Sports Law 2025

BELGIUM Law and Practice Contributed by: Sven Demeulemeester, Willem-Alexander Devlies and Daan Buylaert, ATFiELD

development rather than generating profits and are governed by the Belgian Companies and Associations Code. Public interest foundations (Stichting van Openbaar Nut/Fondation d’Utilité Publique) These are used by some major sports fed - erations and organisations promoting broader social objectives, and are required to demon - strate a clear public interest mission. Professional sports companies (NV/SA or BV/SRL - Naamloze Vennootschap/Société Anonyme or Besloten Vennootschap/Société à Responsabilité Limitée) This form is commonly used by professional football clubs and commercialised sports enti - ties. It allows for shareholder investment and profit distribution and is subject to corporate taxation and financial regulations. Reasons for Choosing a Specific Corporate Structure Belgian sports organisations select their legal form based on several strategic and financial considerations. Reinvestment of profits Non-profit associations (VZW/ASBL) allow clubs to reinvest revenue into sports development, training facilities and youth programmes with - out distributing profits to members. Professional clubs (NV/SA or BV/SRL) can generate revenue from sponsorships, broadcasting rights and transfers while reinvesting in competitive per - formance. Taxation and financial management Non-profits benefit from tax advantages, includ - ing exemptions from corporate tax under cer - tain conditions. Professional entities are subject

to standard corporate tax but gain flexibility in financial structuring and investor participation. Regulatory and governance requirements National sports federations often require clubs to be structured as a VZW/ASBL to align with governance and ethical standards. Professional clubs in high-revenue sports, such as football, favour NV/SA or BV/SRL models for better finan - cial oversight and capital raising options. Access to funding and sponsorships Commercial sports companies attract investors, sponsors and media deals, enabling financial growth. Non-profits rely on membership fees, subsidies and limited sponsorship opportunities. 4.2 Corporate Governance Sport-Specific Corporate Governance Codes in Belgium Belgium does not have a single unified sports governance code, but multiple frameworks regulate corporate governance within sports organisations. The key regulations include the following. The Belgian Code on Corporate Governance While it applies primarily to publicly listed com - panies, it serves as a guideline for professional sports clubs structured as a(n) NV/SA or BV/ SRL. Sports Federation Governance Standards The Belgian Olympic and Interfederal Commit - tee (BOIC/COIB) sets governance principles for national sports federations. Flemish and French- speaking sports authorities enforce governance standards for clubs and federations under their jurisdiction (eg, the Flemish Code on Sport Gov - ernance).

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