Asser International Sports Law Blog

Our International Sports Law Diary
The Asser International Sports Law Centre is part of the T.M.C. Asser Instituut

Football Intermediaries: Would a European centralized licensing system be a sustainable solution? - By Panagiotis Roumeliotis

Editor's note: Panagiotis Roumeliotis holds an LL.B. degree from National and Kapodistrian University of Athens, Greece and an LL.M. degree in European and International Tax Law from University of Luxembourg. He is qualified lawyer in Greece and is presently working as tax advisor with KPMG Luxembourg while pursuing, concomitantly, an LL.M. in International Sports Law at Sheffield Hallam University, England. His interest lies in the realm of tax and sports law. He may be contacted by e-mail at ‘’.


The landmark Bosman Ruling triggered the Europeanization of the labour market for football players by banning nationality quotas. In turn, in conjunction with the boom in TV revenues, this led to a flourishing transfer market in which players’ agents or intermediaries play a pivotal role, despite having a controversial reputation.

As a preliminary remark, it is important to touch upon the fiduciary duty of sports agents towards their clients. The principal-agent relationship implies that the former employs the agent so as to secure the best employment and/or commercial opportunities. Conversely, the latter is expected to act in the interest of the player as their relationship should be predicated on trust and confidence, as much was made clear in the English Court of Appeal case of Imageview Management Ltd v. Kelvin Jack. Notably, agents are bound to exercise the utmost degree of good faith, honesty and loyalty towards the players.[1]

At the core of this blog lies a comparative case study of the implementation of the FIFA Regulations on working with intermediaries (hereinafter “FIFA RWI”) in eight European FAs covering most of the transfers during the mercato. I will then critically analyze the issues raised by the implementation of the RWI and, as a conclusion, offer some recommendations. More...

International and European Sports Law – Monthly Report – January 2018 - By Tomáš Grell

Editor's note: This report compiles all relevant news, events and materials on International and European Sports Law based on the daily coverage provided on our twitter feed @Sportslaw_asser. You are invited to complete this survey via the comments section below, feel free to add links to important cases, documents and articles we might have overlooked. 

The Headlines 

Anti-doping whereabouts requirements declared compatible with the athletes' right to privacy and family life

On 18 January 2018, the European Court of Human Rights rendered a judgment with important consequences for the world of sport in general and the anti-doping regime in particular. The Strasbourg-based court was called upon to decide whether the anti-doping whereabouts system – which requires that a limited number of top elite athletes provide their National Anti-Doping Organisation or International Federation with regular information about their location, including identifying for each day one specific 60-minute time slot where the athlete will be available for testing at a pre-determined location – is compatible with the athletes' right to private and family life under Article 8 of the European Convention on Human Rights and their freedom of movement pursuant to Article 2 Protocol No. 4 of the Convention. The case was brought by the French cyclist Jeannie Longo and five French athlete unions that had filed their application on behalf of 99 professional handball, football, rugby, and basketball players.

While acknowledging that the whereabouts requirements clash with the athletes' right to private and family life, the judges took the view that such a restriction is necessary in order to protect the health of athletes and ensure a level playing field in sports competitions. They held that ''the reduction or removal of the relevant obligations would lead to an increase in the dangers of doping for the health of sports professionals and of all those who practise sports, and would be at odds with the European and international consensus on the need for unannounced testing as part of doping control''. Accordingly, the judges found no violation of Article 8 of the Convention and, in a similar vein, ruled that Article 2 Protocol No. 4 of the Convention was not applicable to the case.


Football stakeholders preparing to crack down on agents' excessive fees

It has been a record-breaking January transfer window with Premier League clubs having spent an eye-watering £430 million on signing new acquisitions. These spiralling transfer fees enable football agents, nowadays also called intermediaries, to charge impressive sums for their services. However, this might soon no longer be the case as the main stakeholders in European football are preparing to take action. UEFA, FIFPro, the European Club Association and the European Professional Football Leagues acknowledge in their joint resolution that the 2015 FIFA Regulations on Working with Intermediaries failed to address serious concerns in relation to the activities of intermediaries/agents. They recognise in broad terms that a more effective regulatory framework is needed and call among other things for a reasonable and proportionate cap on fees for intermediaries/agents, enhanced transparency and accountability, or stronger provisions to protect minors.


The CAS award in Joseph Odartei Lamptey v. FIFA 

On 15 January 2018, FIFA published on its website an arbitral award delivered on 4 August 2017 by the Court of Arbitration for Sport (CAS) in the dispute between the Ghanian football referee Joseph Odartei Lamptey and FIFA. The CAS sided with FIFA and dismissed the appeal filed by Mr Lamptey against an earlier decision of the FIFA Appeal Committee which (i) found him to have violated Article 69(1) of the FIFA Disciplinary Code as he unlawfully influenced the 2018 World Cup qualifying match between South Africa and Senegal that took place on 12 November 2016; (ii) as a consequence, banned him for life from taking part in any football-related activity; and (iii) ordered the match in question to be replayed. In reaching its conclusion, the CAS relied heavily on multiple reports of irregular betting activities that significantly deviated from usual market developments.  More...

The limits to multiple representation by football intermediaries under FIFA rules and Swiss Law - By Josep F. Vandellos Alamilla

Editor’s note: Josep F. Vandellos Alamilla is an international sports lawyer and academic based in Valencia (Spain) and a member of the Editorial Board of the publication Football Legal. Since 2017 he is the Director of  the Global Master in Sports Management and Legal Skills FC Barcelona – ISDE.

