We are delighted to present this multi-jurisdictional guide to owners' and directors' tests in each of Europe's "top five" men's football leagues (and in the case of England, covering the Independent Football Regulator, Premier League and the EFL Championship). This is the first in a two-part series with the second part to focus on the relevant owners' and directors' tests in the women's game.

In recent years, we have seen an increasingly diverse mix of investors (both in terms of type of investor, investment strategies and forms of investment instrument) acquire interests in European football clubs. This complexity in the ownership landscape has been coupled with an increased focus from regulators on the custodians of these unique organisations (often driven by demands from fans and the wider public to ensure the financial security of these clubs).

This guide is intended to provide prospective investors in European football with insight into a key aspect of the football regulatory regime when planning a transaction. It considers the relevant approval requirements for “change of control” transactions (both in terms of any regulations relating to suitability of an investor and any proof of funds requirements), potential constraints on transaction structure and any related transaction conditions.

This guide follows a consistent format with the same key questions answered by leading practitioners in each of the jurisdictions featured. While efforts have been made to address all relevant concerns, this guide should not be treated as legal advice and only provides non-tailored information.

Northridge gratefully acknowledges the valuable contributions of each of the following firms: Moyersoen Avocats (Ligue 1 – France), Lentze Stopper (Bundesliga – Germany), Legance (Serie A – Italy) and Senn Ferrero / DYO Sports Finance (LaLiga – Spain).

This information is provided as at 2 March 2026.