Article 89 Relevant investments - Club Licensing

89.01

The following costs are considered relevant investments for the long-term benefit of football as defined in Annex J:

1. Expenditure directly attributable to youth development activities;

2. Expenditure directly attributable to community development activities;

3. Expenditure directly attributable to women’s football activities;

4. Expenditure directly attributable to non-football operations related to the club net of the corresponding income;

5. Finance costs directly attributable to the construction and/or substantial modification of tangible assets;

6. Costs of leasehold improvements.

89.02

Aggregate football earnings may be adjusted upwards if relevant expenses include relevant investments and only if the aggregate amount of any such adjustment is covered either by contributions in the reporting period T or equity at the end of reporting period T that have not already been used to cover the acceptable deviation.