DENMARK Trends and Developments Contributed by: Frederik Bruhn, Rasmus Theis Madsen, Robert Jønsson and Tim Krarup Nielsen, HortenDahl Law Firm
Investors are no longer focusing solely on clubs: they are entering academies, agencies, commercial rights and media-linked sports entities. This underscores that football continues to dominate global deal flow and that European assets, particularly those with strong youth-development systems, remain a priority for international capital. This trend mirrors what is now visible in Denmark: capital is flowing not only to clubs, but into the entire ecosystem surrounding talent. Denmark is no longer on the periphery of the glob - al sports economy: it is becoming a growth hub for international investment. With rising foreign interest, consolidating agencies and increasing sophistication in ownership models, the key question is no longer whether Denmark will participate in the global sports investment wave, but how significant a role it will play in shaping it. Who can own Danish football clubs? International rules Danish football clubs obviously must comply with the rules and regulations issued by FIFA and UEFA. There - fore, no individual or legal entity may have control or influence over more than one club participating in the same UEFA competition (see Article 5 in the regula - tions for UEFA competitions). However, these rules on multiple club ownership are well known and are not special for Denmark. So far, Denmark has seen no challenges in terms of compliance with this. Danish rules The above development led to the Danish League introducing new rules on who can own and run a club, in 2022. The rules were most recently amended in December 2024 by way of Circular No 42 (“the Cir - cular”). The Circular stipulates that any transfer of significant influence (defined as at least one-third of the voting rights) in professional football clubs requires the new shareholder acquiring such influence to receive prior approval from the Danish League, before the club can be granted the club licence that enables it to enter into professional player contracts. Accordingly, when a new shareholder acquires significant influence in a club, the club is not entitled to enter into player con -
tracts until the new shareholder has been approved by the Danish League. According to the Circular, the club must submit doc - umentation to the Danish League regarding, among other things, the corporate structure of the new share - holder and any other ownership interests it holds. In addition, a representative of the new shareholder must submit a statutory declaration confirming its aware - ness of the most relevant collective agreements and regulatory frameworks governing Danish football. Subject to having received the relevant documenta - tion, the Danish League will grant the licence (contract permission) to the club, unless the new shareholder or their ultimate beneficial owners: • have a prior conviction for financial crimes, includ - ing but not limited to tax evasion and money laun - dering as per the applicable anti-money laundering legislation, or other serious offences; • are subject to bankruptcy quarantine or have a significant and extensive history of bankruptcies; • conduct business activities in countries with high rankings on indices related to corruption, money laundering or terrorist financing; • have significant influence in a betting company; • own a football agency business or are registered as a football agent; or • are ultimately controlled by nation states. In a recent matter, a potential acquisition of Vejle Boldklub did not materialise as the potential new shareholder allegedly failed to meet the documenta - tion requirements in the Circular, including proof of financial transparency. Regulatory Framework for Agents The role of football agents has evolved significantly in recent years, prompting FIFA to introduce stricter reg - ulations aimed at increasing transparency and ensur - ing fair representation of players. FIFA’s Football Agent Regulations (FFAR) came into effect in January 2023 and establish rules on agent licensing, commission structures and contractual obligations. These reforms seek to address concerns about financial exploitation and conflicts of interest in player transfers.
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