I think we would all agree that the reputation of players’ agents, nowadays called intermediaries, has never been a good one for plenty of reasons. But the truth is their presence in the football industry is much needed and probably most of the transfers would never take place if these outcast members of the self-proclaimed football family were not there to ensure a fluid and smooth communication between all parties involved.

For us, sports lawyers, intermediaries are also important clients as they often need our advice to structure the deals in which they take part. One of the most recurrent situations faced by intermediaries and agents operating off-the-radar (i.e. not registered in any football association member of FIFA) is the risk of entering in a so-called multiparty or dual representation and the potential risks associated with such a situation.

The representation of the interests of multiple parties in football intermediation can take place for instance when the agent represents the selling club, the buying club and/or the player in the same transfer, or when the agent is remunerated by multiple parties, and in general when the agent incurs the risk of jeopardizing the trust deposited upon him/her by the principal. The situations are multiple and can manifest in different manners.

This article will briefly outline the regulatory framework regarding multiparty representation applicable to registered intermediaries. It will then focus on provisions of Swiss law and the identification of the limits of dual representation in the light of the CAS jurisprudence and some relevant decisions of the Swiss Federal Tribunal.More...

What Pogba's transfer tells us about the (de)regulation of intermediaries in football. By Serhat Yilmaz & Antoine Duval

Editor’s note: Serhat Yilmaz (@serhat_yilmaz) is a lecturer in sports law in Loughborough University. His research focuses on the regulatory framework applicable to intermediaries. Antoine Duval (@Ant1Duval) is the head of the Asser International Sports Law Centre.

Last week, while FIFA was firing the heads of its Ethics and Governance committees, the press was overwhelmed with ‘breaking news’ on the most expensive transfer in history, the come back of Paul Pogba from Juventus F.C. to Manchester United. Indeed, Politiken (a Danish newspaper) and Mediapart (a French website specialized in investigative journalism) had jointly discovered in the seemingly endless footballleaks files that Pogba’s agent, Mino Raiola, was involved (and financially interested) with all three sides (Juventus, Manchester United and Pogba) of the transfer. In fine, Raiola earned a grand total of € 49,000,000 out of the deal, a shocking headline number almost as high as Pogba’s total salary at Manchester, without ever putting a foot on a pitch. This raised eyebrows, especially that an on-going investigation by FIFA into the transfer was mentioned, but in the media the sketching of the legal situation was very often extremely confusing and weak. Is this type of three-way representation legal under current rules? Could Mino Raiola, Manchester United, Juventus or Paul Pogba face any sanctions because of it? What does this say about the effectiveness of FIFA’s Regulations on Working with Intermediaries? All these questions deserve thorough answers in light of the publicity of this case, which we ambition to provide in this blog.More...

De- or Re-regulating the middlemen? The DFB’s regulation of intermediaries under EU law scrutiny at the OLG Frankfurt. By Antoine Duval and Kester Mekenkamp.

Football intermediaries, or agents, are again under attack in the news. For some, corrupt behaviour has become endemic in football’s culture. It is always dangerous to scapegoat a whole profession or a group of people. Many intermediaries are trying their best to lawfully defend the interests of their clients, but some are not. The key focus should be on providing an adequate legal and administrative framework to limit the opportunities for corrupt behaviour in the profession. This is easier said than done, however. We are dealing with an intrinsically transnationalized business, often conducted by intermediaries who are not subjected to the disciplinary power of federations. Sports governing bodies are lacking the police power and human resources necessary to force the intermediaries to abide by their private standards. In this context, this blog aims to review a recent case in front of the regional court of Frankfurt in Germany, which highlights the legal challenges facing (and leeway available to) national federations when regulating the profession. More...

The New FIFA Intermediaries Regulations under EU Law Fire in Germany. By Tine Misic

I'm sure that in 1985, plutonium is available in every corner drugstore, but in 1955, it's a little hard to come by.” (Dr. Emmett L. Brown)[1]

Back to the future?

Availing oneself of EU law in the ambit of sports in 1995 must have felt a bit like digging for plutonium, but following the landmark ruling of the European Court of Justice (ECJ) in the Bosman case[2], 20 years later, with all the buzz surrounding several cases where EU law is being used as an efficient ammunition for shelling various sports governing or organising bodies, one may wonder if in 2015 EU law is to be “found in every drug store” and the recent cases (see inter alia Heinz Müller v 1. FSV Mainz 05, Daniel Striani ao v UEFA, Doyen Sports ao v URBSFA, FIFA, UEFA) [3] cannot but invitingly evoke the spirit of 1995.

One of the aforementioned cases that also stands out pertains to the injunction decision[4] issued on 29 April 2015 by the Regional Court (Landesgericht) in Frankfurt am Main (hereinafter: the Court) in the dispute between the intermediary company Firma Rogon Sportmanagement (hereinafter: the claimant) and the German Football Federation (Deutschen Fußball-Bund, DFB), where the claimant challenged the provisions of the newly adopted DFB Regulations on Intermediaries (hereinafter: DFB Regulations)[5] for being incompatible with Articles 101 and 102 TFEU.[6] The Court, by acknowledging the urgency of the matter stemming from the upcoming transfer window and the potential loss of clients, deemed a couple of shells directed at the DFB Regulations to be well-aimed, and granted an injunction due to breach of Article 101 TFEU. More...

