The Surrogate Regulatory Role of CAS Panels: Financial Fair Play at the Court of Arbitration for Sport

UEFA’s Financial Fair Play rules have proven to be one of sport’s most controversial and high profile regulatory initiatives. There has, consequently, been a considerable number of Financial Fair Play cases appealed before the Court of Arbitration for Sport. In turn, this has meant that Court of Arbitration for Sport Panels have played a critical, defining role in shaping the practice and procedure of the Financial Fair Play regulatory process. Examining the detail and impact of leading cases involving five clubs—Milan, Galatasaray, Paris Saint-Germain, Rubin Kazan, and Manchester City—this work considers how Financial Fair Play affects clubs, how Financial Fair Play disputes affect UEFA, and how Court of Arbitration for Sport Panels ultimately affect the entire regulatory ecosystem. What is seen is a move from legal challenges to Financial Fair Play on substantive grounds, towards challenges brought on procedural grounds. Moreover, more than just resolving disputes between UEFA and clubs as they arise, the coincidence of the structure of Financial Fair Play processes and the Court of Arbitration for Sport’s requirement for de novo reviews mean that Court of Arbitration for Sport Panels are responsible for re-running entire multi-year regulatory processes, taking on the role of surrogate regulator.