J.8 Fair value assessment - Club Licensing

UEFA Club Licensing and Financial Sustainability Regulations

Content Type
Technical Regulations
Specific Regulations
Club Licensing
Enforcement Date
1 July 2023

In situations where the declared fair value of a transaction is assessed by the CFCB, an independent third-party assessor will perform a fair value assessment conform to standard market practices and assign a fair value to the transaction. The club may choose an independent third-party assessor which has been approved by UEFA.


The assessment of commercial transactions must be based on the procedure approved by the CFCB.


If the licensee initiates a fair value assessment or the CFCB reviews a fair value declared by the licensee as per these regulations, the licensee can appoint an independent third-party assessor from the shortlist of entities approved by UEFA to perform such fair-value assessment. The third-party assessor must not be subject to any conflict of interest with the licensee or a related party of the licensee (e.g. otherwise contracted with the licensee or licensee’s related party in any other business during the relevant period including the current licence season) and will be required to confirm its independence.


If the fair value assessment performed by a third-party assessor appointed by the licensee is deemed satisfactory by the CFCB, the corresponding assigned fair value is then used for the calculation of football earnings and/or the squad cost ratio.


The CFCB reserves the right to mandate additional approved third-party assessors to perform an additional fair value assessment of the same transaction under review. In this situation, the fair value used for the calculation of football earnings and/or the squad cost ratio corresponds to the average of fair values indicated in the two fair value assessment reports.