Is FIFA fixing the prices of intermediaries? An EU competition law analysis - By Georgi Antonov (ASSER Institute)


On 1 April 2015, the new FIFA Regulations on Working with Intermediaries (hereinafter referred as the Regulations) came into force. These Regulations introduced a number of changes as regards the division of competences between FIFA and its members, the national associations. A particularly interesting issue from an EU competition law perspective is the amended Article 7 of the Regulations. Under paragraph 3, which regulates the rules on payments to intermediaries (also previously referred to as ‘agents’), it is recommended that the total amount of remuneration per transaction due to intermediaries either being engaged to act on a player’s or club’s behalf should not exceed 3% of the player’s basic gross income for the entire duration of the relevant employment contract. In the case of transactions due to intermediaries who have been engaged to act on a club’s behalf in order to conclude a transfer agreement, the total amount of remuneration is recommended to not exceed 3% of the eventual transfer fee paid in relation to the relevant transfer of the player.More...

The Impact of the new FIFA Regulations for Intermediaries: A comparative analysis of Brazil, Spain and England. By Luis Torres


Almost a year after their announcement, the new FIFA Regulations on working with Intermediaries (“FIFA Regulations”) came into force on 1 April 2015. Their purpose is to create a more simple and transparent system of regulation of football agents. It should be noted, however, that the new FIFA rules enable every national football association to regulate their own system on players’ intermediaries, provided they respect the compulsory minimum requirements adopted. In an industry that is already cutthroat, it thus remains to be seen whether FIFA’s “deregulation” indeed creates transparency, or whether it is a Pandora’s Box to future regulatory confusion.

This blog post will provide an overview of the new FIFA Regulations on working with intermediaries and especially its minimum requirements. Provided that national associations are encouraged to “draw up regulations that shall incorporate the principles established in these provisions”[1], three different national regulations have been taken as case-studies: the English FA Regulations, the Spanish RFEF Regulations and the Brazilian CBF Regulations. After mapping their main points of convergence and principal differences, the issues that could arise from these regulatory differences shall be analyzed.  More...

A Short Guide to the New FIFA Regulations on Working with Intermediaries

This year’s FIFA congress in Sao Paulo should not be remembered only for the controversy surrounding the bid for the World Cup 2022 in Qatar. The controversy was surely at the centre of the media coverage, but in its shadow more long-lasting decisions were taken. For example, the new Regulations on Working with Intermediaries was approved, which is probably the most important recent change to FIFA regulations. These new Regulations will supersede the Regulations on Players’ Agents when they come into force on 1 April 2015. In this blog post we compare the old and the new Regulations followed by a short analysis and prospective view on the effects this change could have. More...

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Asser International Sports Law Blog

Our International Sports Law Diary
The Asser International Sports Law Centre is part of the T.M.C. Asser Instituut

Doyen’s Crusade Against FIFA’s TPO Ban: The Ruling of the Appeal Court of Brussels

Since last year, Doyen Sports, represented by Jean-Louis Dupont, embarked on a legal crusade against FIFA’s TPO ban. It has lodged a competition law complaint with the EU Commission and started court proceedings in France and Belgium. In a first decision on Doyen’s request for provisory measures, the Brussels Court of First Instance rejected the demands raised by Doyen and already refused to send a preliminary reference to the CJEU. Doyen, supported by the Belgium club Seraing, decided to appeal this decision to the Brussels Appeal Court, which rendered its final ruling on the question on 10 March 2016.[1] The decision (on file with us) is rather unspectacular and in line with the first instance judgment. This blog post will rehash the three interesting aspects of the case.

·      The jurisdiction of the Belgian courts

·      The admissibility of Doyen’s action

·      The conditions for awarding provisory measures More...

International and European Sports Law – Monthly Report – February 2016

Editor’s note: This report compiles all relevant news, events and materials on International and European Sports Law based on the daily coverage provided on our twitter feed @Sportslaw_asser. You are invited to complete this survey via the comments section below, feel free to add links to important cases, documents and articles we might have overlooked. 

The Headlines

The eagerly awaited FIFA Presidential elections of 26 February provided for a “new face” at the pinnacle of international football for the first time since 1998. One could argue whether Infantino is the man capable of bringing about the reform FIFA so desperately needs or whether he is simply a younger version of his predecessor Blatter. More...

Book Review: Despina Mavromati & Matthieu Reeb, The Code of the Court of Arbitration for Sport—Commentary, Cases, and Materials (Wolters Kluwer International 2015). By Professor Matthew Mitten

Editor’s note: Professor Mitten is the Director of the National Sports Law Institute and the LL.M. in Sports Law program for foreign lawyers at Marquette University Law School in Milwaukee, Wisconsin. He currently teaches courses in Amateur Sports Law, Professional Sports Law, Sports Sponsorship Legal and Business Issues Workshop, and Torts. Professor Mitten is a member of the Court of Arbitration for Sport (CAS), and has served on the ad hoc Division for the XXI Winter Olympic Games in Sochi, Russia.

This Book Review is published at 26 Marquette Sports Law Review 247 (2015).

This comprehensive treatise of more than 700 pages on the Code of the Court of Arbitration for Sport (CAS) (the Code) is an excellent resource that is useful to a wide audience, including attorneys representing parties before the CAS, CAS arbitrators, and sports law professors and scholars, as well as international arbitration counsel, arbitrators, and scholars.  It also should be of interest to national court judges and their law clerks because it facilitates their understanding of the CAS arbitration process for resolving Olympic and international sports disputes and demonstrates that the Code provides procedural fairness and substantive justice to the parties, thereby justifying judicial recognition and enforcement of its awards.[1]  Because the Code has been in existence for more than twenty years—since November 22, 1994—and has been revised four times, this book provides an important and much needed historical perspective and overview that identifies and explains well-established principles of CAS case law and consistent practices of CAS arbitrators and the CAS Court Office.  Both authors formerly served as Counsel to the CAS and now serve as Head of Research and Mediation at CAS and CAS Secretary General, respectively, giving them the collective expertise and experience that makes them eminently well-qualified to research and write this book.More...

