financetom
Business
financetom
/
Business
/
Soccer-Man City, Man Utd cleared to play in Europe alongside sister clubs
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Soccer-Man City, Man Utd cleared to play in Europe alongside sister clubs
Jul 5, 2024 8:29 AM

July 5 (Reuters) - Manchester City and Manchester United ( MANU ) will be allowed to play in the Champions League and Europa League along with their sister clubs Girona and Nice, UEFA's Club Financial Control Body (CFCB) First Chamber said on Friday.

The European soccer body said the sister clubs' investors had implemented changes to avoid any conflict with UEFA's multi-club ownership rules, including transferring their shares of Girona and Nice to an independent trustee under the CFCB First Chamber's supervision until July 1, 2025.

City Football Group, which owns City and Girona, and INEOS Sport, which controls the football operations of United and Nice, demonstrated to the CFCB that no one was simultaneously involved with administering more than one club, or had control or decisive influence over more than one club, UEFA said.

The clubs would also not transfer players to each other until September 2025.

"The significant changes made to the ownership, governance, and financial support of the concerned clubs, substantially restrict the investors' influence and decision-making power over more than one club," UEFA said in the statement.

"The CFCB First Chamber will continue to monitor the above-mentioned situations to ensure that the multi-club ownership rule continues to be complied with during the 2024/25 season."

City won the Premier League and Girona finished third in LaLiga to qualify for the Champions League, while United won the FA Cup and Nice finished fifth in Ligue 1 to reach the Europa League.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
European Commission examines complaint about Hungary's tax on foreign retailers
European Commission examines complaint about Hungary's tax on foreign retailers
Apr 5, 2024
(Reuters) - The European Commission is looking into a complaint about Hungary's tax on retailers, saying it will ensure appropriate follow-up after the Austrian government and Austrian retailer Spar objected to the policy in letters seen by Reuters. Taxes on retailers in Hungary have been increasing since the government announced a special tax in 2020, and the tax rate is...
TD Synnex Prices Secondary Stock Offering
TD Synnex Prices Secondary Stock Offering
Apr 5, 2024
03:33 AM EDT, 04/05/2024 (MT Newswires) -- TD Synnex ( SNX ) said late Thursday it priced a secondary public offering of about 5.3 million common shares on behalf of entities managed by affiliates of Apollo Global Management (APO). The company said it is not selling any shares and will not get any proceeds from the sale. The offering is...
IKEA stores owner Ingka seeks green energy expansion in S.Korea, Japan
IKEA stores owner Ingka seeks green energy expansion in S.Korea, Japan
Apr 5, 2024
OSLO (Reuters) - Ingka, which owns the majority of IKEA stores worldwide, is seeking its first renewable investment opportunities in South Korea and Japan, with offshore wind the most promising option, the head of its investment arm said. Ingka Investments has rapidly grown into a major owner of renewable energy assets in Europe as a means to decarbonise its own...
First-quarter flows to tech stocks third largest on record - BofA
First-quarter flows to tech stocks third largest on record - BofA
Apr 5, 2024
LONDON (Reuters) -Tech stocks saw inflows of $18.6 billion in the first quarter of the year, the third largest quarterly inflow on record, and also attracted funds in the past week, along with large flows to cash and bonds, Bank of America Global Research said Friday. Cash equivalent money market funds saw $81.8 billion of inflows in the week to...
Copyright 2023-2026 - www.financetom.com All Rights Reserved