By Aris Barkas/ barkas@eurohoops.net
As Euroleague announced today the Financial Fair Play is a fact for the top European clubs competition. To be exact the date in which the new – relatively soft – regulations will take effect is the 1st of July.
As the press release clarifies: “Under the new measures, any Euroleague club that does not guarantee a minimum budget of €4 million will not be permitted to participate in the competition. Rejection is also possible if a club has overdue debts or its aggregate budget deficit averages more than 10% over the three previous seasons, although in both cases, registration may be allowed if an alternative compliance plan is approved by the company.
If other requirements are breached, such as holding player salaries to 65% or less and shareholder contributions to 75% or less of budgets, clubs will be subject to disciplinary proceedings”.
Those changes have been approved by the clubs, they also “have actively cooperated in the formulation of Financial Fair Play by opening their books for audits” and the next step is going to be a form of financial fair play in Eurocup.