International and European Sports Law – Monthly Report – January 2016

Editor’s note: Our first innovation for the year 2016 will be a monthly report compiling relevant news, events and materials on International and European Sports Law based on the daily coverage provided on our twitter feed @Sportslaw_asser. You are invited to complete this survey via the comments section below, feel free to add links to important cases, documents and articles we might have overlooked. 

The Headlines

The world of professional sport has been making headlines for the wrong reasons in January. Football’s governing body FIFA is in such a complete governance and corruption mess that one wonders whether a new President (chosen on 26 February[1]) will solve anything. More recently, however, it is the turn of the athletics governing body, IAAF, to undergo “the walk of shame”. On 14 January the WADA Independent Commission released its second report into doping in international athletics. More...

International Sports Law in 2015: Our Reader

This post offers a basic literature review on publications on international and European sports law in 2015. It does not have the pretence of being complete (our readers are encouraged to add references and links in the comments under this blog), but aims at covering a relatively vast sample of the 2015 academic publications in the field (we have used the comprehensive catalogue of the Peace Palace Library as a baseline for this compilation). When possible we have added hyperlinks to the source.[1]

Have a good read. More...

Goodbye 2015! The Highlights of our International Sports Law Year

2015 was a good year for international sports law. It started early in January with the Pechstein ruling, THE defining sports law case of the year (and probably in years to come) and ended in an apotheosis with the decisions rendered by the FIFA Ethics Committee against Blatter and Platini. This blog will walk you through the important sports law developments of the year and make sure that you did not miss any. More...

Unpacking Doyen’s TPO Deals: In defence of the compatibility of FIFA’s TPO ban with EU law

FIFA’s Third-Party Ownership (TPO) ban entered into force on the 1 May 2015[1]. Since then, an academic and practitioner’s debate is raging over its compatibility with EU law, and in particular the EU Free Movement rights and competition rules. 

The European Commission, national courts (and probably in the end the Court of Justice of the EU) and the Court of Arbitration for Sport (CAS) will soon have to propose their interpretations of the impact of EU law on FIFA’s TPO ban. Advised by the world-famous Bosman lawyer, Jean-Louis Dupont, Doyen has decided to wage through a proxy (the Belgian club FC Seraing) a legal war against the ban. The first skirmishes have already taken place in front of the Brussels Court of first instance, which denied in July Seraing’s request for provisional measures. For its part, FIFA has already sanctioned the club for closing a TPO deal with Doyen, thus opening the way to an ultimate appeal to the CAS. In parallel, the Spanish and Portuguese leagues have lodged a complaint with the European Commission arguing that the FIFA ban is contrary to EU competition law. One academic has already published an assessment of the compatibility of the ban with EU law, and many practitioners have offered their take (see here and here for example). It is undeniable that the FIFA ban is per se restrictive of the economic freedoms of investors and can easily be constructed as a restriction on free competition. Yet, the key and core question under an EU law analysis, is not whether the ban is restrictive (any regulation inherently is), but whether it is proportionate, in other words justified. More...

Unpacking Doyen’s TPO Deals – Sporting Lisbon’s rebellion in the Rojo case. By Antoine Duval and Oskar van Maren

In this blog we continue unpacking Doyen’s TPO deals based on the documents obtained via footballleaks. This time we focus on the battle between Doyen and Sporting over the Rojo case, which raises different legal issues as the FC Twente deals dealt with in our first blog.


I.              The context: The free-fall of Sporting

Sporting Lisbon, or Sporting Club de Portugal as the club is officially known, is a Portuguese club active in 44 different sports. Although the club has the legal status of Sociedade Anónima Desportiva, a specific form of public limited company, it also has over 130.000 club members, making it one of the biggest sports clubs in the world.

The professional football branch of Sporting is by far the most important and famous part of the club, and with its 19 league titles in total, it is a proud member of the big three cartel, with FC Porto and Benfica, dominating Portuguese football. Yet, it has not won a league title since 2002. More...

Unpacking Doyen’s TPO Deals: FC Twente's Game of Maltese Roulette. By Antoine Duval and Oskar van Maren

The first part of our “Unpacking Doyen’s TPO deals” blog series concerns the agreements signed between Doyen Sports and the Dutch football club FC Twente. In particular we focus on the so-called Economic Rights Participation Agreement (ERPA) of 25 February 2014. Based on the ERPA we will be able to better assess how TPO works in practice. To do so, however, it is necessary to explore FC Twente’s rationale behind recourse to third-party funding. Thus, we will first provide a short introduction to the recent history of the club and its precarious financial situation. More...

Unpacking Doyen’s TPO deals - Introduction

The football world has been buzzing with Doyen’s name for a few years now. Yet, in practice very little is known about the way Doyen Sports (the Doyen entity involved in the football business) operates. The content of the contracts it signs with clubs was speculative, as they are subjected to strict confidentiality policies. Nonetheless, Doyen became a political (and public) scapegoat and is widely perceived as exemplifying the ‘TPOisation’ of football. This mythical status of Doyen is also entertained by the firm itself, which has multiplied the (until now failed) legal actions against FIFA’s TPO ban (on the ban see our blog symposium here) in a bid to attract attention and to publicly defend its business model. In short, it has become the mysterious flag bearer of TPO around the world. Thanks to a new anonymous group, inspired by the WikiLeaks model, we can now better assess how Doyen Sports truly functions. Since 5 November someone has been publishing different types of documents involving more or less directly the work of Doyen in football. These documents are all freely available at By doing so, the group has given us (legal scholars not involved directly in the trade) the opportunity to finally peruse the contractual structure of a TPO deal offered by Doyen and, as we purport to show in the coming weeks, to embark upon a journey into Doyen’s TPO-world. More...

