The UEFA Licensing and Financial Fair Play Regulations (hereinafter referred to
as the UEFA Regulations, Regulations) present a licensing system for clubs for admission to competitions such as the Champions League and the Europe League. The system is built on requirements that aim to promote fair competition (called “financial fair play”), leveling the difference in the financial capabilities of clubs in UEFA competitions, improving the economic situation of clubs, increasing the
level of transparency of their budgets, reliability of funding sources, and their debt obligations in due time. Along with compliance requirements, financial fair play involves disciplinary liability in respect of clubs that commit violations. In this regard, it is useful to refer to the practice of the Sports Arbitration Court (hereinafter - CAS), allowing to reveal the content of financial fair play in terms of compliance with the objectives of the regulation. If the financial fair play is aimed at maintaining fairness in UEFA club competitions, then there should be no discrepancy between the regulatory objectives and the enforcement of the Regulations. In turn, the objectives of the regulation determine the appeal to
such principles as the principles of equal treatment in violation of licensing requirements and financial fair play and (or) proportionality of the disciplinary sanctions applied.