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Back to Contents Volume: 11 Issue: 7 (July 2013)

!layer &ontracts1 %taly2s Serie # salary cap1 analysis


Italian footballs Serie B will introduce a salary cap on player wages during the 201 !1" season that will limit the share of Serie #s T$ money contribution% if e&ceeded' (uca )errari% a *artner at +B# Studio (egale e Tributario and (egal #d,isor to Serie B% e&plains how the cap operates and the logic behind it' It was no easy decision. o football league in !urope "as a salary cap syste# in place. $"e ational Basketball %ssociation does. But besides t"e ob&ious differences between t"e '( sports organisation and t"e pyra#idal structure of !uropean football) a salary cap introduced &ia a collecti&e bargaining agree#ent is) for t"e ti#e being) a utopian drea#. *owe&er) Italys (erie B league decided t"at it was ti#e for a bold #o&e before t"e spiral of increasing salaries beco#es a w"irlwind. $"e signs are clear+ #ost of its clubs tend to spend #ore #oney on player wages t"an t"eir regular re&enues allow. It is "ard to keep budgets under control w"en you need to out,bid your ri&als on better -or supposedly better. players in a #ore or less desperate /uest to con/uer (erie %s !ldorado. 0"ilst a few #ay be able to afford to o&erspend) #ost cant. %nd e&en a#ongst t"ose w"o cant afford it) so#e will continue to spend as if t"ey can) in t"e "ope of being able to settle accrued losses by re#aining at least t"ree seasons in t"e top 1eague. But e&en t"ose w"o are deter#ined to reduce t"eir #anage#ent costs so as to be in balance wit" regular (erie B re&enues will face "ig"er a&erage labour costs. *ow long can it last2 *ow long before t"e nu#ber of insol&ent clubs rise to an unsustainable le&el2 $"e /uestion "as beco#e inescapable and t"e idea of a syste# of rules w"ereby o&erspending) if not disallowed) would at least be discouraged "as led to a salary cap being recently introduced under t"e 1eagues regulations) w"ic" are binding on all present and future (erie B clubs. $"e 1ega (erie B organises and pro#otes t"e Italian national football (erie B c"a#pions"ip and is t"erefore ulti#ately responsible for its econo#ic and financial stability. (erie Bs re&enue can be di&ided into+ , self,generated inco#e) pri#arily audio&isual rig"ts) licensing and ticketing3 and , funding supplied by t"e 1ega (erie % and) to a lesser e4tent) by t"e Italian 5ootball 5ederation -5I6C.. $"is funding) co##only referred to as 78utuality) is t"e #a9or re&enue of t"e (erie B clubs. 1ega (erie B) as t"e co#petition organiser) #ust use reasonable endea&ours to ensure t"at clubs are #anaged as going concerns pursuant to sound econo#ic criteria. :&erspending generates direct and indirect da#ages. %ccording to t"e 5I6C licensing syste#) per#ission to participate in football co#petitions is sub9ect to sufficient e/uity and regularity of pay#ents. %s a result of widespread financial and e/uity tensions) eac" seasons line,up , as deter#ined by t"e prior seasons sporting results , is all too often upset by t"e failure of &arious clubs to obtain t"e necessary license. 5urt"er#ore) late pay#ent of player salaries during t"e season often results in points deductions) t"ereby upsetting t"e c"a#pions"ip ranking. 8utuality funding) t"e #ost rele&ant source of inco#e) "as pre&iously been allocated by t"e 1eague a#ong (erie B clubs+ , ;<= in e/ual s"ares3 , 2<= depending on t"e seasons ranking3 and , 10= in proportion to t"e playing ti#e of under 21 and under 23 players. $o put it si#ply) t"roug" t"e salary cap rules) t"e 1ega (erie B is able to c"ange t"e rules of t"e #utualitys allocation. If a club e4ceeds t"e cap on a gi&en players salary) its s"are of #utuality funding is cut by an a#ount e/ual to t"e o&erspend. e&ert"eless) suc" a contract re#ains perfectly &alid and effecti&e as between t"e club and t"e player. $"e capacity of so#e clubs to li&e off t"eir patrons generous periodical financial in9ections affects co#petition t"roug"out t"eir football di&ision and) arguably) beyond. $"ese effects #ay be seen as a legiti#ate e4pression of econo#ic freedo# and so

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Player Contracts: Italys Serie B salary cap: analysis | world sports law report | the n... Pagina 2 di 2

makes it difficult to justify countermeasures like those of the UEFA Financial Fair Play model, which ultimately inhibit overspending. owever, the !erie " is going in a different direction by simply avoiding funding of e#tra player wages through the !erie A mutuality contribution. $hereas one could argue that there is no unanimous opinion about what constitutes an e#orbitant %i.e. generally and medium&term unaffordable' salary, the salary cap was set by a unanimous decision of the !erie " clubs, through the (eague)s general assembly and was not found to be unreasonable by the Players) Union. *oreover, the (eague has acknowledged management best practice, by stipulating that the salary cap does not operate if, notwithstanding one or more above& cap contracts, the club)s overall wage e#penditure remains within +,- of total revenues. .he !alary /ap has been set at 012,,,,, gross per annum and it comprises playing contract wages, benefits and travel allowances above 012,,,, p.a. as well as any compensation under ancillary agreements, including image e#ploitation, advertising and promotions, consideration for options and rights of first refusal. As one can easily imagine, in order for the !alary /ap rules to be effective, interpretation issues and anti&avoidance schemes had to be considered. .he real challenge was that of creating a set of rules that are e#haustive, but not overabundant and e#cessively complicated. $ithout going into too much detail, most of the problematic aspects of the 3egulation will be mentioned below. .o begin with, bonuses could not be disallowed and had to be counted towards the /ap, to avoid contingent remuneration becoming an obvious escape %e.g. 01,,,,,, upon playing the second match'. .his was achieved through the categorisation and limitation of bonuses, which would not count towards the cap if they fall within such categories and limitations. "onuses have been divided into those dependant on individual performance and those dependant on the team)s performance. Each group includes a pre&defined set of bonuses. "onuses so classified are e#cluded from the !alary /ap up to 042,,,, per group, which means an aggregate of 012,,,,, pri5e money is allowed outside of the !alary /ap. Any other pri5e money that is potentially payable to a Player is counted towards the /ap, irrespective of its achievement and payment. Player contracts entered into prior to the introduction of the 3egulation are e#empted, as are the contracts of clubs promoted or relegated to !erie ". owever, the !alary /ap will apply to renewals thereof, unless such renewals entail a wage reduction of at least 6,-. 7f contracts are signed during the season which result in a less than a twelve&month term, the salary cap will be proportionally reduced, however, contracts signed until the end of the summer transfer window will all be subject to the entire 012,,,,, cap, regardless of the date of e#ecution. *utuality funds deducted from overspending clubs will be earmarked to finance youth and social projects. .he 3egulation is brand new and up for testing in the real world. 8nly time will tell if !erie ")s breakthrough will indeed foster stability and savvy management of %limited' club resources. Agents and the Players Association are not hostile to the e#periment in the hope that it will improve the economic outlook of 7talian second tier professional football and its workforce.

Luca Ferrari Partner CBA Studio Legale e Tributario, Milan Legal Advisor to the Lega Nazionale Profesionisti Serie B luca.ferrari cbale!.co"

(uca will be speaking about !erie ")s salary cap at $orld !ports (aw 3eport)s Player /ontracts conference 9,16, which takes place in (ondon on 11 :uly. For more information, visit www.cecileparkconferences.com;player&contracts&9,16

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