CFCB investigatory chamber continues monitoring process
056 – CFCB investigatory chamber continues monitoring process
The UEFA Club Financial Control Body (CFCB) investigatory chamber has finished the first round of club hearings with respect to the analysis of the break-even submissions for all clubs with a financial closing date in June 2014.
As a result of these discussions, the CFCB has decided to continue its investigations into seven clubs (AS Monaco FC, AS Roma, Beşiktaş JK, FC Internazionale Milano, FC Krasnodar, Liverpool FC and Sporting Clube de Portugal) that had disclosed a break-even deficit on the basis of their financial reporting periods ending in 2012 and 2013.
In addition, the CFCB has requested that another six clubs provide additional information on their break-even position. These are AC Sparta Praha, Hull City, Olympique Lyonnais, Panathinaikos FC, Ruch Chorzów and VfL Wolfsburg.
These clubs will need to submit additional monitoring information in the coming months until February 2015, upon the deadlines set by the CFCB.
The introduction of the UEFA Club Licensing and Financial Fair Play Regulations has already had a very positive impact on the scale of overdue payables, as they have decreased from €57m in June 2011 to €8m in June 2014. In addition, aggregate losses reported by Europe's first-division clubs in the 2013 financial year have gone down to €800m from a record-reported deficit of €1.7bn in 2011.
This process will be updated by UEFA with further communication to take place in February 2015.