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" alt="" />


Asser International Sports Law Blog | Our International Sports Law Diary <br/>The <a href="" target="_blank">Asser International Sports Law Centre</a> is part of the <a href="" target="_blank"><img src="/sportslaw/blog/media/logo_asser_horizontal.jpg" style="vertical-align: bottom; margin-left: 7px;width: 140px" alt="T.M.C. Asser Instituut" /></a>

Asser International Sports Law Blog

Our International Sports Law Diary
The Asser International Sports Law Centre is part of the T.M.C. Asser Instituut

Can (national or EU) public policy stop CAS awards? By Marco van der Harst (LL.M, PhD Candidate and researcher at the AISLC)


The Court of Arbitration for Sport (CAS) registers approximately 300 cases every year. Recently, the Swiss Federal Supreme Court – which is the sole judicial authority to review arbitral awards rendered in Switzerland – reminded in the Matuzalém Case (Case 4A_558/2011) that CAS awards may be enforced in other States that are parties to the New York Convention on the recognition and enforcement of foreign arbitral awards.More...

Chess and Doping: Two ships passing in the Night? By Salomeja Zaksaite, Postdoctoral researcher at Mykolas Romeris University (Lithuania), and Woman International Chess Master (WIM)

It may come as a surprise to laymen, but chess players are subjected to doping testing. Naturally, then, the questions follow as to why they are tested, and if they are really tested (at least, with a level of scrutiny comparable to that which physically-oriented athletes are regularly subjected). More...

The International Sports Law Digest – Issue I – January-June 2014 (by Frédérique Faut)

The International Sports Law Digest will be a bi-annual post gathering recent material on International and European Sports Law. This is an attempt at providing a useful overview of the new, relevant, academic contributions, cases, awards and disciplinary decisions in the field of European and International Sports Law. If you feel we have overlooked something please do let us know (we will update the post).

Antoine Duval More...

A Short Guide to the New FIFA Regulations on Working with Intermediaries

This year’s FIFA congress in Sao Paulo should not be remembered only for the controversy surrounding the bid for the World Cup 2022 in Qatar. The controversy was surely at the centre of the media coverage, but in its shadow more long-lasting decisions were taken. For example, the new Regulations on Working with Intermediaries was approved, which is probably the most important recent change to FIFA regulations. These new Regulations will supersede the Regulations on Players’ Agents when they come into force on 1 April 2015. In this blog post we compare the old and the new Regulations followed by a short analysis and prospective view on the effects this change could have. More...

Cannibal's Advocate – In defence of Luis Suarez

Luis Suarez did it again. The serial biter that he is couldn’t refrain its impulse to taste a bit of Chiellini’s shoulder (not really the freshest meat around though). Notwithstanding his amazing theatrical skills and escaping the sight of the referee, Suarez could not in the information age get away with this unnoticed. Seconds after the incident, the almighty “social networks” were already bruising with evidence, outrage and commentaries over Suarez’s misdeed. Since then, many lawyers have weighed in (here, here and here) on the potential legal consequences faced by Suarez. Yesterday FIFA’s disciplinary committee decided to sanction him with a 4 months ban from any football activity and a 9 International games ban. In turn, Suarez announced that he would challenge the decision[1], and plans on going to the Court of Arbitration for Sport if necessary[2]. Let’s be the advocates of the cannibal!More...

Blurred Nationalities: The list of the “23” and the eligibility rules at the 2014 FIFA World Cup. A guest Post by Yann Hafner (Université de Neuchâtel)

In 2009, Sepp Blatter expressed his concerns that half of the players participating in the 2014 FIFA World Cup would be Brazilians naturalized by other countries. The Official list of Players released a few weeks ago tends to prove him wrong[1]. However, some players have changed their eligibility in the past and will even be playing against their own country of origin[2]. This post aims at explaining the key legal aspects in changes of national affiliation and to discuss the regulations pertaining to the constitution of national sides in general[3]. More...

The FIFA Business – Part 2 - Where is the money going? By Antoine Duval and Giandonato Marino

Our first report on the FIFA business dealt with FIFA’s revenues and highlighted their impressive rise and progressive diversification. In parallel to this growth of FIFA’s income, it is quite natural that its expenses have been following a similar path (see Graph 1). However, as we will see FIFA makes it sometimes very difficult to identify precisely where the money is going. Nonetheless, this is precisely what we wish to tackle in this post, and to do so we will rely on the FIFA Financial reports over the last 10 years.


Graph 1: FIFA Expenses in USD million (adjusted for inflation), 2003-2013.


The EU State aid and Sport Saga - A legal guide to the bailout of Valencia CF

After a decade of financial misery, it appears that Valencia CF’s problems are finally over. The foreign takeover by Singaporean billionaire Peter Lim will be concluded in the upcoming weeks, and the construction on the new stadium will resume after five years on hold due to a lack of money. On 3 June Bankia, the Spanish bank that “saved” Valencia CF in 2009 by providing a loan of €81 million, gave the green light for the takeover. However, appearances can be deceiving.More...

Gambling advertising regulations: pitfalls for sports sponsorship - By Ben van Rompuy

In April 2014, the Swedish Gambling Authority (Lotteriinspektionen) warned the organisers of the Stockholm Marathon that it would impose a fine of SEK 2 million (ca. € 221.000) for its sponsorship agreement with online betting operator Unibet. The Authority found that the sponsorship agreement violates §38 of the Swedish Lotteries Act, which prohibits the promotion of gambling services that are not authorized in Sweden.[1] The organisers, however, refused to withdraw Unibet as its sponsor and prominently displayed the Unibet logo at the event, which took place on 31 May 2014. As a result, the organisers of the Stockholm Marathon now face legal action before the Swedish administrative courts. More...

