Football earnings are the difference between relevant income and relevant expenses calculated in respect of a single reporting period.
A licensee may have a football earnings surplus or a deficit. A football earnings surplus is generated when relevant income is greater than relevant expenses. A football earnings deficit is generated when relevant expenses are greater than relevant incomes.
Aggregate football earnings are the sum of the licensee’s football earnings for each of the three consecutive reporting periods up to and including the reporting period ending in the calendar year in which the UEFA club competitions commence (i.e. reporting periods T, T-1 and T-2), plus an upwards adjustment for relevant investments in accordance with Article 89, if applicable.
If a licensee’s aggregate football earnings are positive (zero or above), then the licensee has an aggregate football earnings surplus. If a licensee’s aggregate football earnings are negative (below zero), then the licensee has an aggregate football earnings deficit.