City Football Group, the parent company of English club Manchester City, will have to reduce its stake in Girona in order for the Spanish club to be allowed to participate in the Champions League next season, according to what UEFA announced on Wednesday.
Since 2018, the City Group has owned 47% of the shares of Girona, which had a historic season in La Liga and qualified for the prestigious European competition for the first time, and competed with champion Real Madrid for a long time.
UEFA’s Club Financial Supervision Authority sent a letter on Tuesday to shareholders informing them of updates to multi-club ownership laws related to participation in continental competitions.
Laws prevent two clubs with one owner from participating in the same European competition.
🚨 UEFA will allow Girona to join sister club Manchester City in the Champions League as long as City Football Group reduces its stake to below 30% from the current 47%.
(Source: Sun Sport) pic.twitter.com/2sh0HJHlue
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The Financial Supervision Authority’s letter indicated that if a party owns “30% or more of the total shares, owners or members entitled to vote or holders of economic rights,” then it has “the ability to exercise a decisive influence in the club’s decision-making.”
The City Group will have to give up some of its shares in Girona by the deadline set by UEFA of next June 3, in order to allow the Catalan team to participate in the Champions League alongside Manchester City, the leader of the Premier League.
If the group, which was founded in 2013, does not comply with the new laws, Girona, third in the Spanish League, will be forced to participate in the European League competition, “Europa League.”
UEFA’s integrity rules have been amended to prevent potential conflicts of interest and the emergence of groups that own more than one club, such as the City Group, which has full ownership or shares in 13 clubs around the world.
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