Newsletter-21

410 NEWSLETTER 2016 In the joint statement issued by the European Commission and the UEFA in 2012, it was declared that the principles underlying the FFP could serve, with adaptations, as an effective model for other sports 6 . Today, the aim is to bring similar rules in other sports branches, aside from football to ensure that the clubs have Balanced Budgets and con- tinuous sports activities. In this respect, in the Euroleague Bylaws 7 , the FFP Rules were also issued and, in the last period, a transfer ban was imposed on Galatasaray in the basketball branch for 1 month as a result of not complying with these rules 8 . Conclusion Although the debate concerning the FFPRules is still ongoing, the European Commission, the European Court of Justice, and the UEFA have reached a consensus that these rules will provide sustainability of sports in Europe. The clubs are being monitored by the CFCB, and the continued monitoring of the clubs, despite the measures and the fines, is indicative of the seriousness of the rules. As the FFP rules gain a considerable awareness also in other sports branches, the sport clubs must be carefully managed in every respect. 6 Please see: http://ec.europa.eu/competition/sectors/sports/joint_statement_en.pdf (access date: 06.12.2016). 7 Please see: http://www.euroleague.net/rs/79tbcueu9ady8xkb/84bd1f8d-134d- 42a0-a8ee-cd688d29aaa2/0d5/filename/2016-17-euroleague-bylaws-book- 15-sept-2016.pdf (access date: 06.12.2016). 8 Please see: http://www.euroleague.net/news/i/7e5mwarnmpewiy7u/euroleague- basketball-finance-panel-opens-adjudicatory-proceeding-against-galatasaray (access date: 06.12.2016).