1. Domestic and Foreign Investment in Football Clubs 58 th UIA CONGRESS FLORENCE - SPORTS LAW SESSION-

2. Third-Party-Ownership Partner Club owner of transfer rights Transfer rights Funds Funds Other Clubs Private & Institutional Investors Fund Partners Monetary Structurally Capital Shares Shares on Transfer Fee Payout Transfer Rights Transfer Fee Selling Price of Transfer Rights Shares of Transfer Fee

3. What is allowed? State Law:  Currently no bans But: Case law: COMP/37 806 "ENIC/UEFA" Case law: COMP/37 806 "ENIC/UEFA"  Concerns about planned ban: EU antitrust law (Art. 101, 102 TFEU) & free movement of payment (Art. 63) Page 3 © Bird & Bird LLP 2014 FIFA/UEFA/ DFB internal regulations:  Currently no bans But: Regulations prohibit contracts which acquire the ability to influence clubs Regulations prohibit contracts which acquire the ability to influence clubs  FIFA took firm decision to ban TPO after transitional period within 3 or 4 years

4. Third-Party-Ownership Third-Party-Ownership: An opportunity for fair competition or A vicious cycle of debt and dependence? Page 4 © Bird & Bird LLP 2014

5. 50+1 Rule Page 5 © Bird & Bird LLP 2014 Non-Profit Sport Enterprise e.g. FC Bayern Munich e.V e.g. FC Bayern Munich e.V. Outsourcing FC Bayern Munich AG (licensee) Max. 49 % Voting Rights 50 + 1 % Voting Rights Third Party Shareholders

6. 50+1 Example: RB Leipzig Page 6 © Bird & Bird LLP 2014 © RB Leipzig on Facebook © RB on Facebook Licensee still an “e.V.” Licensee still an “e.V.”  equity participation not possible Extensive sponsoring Extensive sponsoring Provider of outside capital Provider of outside capital Transfer of operative activities Transfer of operative activities (Administrative office, fanshop, ticketing, sponsoring, finanzing, fan support) Investor and shareholder Investor and shareholder of subsidiaries Only 7 members  Red Bull Only 7 members  Red Bull Provision of assets Provision of assets  50+1 rule lacks the possibility of de facto governing control through economic power

7. Thank you for your attention. Martin Schimke Page 7 © Bird & Bird LLP 2014