The FIFA Business – Part 1 – Where Does The Money Come From? - By Antoine Duval and Giandonato Marino

On next Thursday the 2014 World Cup will kick off in Sao Paulo. But next week will also see the FIFA members meeting on Tuesday and Wednesday at a much awaited FIFA congress. For this special occasion we decided to review FIFA’s financial reports over the last ten years. This post is the first of two, analysing the reports and highlighting the main economic trends at play at FIFA. First, we will study the revenue streams and their evolution along the 2003-2013 time span. In order to ensure an accurate comparison, we have adjusted the revenues to inflation, in order to provide a level playing field easing the comparative analysis over the years and types of revenues. Our first two graphs gather the main revenue streams into two comparative overviews. Graph 1 brings together the different types of revenues in absolute numbers, while Graph 2 lays down the share of each type of revenues for any given year (the others category covers a bundle of minor revenue streams not directly relevant to our analysis).



Graph 1: FIFA revenues in Millions of Dollars, 2003-2013 (adjusted for inflation). More...

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Asser International Sports Law Blog

Our International Sports Law Diary
The Asser International Sports Law Centre is part of the T.M.C. Asser Instituut

12th round of Caster Semenya’s legal fight: too close to call? - By Jeremy Abel

Editor's note: Jeremy Abel is a recent graduate of the LL.M in International Business Law and Sports of the University of Lausanne.


1.     Introduction

The famous South African athlete Caster Semenya is in the last lap of her long legal battle for her right to run without changing the natural testosterone in her body. After losing her cases before the Court of Arbitration for Sport (CAS) and the Swiss Federal Tribunal, she filed an application before the European Court of Human Rights (Court). In the meantime, the Court has released a summary of her complaint and a series of questions addressed to the parties of the case.

As is well known, she is challenging the World Athletics’ Eligibility Regulations for the Female Classification (Regulations) defining the conditions under which female and intersex athletes with certain types of differences of sex development (DSDs) can compete in international athletics events. Despite the Regulations emanating from World Athletics, the last round of her legal battle is against a new opponent: Switzerland.

The purpose of this article is to revisit the Semenya case from a European Convention on Human Rights (ECHR) perspective while considering certain excellent points made by previous contributors (see here, here and here) to this blog. Therefore, the blog will follow the basic structure of an ECHR case. The following issues raised by Semenya shall be analysed: the applicability of the ECHR, Semenya’s right to private life (Article 8 ECHR) and to non discrimination (Article 14 ECHR), as well as the proportionality of the Regulations. More...

[Conference] Towards a European Social Charter for Sport Events - 1 December - 13:00-17:00 - Asser Institute

Sport events, especially when they are of a global scale, have been facing more and more questions about their impact on local communities, the environment, and human rights. 

It has become clear that their social legitimacy is not a given, but must be earned by showing that sport events can positively contribute to society. During this half-day conference, we will debate the proposal of a European Social Charter for Sport Events in order to achieve this goal. 

In January 2021, a consortium of eight partners launched a three-year project, supported by the European Commission under the Erasmus+ scheme, aimed at devising a European Social Charter for Sport Events (ESCSE). The project ambitions to develop a Charter which will contribute to ensuring that sport events taking place in the European Union are socially beneficial to the local communities concerned and, more generally, to those affected by them. The project is directly inspired by the decision of the Paris 2024 bid to commit to a social charter enforced throughout the preparation and the course of the 2024 Olympics.

This first public event in the framework of the ESCSE project, will be introducing the project to a wider public. During the event we will review the current state of the implementation of the Paris 2024 Social Charter, discuss the expectations of stakeholders and academics for a European Social Charter and present for feedback the first draft of the ESCSE (and its implementing guidelines) developed by the project members. It will be a participatory event; we welcome input from the participants.

The Asser International Sports Law Centre, powered by the Asser Institute, is contributing to the project through the drafting of a background study, which we will introduce during the conference.

Please note that we can provide some financial support (up to 100 euros)  towards travel and/or accommodation costs for a limited number of participants coming from other EU Member States or the UK. To apply for this financial support please reach out to  `

Register HERE



New Event! Diversity at the Court of Arbitration for Sport: Time for a Changing of the Guard? - Zoom In Webinar - 14 October - 4pm

On Thursday 14 October 2021 from 16.00-17.30 CET, the Asser International Sports Law Centre, in collaboration with Dr Marjolaine Viret (University of Lausanne), will be launching the second season of the Zoom-In webinar series, with a first episode on Diversity at the Court of Arbitration for Sport: Time for a Changing of the Guard?

The Court of Arbitration for Sport (CAS) is a well-known mainstay of global sport. It has the exclusive competence over challenges against decisions taken by most international sports governing bodies and its jurisprudence covers a wide range of issues (doping, corruption, match-fixing, financial fair play, transfer or selection disputes) including disciplinary sanctions and governance disputes. In recent years, the CAS has rendered numerous awards which triggered world-wide public interest, such as in the Semenya v World Athletics case or the case between WADA and RUSADA resulting from the Russian doping scandal (we discussed both cases in previous Zoom-In discussion available here and here). In short, the CAS has tremendous influence on the shape of global sport and its governance.

