Litigator & Counselor
From start to finish, Chelsea drove the story of 2023’s winter transfer window. Like many a good story, this one was well-organized. It began in north, where Chelsea spent €12M to purchase emerging striker David Datro Fofana from Norway’s Molde and flowed downstream to its conclusion in the south, where they handed Benfica €121M for …
Continue reading "David Datro Fofana: From Abidjan to Chelsea and the Fight In Between"
Recently, Major League Soccer has signed several players under age 18 to lengthy (five-to-seven years) professional contracts. While these contract terms exceed the maximum allowed by FIFA for under 18 players, the contracts are likely valid under US laws. This article discusses creative solutions these players may have to free themselves from their long contracts. …
Continue reading "Escape Room: Young MLS Signings and the Contracts that (May) Bind Them"
This article was first posted on March 9, 2018 (on Medium). It has undergone minor edits for clarity. In January 2018, Canadian striker Cyle Larin completed a move from Major League Soccer’s Orlando City to Turkish club Besiktas. Reportedly, Besiktas paid Orlando a transfer fee in the neighborhood of $2.3 million. That was the simple part. The …
The following is part of an occasional series on specific rules and regulations governing financial professions. This article will analyze FINRA Rule 3280, which governs (and limits) private securities transactions by persons associated with a FINRA member (“associated persons” or “representatives”). In general, the rule forbids representatives from participating in private securities transactions unless they …
Continue reading "Regulatory Analysis: FINRA Rule 3280 – Private Securities Transactions"
In late 2021, the Court of Arbitration for Sport denied 15-year-old American David Kelley’s[1] attempt to sign with Fehervar, one of Hungary’s top clubs. The player had argued he fell within the “not linked to football” exception to Article 19 of FIFA’s RSTP – the rule that, in most cases, prevents clubs from signing foreign …
Continue reading "Notes on Article 19: In pursuit of a more coherent standard"
There is a subset of third-party influence cases that turn on a confusing distinction between penalty and bonus clauses. Usually, the debate arises in the context of a loan agreement. Generally-speaking, one club will loan a player to another, with a provision that increases the fee based on how much the player plays. In some …
Continue reading "Notes on Third-Party Influence: Penalties vs. Bonuses"
The following is Part II of my article on investment contracts. It will analyze the final two elements of the Howey Test: The expectation of profit and profit derived from the efforts of others. Part I can be found here. Expectation of profits As confirmed by the Supreme Court, the definition of “profit” is broad …
Continue reading "Definition of a Security: The Investment Contract (Part II)"
The following is another article in my series on third-party influence. Previous articles in the series can be found, here, here, and here. Once again, Article 18bis of FIFA’s RSTP forbids a club from entering into any transaction that may allow the counter-club or a third party to influence “in employment and transfer-related matters …
Continue reading "Notes on Third-Party Influence: Confusion over the Level of Influence Prohibited"
This article is part of a series on FIFA’s enforcement of Article 18bis in its Rules on the Status and Transfer of Players. This rule forbids a club from entering into any transaction that may allow the counter-club or a third party to influence “in employment and transfer-related matters [the club’s] independence, [their] policies or …
Continue reading "Notes on Third-Party Influence: Trying to Insure the Sell-on Fee"
This article is the second in an occasional series on the definition of a “security.” As I explained previously, when a financial instrument qualifies as a “security,” it becomes subject to an extensive apparatus of securities regulation. The most notable of this group are the Securities Act of 1933 and the Securities Exchange Act of …
Continue reading "Definition of a Security: The Investment Contract (Part I)"
Terry Brennan Law 