SPECIAL REPORT

A G ROWING AND M ULTI-F ACETED P HENOMENON

Investing in Danish Football Clubs

By Frederik BRUHN Lawyer, DAHL Law Firm Copenhagen – Denmark

£ Multi-Club Ownership (MCO) – National law – National Regulations – Player loan – FIFA Regulations – UEFA Regulations

As with all other investments, one must understand the industry and market in which a potential investment will be completed. With a population of merely 5.8 million, Denmark is a small country and, as such, is not an obvious target for international investment. However, in terms of investing in Danish football clubs, the case has turned out to be quite the opposite. Below is a brief overview of the Danish football industry and certain related matters of legal nature, which international investors must take into consideration before an investment is carried out.

Understanding the Taking Denmark’s limited ¢ WLPHV IRU WKH 8()$ &KDPSLRQV Football Industry in population into account, it is fair to league. Last year, FC Copenhagen Denmark say that Denmark, within the last plagued Manchester United through 40 years, has produced a decent 120 minutes in the Europa League The golden age of Danish football number of world class players, quarter final before surrendering in was sparked into life in the early who have represented some of the the final minutes of extra time. eighties when Denmark, apparently biggest football clubs in the world. out of nowhere, became a highly The most recognized and well- Despite these results, the Danish respected football nation through known players are the likes of Allan Superligaen (the best league in a brilliant and attack minded style SIMONSEN, , Peter Denmark) is not considered among of football, particularly at the SCHMEICHEL and, most recently, the best leagues in international national team level. Following that, Christian ERIKSEN. football: Denmark only ranks as and notwithstanding its smaller number 14 on the UEFA country geographic size and population, Danish club football has coefficient list1, and Danish football Denmark has played a significant also experienced significant clubs are, compared to countries role in international football in developments in recent times, like Sweden for instance, struggling recent times. making its mark internationally with to maintain their popularity among results that are gradually improving the Danish population. Even Since 1971, when the Danish in the European competitions. without COVID-19, the average Football Association finally Brøndby IF was the first club number of spectators per game accepted professional Danish to bring home an extraordinary in the Danish Superligaen in the players into the national team, international result, by reaching 2018-2019 season was only 6,962.2 there have been several significant a semi-final in the UEFA Cup in Numbers in comparable countries performances that peaked in 1991 and, subsequently, followed like Sweden are 9,1433, Norway 1992, when Denmark won the it up with a qualification for UEFA 5,7804 and Holland 18,011.5 UEFA European Championship Champions League in 1998. FC with impressive players such as Copenhagen then took over as , and the leading Danish football club Flemming POVLSEN on the team and qualified several times for the 1 www.uefa.com 2 www.transfermarkt.com sheet. European competitions during 3 www.transfermarkt.com 2000’s and 2010’s, including 4 www.transfermarkt.com 5 www.transfermarkt.com

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