However, as we will discuss during this webinar, recent work has shown that the arbitrators active at the CAS are hardly reflective of the diversity of people its decisions ultimately affect. This in our view warrants raising the question of the (urgent) need to change the (arbitral) guard at the CAS. To address these issues with us, we have invited two speakers who have played an instrumental role in putting numbers on impressions widely shared by those in contact with the CAS: Prof. Johan Lindholm (Umea University) and attorney-at-law Lisa Lazarus (Morgan Sports Law). Johan recently published a ground-breaking monograph on The Court of Arbitration for Sport and Its Jurisprudence in which he applies empirical and quantitative methods to analyse the work of the CAS. This included studying the sociological characteristics of CAS arbitrators. Lisa and her colleagues at Morgan Sports Law very recently released a blog post on Arbitrator Diversity at the Court of Arbitration for Sport, which reveals a stunning lack of diversity (based on their calculations, 4,5% of appointed CAS arbitrators are female and 0,2% are black) at the institution ruling over global sport.

Guest speakers:


Register for free HERE.

Zoom In webinar series

In December 2020, The Asser International Sports Law Centre in collaboration with Dr Marjolaine Viret launched a new series of zoom webinars on transnational sports law: Zoom In. You can watch the video recordings of our past Zoom In webinars on the Asser Institute’s Youtube Channel.

Investment in Football as a Means to a Particular End – Part 2: The Multiple Layers of Multi-Club Ownership Regulation in Football - By Rhys Lenarduzzi

Editor's note: Rhys was an intern at the T.M.C. Asser Institute. He now advises on investments and Notre acquisitions in sport (mainly football) via Lovelle Street Advisory. Following a career as a professional athlete, Rhys has spent much of his professional life as an international sports agent, predominantly operating in football. Rhys has a Bachelor of Laws (LL.B) and a Bachelor of Philosophy (B.Phil.) from the University of Dame, Sydney, Australia. He is currently completing an LL.M at the University of Zurich in International Business Law / International Sports Law.

Having looked at the different types of investors in football in part one of this two-part blog series, “A non-exhaustive Typology”, it is fitting to now consider the regulations that apply to investors who seek to build a portfolio of football clubs.

One way to measure the momentum of a particular practice and how serious it ought to be taken, might be when that practice earns its own initialism. Multi-club ownership or MCO as it is increasingly known today, is the name given to those entities that have an ownership stake in multiple clubs. Within the little research and writing that has been undertaken on the topic, some authors submit that investors with minority stakes in multiple clubs ought not to be captured by the MCO definition.  This position appears problematic given some of the regulations draw the line at influence rather than stake.

There are now approximately 50 MCO’s across the football world that own approximately 150 clubs.[1] Given the way MCO is trending, one might consider it important that the regulations keep up with the developing MCO practice, so as to ensure the integrity of football competitions, and to regulate any other potentially questionable benefit an MCO might derive that would be contrary to football’s best interests.

In this blog, I focus on the variety of ways (and levels at which) this practice is being regulated.  I will move through the football pyramid from member associations (MA’s) to FIFA, laying the foundations to support a proposition that FIFA and only FIFA is positioned to regulate MCO. More...

New Event! Rule 50 of the Olympic Charter and the Right to Free Speech of Athletes - Zoom In Webinar - 14 July - 16:00 (CET)

On Wednesday 14 July 2021 from 16.00-17.30 CET, the Asser International Sports Law Centre, in collaboration with Dr Marjolaine Viret, is organizing a Zoom In webinar on Rule 50 of the Olympic Charter and the right to free speech of athletes.

As the Tokyo Olympics are drawing closer, the International Olympic Committee just released new Guidelines on the implementation of Rule 50 of the Olympic Charter. The latter Rule provides that ‘no kind of demonstration or political, religious or racial propaganda is permitted in any Olympic sites, venues or other areas’. The latest IOC Guidelines did open up some space for athletes to express their political views, but at the same time continue to ban any manifestation from the Olympic Village or the Podium. In effect, Rule 50 imposes private restrictions on the freedom of expression of athletes in the name of the political neutrality of international sport. This limitation on the rights of athletes is far from uncontroversial and raises intricate questions regarding its legitimacy, proportionality and ultimately compatibility with human rights standards (such as with Article 10 of the European Convention on Human Rights).

This webinar aims at critically engaging with Rule 50 and its compatibility with the fundamental rights of athletes. We will discuss the content of the latest IOC Guidelines regarding Rule 50, the potential justifications for such a Rule, and the alternatives to its restrictions. To do so, we will be joined by three speakers, Professor Mark James from Manchester Metropolitan University, who has widely published on the Olympic Games and transnational law; Chui Ling Goh, a Doctoral Researcher at Melbourne Law School, who has recently released an (open access) draft of an article on Rule 50 of the Olympic Charter; and David Grevemberg, Chief Innovation and Partnerships Officer at the Centre for Sport and Human Rights, and former Chief Executive of the Commonwealth Games Federation (CGF). 

Guest speakers:

  • Prof. Mark James (Metropolitan Manchester University)
  • Chui Ling Goh (PhD candidate, University of Melbourne)
  • David Grevemberg (Centre for Sport and Human Rights)


Free Registration HERE

Investment in Football as a Means to a Particular End – Part 1: A non-exhaustive Typology - By Rhys Lenarduzzi

Editor's note: Rhys is currently making research and writing contributions under Dr Antoine Duval at the T.M.C. Asser Institute with a focus on Transnational Sports Law. Additionally, Rhys is the ‘Head of Advisory’ of Athlon CIF, a global fund and capital advisory firm specialising in the investment in global sports organisations and sports assets.

Rhys has a Bachelor of Laws (LL.B) and Bachelor of Philosophy (B.Phil.) from the University of Notre Dame, Sydney, Australia. Rhys is an LL.M candidate at the University of Zurich, in International Sports Law. Following a career as a professional athlete, Rhys has spent much of his professional life as an international sports agent, predominantly operating in football.

