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In August 2025, two members of the Italian Senate introduced Draft Law No. 1626, aimed at strengthening transparency and traceability in the ownership structures of professional football clubs in Italy.
The proposal seeks to ensure full disclosure of shareholdings, sources of capital, and the ultimate beneficial owners of any club participating in competitions organised by the Italian Football Federation (FIGC).
This legislative effort reflects a broader European trend towards greater oversight of ownership and financial integrity in professional sports, particularly football. This sector is increasingly populated by investment funds, fiduciary structures and foreign entities potentially obscuring the true identity of owners. According to its proponents, the Draft Law aims to prevent risks such as market manipulation, undermining sports integrity and financial instability, which could all damage the sport's credibility.
A few days ago, the Draft Law was assigned to the Senate's 7th Standing Committee (Culture and Sport) under a 'redigente' procedure, which significantly accelerates the parliamentary process. Under this procedure, the Committee votes on the individual articles of the Draft Law, while the full Senate then only votes on the final text, without further debate on an article-by-article basis. This process has the potential to be time-saving, although the review of the Draft Law has not yet begun, and the timeline for potential approval remains open.
For international investors, this could mark a turning point: is Italy moving towards a more transparent and regulated football governance model?
The objectives
The Draft Law aims to ensure fairness and full traceability of financial operations involving the professional football sector.
In recent years, the growing presence of investment funds, fiduciary entities, and foreign corporate vehicles in the shareholding structures of Italian clubs has raised concerns about the real ownership of these entities and potential conflicts of interest, especially when the same investor group holds stakes in multiple teams.
By increasing transparency, lawmakers intend to protect the integrity of sports competition while also strengthening financial market reliability.
Scope of application
The Draft Law applies to all professional football clubs participating in Serie A, Serie B, and Lega Pro, regardless of their legal structure - whether incorporated as capital companies, joint-stock companies, or limited liability companies with share capital - including those owned or controlled by investment funds, trust companies, or foreign corporate vehicles.
Key provisions
The Draft Law provides for the following key requirements:
- mandatory annual disclosure to the FIGC, the relevant league, and the National Anti-Corruption Authority (ANAC) of all shareholders holding at least 5% of capital or voting rights, including information on the origin of funds and any interests in other professional sports entities;
- publication of ownership data on the official websites of the FIGC and the leagues, in line with GDPR requirements;
- any foreign entity acquiring or holding a stake of 5% or more must set up a company incorporated under Italian law with a registered office in Italy, and appoint an Italian resident legal representative;
- prompt notification (within 7 days) to the FIGC of any transfer of shares or ownership variations.
Sanctions
Failure to comply with the obligations set out in the Draft Law shall result in the following sanctions:
- administrative fines ranging from €1,000,000 to €5,000,000; and
- a weekly deduction of one point from the club's standings.
In addition, criminal liability may apply for the legal representative of the club in the event of deliberate omissions concerning the disclosure of the beneficial ownership.
How can we support
Draft Law No. 1626 stands out as a significant shift in the Italian regulatory landscape governing professional football, investment structures, and legal compliance, and its success will depend on whether lawmakers can strike a balance between transparency, competitiveness, and market openness.
If implemented effectively, the reform will carry practical implications for both clubs and foreign investors. We will be ready to help our clients navigate this evolving landscape. In particular:
- for clubs: we can advise on the review and formalisation of ownership structures, as well as ensuring full compliance with sports regulations and the new disclosure obligations; and
- for foreign investors: we can provide strategic guidance on the establishment of Italian corporate vehicles, and the fulfilment of the enhanced traceability obligations.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
