, Olympiakos, eyeing a Champions League spot. Until 28 February, Marinakis was the sole person with significant control of NF Football Investments (Forest’s controlling company).

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On that date, control was transferred to Pittville Four Limited, managed by independent trustees Janet Lucy Gibson, Henry Peter Hickman, and Eleanor Catherine Walsh, who were subsequently added to Forest’s board. While Companies House was updated on 17 April, the Premier League’s register of directors, last updated on 2 April, still lists Marinakis. Forest, however, asserts that Marinakis officially relinquished control on 28 February.

The effectiveness of blind trusts remains a point of contention. Two years ago, the CFCB accepted such arrangements for Manchester City/Girona and Manchester United/Nice, but explicitly stated it “will not be bound by this alternative in subsequent seasons.”

Brighton’s Tony Bloom, who holds stakes in Scottish Premiership leaders Hearts and Belgian club Union Saint-Gilloise, proactively reduced his controlling stake in Union Saint-Gilloise below 30% before the 2023-24 Europa League season. He also purchased 29% of Hearts last year, demonstrating ongoing efforts to navigate the rules.

UEFA’s stance is clear: “sporting integrity is of ‘fundamental importance’ and that it must be ‘undisputable’,” as the governing body has stated. As Premier League clubs push for European qualification, their ownership structures will continue to face intense scrutiny.

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Sources: www.bbc.com

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