City Group Football (CGF), Manchester City’s parent company, will have to reduce its stake in Girona’s capital so that the Catalan club can compete in the Champions League next season, according to UEFA. Since 2017, CGF has owned 47% of Girona, which after a great campaign in the Spanish Championship managed to qualify for the Champions League for the first time in its history.
On Tuesday, UEFA’s financial control department (CFCB) sent a letter to interested parties with changes to the multi-ownership regulations on participation in continental competitions.
This regulation prevents two teams from participating in the same European competition if they have the same owner, and the CFCB explained that the rule also applies in cases of “decisive influence” over the conduct of several clubs, going beyond the “control” linked to the majority of capital.
The CGF is not a majority shareholder in Girona, but the CFCB letter says that if a party “owns 30% or more of the club’s total shares or the right to vote”, this constitutes “the ability to exercise decisive influence in decision-making”. club decisions”.
For Manchester City and Girona to participate in the European competition, the CGF will have to reduce its participation in the Catalan club before June 3, the deadline set by UEFA.
To avoid a hasty sale of shares, generally economically unfavorable, the CFCB letter offers clubs a temporary solution, limited to the next season: transferring the shares to a trust fund under UEFA supervision.
Source: Gazetaesportiva
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