Rhys is also the host of the podcast “Sportonomic”.


In the following two-part blog series, I will start by outlining a short typology of investors in football in recent years, in order to show the emergence of different varieties of investors who seek to use football as a means to a particular end. I will then in a second blog, explore the regulatory landscape across different countries, with a particular focus on the regulatory approach to multi-club ownership. Before moving forward, I must offer a disclaimer of sorts.  In addition to my research and writing contributions with the Asser Institute, I am the ‘Head of Advisory’ for Athlon CIF, a global fund and capital advisory firm specialising in the investment in global sports organisations and sports assets. I appreciate and hence must flag that I will possess a bias when it comes to investment in football.

It might also be noteworthy to point out that this new wave of investment in sport, is not exclusive to football. I have recently written elsewhere about CVC Capital Partners’ US$300 million investment in Volleyball, and perhaps the message that lingers behind such a deal.  CVC has also shown an interest in rugby and recently acquired a 14.3 per cent stake in the ‘Six Nations Championship’, to the tune of £365 million.  New Zealand’s 26 provincial rugby unions recently voted unanimously in favour of a proposal to sell 12.5 per cent of NZ Rugby’s commercial rights to Silver Lake Partners for NZ$387.5 million.  Consider also the apparent partnership between star footballer’s investment group, Gerard Pique’s Kosmos, and the International Tennis Federation.  Kosmos is further backed by Hiroshi Mikitani’s ecommerce institution, Rakuten, and all involved claim to desire an overhaul of the Davis Cup that will apparently transform it into the ‘World Cup of Tennis’. Grassroots projects, prizemoney for tennis players and extra funding for member nations are other areas the partnership claims to be concerned with. As is the case with all investment plays of this flavour, one can be certain that a return on the capital injection is also of interest.

So, what are we to conclude from the trends of investment in sport and more specifically for this blog series, in football? A typology elucidates that a multiplicity of investors have in recent years identified football as a means to achieve different ends. This blog considers three particular objectives pursued; direct financial return, branding in the case of company investment, or the branding and soft power strategies of nations.More...

WISLaw Blog Symposium - Rule 40 of the Olympic Charter: the wind of changes or a new commercial race - By Rusa Agafonova

Editor's note: Rusa Agafonova is a PhD Candidate at the University of Zurich, Switzerland   

The Olympic Games are the cornerstone event of the Olympic Movement as a socio-cultural phenomenon as well as the engine of its economic model. Having worldwide exposure,[1] the Olympic Games guarantee the International Olympic Committee (IOC) exclusive nine-digit sponsorship deals. The revenue generated by the Games is later redistributed by the IOC down the sports pyramid to the International Federations (IFs), National Olympic Committees (NOCs) and other participants of the Olympic Movement through a so-called "solidarity mechanism". In other words, the Games constitute a vital source of financing for the Olympic Movement.

Because of the money involved, the IOC is protective when it comes to staging the Olympics. This is notably so with respect to ambush marketing which can have detrimental economic impact for sports governing bodies (SGBs) running mega-events. The IOC's definition of ambush marketing covers any intentional and non-intentional use of intellectual property associated with the Olympic Games as well as the misappropriation of images associated with them without authorisation from the IOC and the organising committee.[2] This definition is broad as are the IOC's anti-ambush rules.More...

WISLaw Blog Symposium - Freedom of Expression in Article 10 of the ECHR and Rule 50 of the IOC Charter: Are these polar opposites? - By Nuray Ekşi

Editor's note: Prof. Dr. Ekşi is a full-time lecturer and chair of Department of Private International Law at Özyeğin University Faculty of Law. Prof. Ekşi is the founder and also editor in chief of the Istanbul Journal of Sports Law which has been in publication since 2019.

While Article 10 of the European Convention on Human Rights (‘ECHR’) secures the right to freedom of expression, Rule 50 of the Olympic Charter of 17 July 2020 (‘Olympic Charter’) restricts this freedom. Following the judgments of the European Court of Human Rights (‘ECtHR’) relating to sports, national and international sports federations have incorporated human rights-related provisions into their statutes and regulations. They also emphasized respect for human rights. For example, Article 3 of the Fédération Internationale de Football Association (‘FIFA’) Statutes, September 2020 edition, provides that “FIFA is committed to respecting all internationally recognised human rights and shall strive to promote the protection of these rights”. Likewise, the Fundamental Principles of Olympism which are listed after the Preamble of the of the Olympic Charter 2020 also contains human rights related provisions. Paragraph 4 of Fundamental Principles of Olympism provides that the practice of sport is a human right. Paragraph 6 forbids discrimination of any kind, such as race, colour, sex, sexual orientation, language, religion, political or other opinion, national or social origin, property, birth or other status. In addition, the International Olympic Committee (‘IOC’) inserted human rights obligations in the 2024 and 2028 Host City Contract.[1] The IOC Athletes’ Rights and Responsibilities Declaration even goes further and aspires to promote the ability and opportunity of athletes to practise sport and compete without being subject to discrimination. Fair and equal gender representation, privacy including protection of personal information, freedom of expression, due process including the right to a fair hearing within a reasonable time by an independent and impartial panel, the right to request a public hearing and the right to an effective remedy are the other human rights and principles stated in the IOC Athletes’ Rights and Responsibilities Declaration. Despite sports federations’ clear commitment to the protection of human rights, it is arguable that their statutes and regulations contain restrictions on athletes and sports governing bodies exercising their human rights during competitions or in the field. In this regard, particular attention should be given to the right to freedom of expression on which certain restrictions are imposed by the federations even if it done with good intentions and with the aim of raising awareness. More...