DENMARK Trends and Developments Contributed by: Frederik Bruhn, Tim Krarup Nielsen, Robert Jønsson and Rasmus Theis Madsen, DAHL Law Firm
Investments in Danish Football Clubs In recent years, Danish football clubs such as AC Horsens, Aalborg Boldklub, Brøndby IF, Lyngby Boldklub, and Silkeborg IF have seen increased investment and acquisitions from international investors. At the same time, there has been a noticeable trend of frequent changes in club ownership across Danish football. Most recently, Sønder - jyske and Vejle have returned to local ownership, reflecting a broader shift in the structural and financial landscape of Danish football clubs. Another interesting trend in Danish football is the introduction of multiple club ownership. Some club owners also own shares in football clubs in other countries – eg, FC Midtjylland (the owner of the club also owns CD Mafra in Por - tugal), Brøndby IF (the owner of the club also owns Crystal Palace in England) and Silkeborg IF (the owner of the club also owns Walsall F.C. in England). While multiple club ownership is com - mon in international football, it has only recently become a feature of the Danish football scene. Who Can Own Danish Football Clubs? International rules Danish football clubs must comply with the rules and regulations issued by FIFA and UEFA. Therefore, 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 regulations for UEFA com - petitions). However, these rules on multiple club ownership are well known and are not special for Denmark. So far, we have not had any challeng - es in Denmark in terms of compliance with this. Danish rules In response to these developments, the Dan - ish League introduced new regulations in 2022
regarding club ownership and management. The rules were most recently amended in December 2024 by way of Circular No. 42( “the Circular” ). The Circular stipulates that any transfer of sig - nificant influence (defined as at least one-third of the voting rights) in professional football clubs requires prior approval from the Danish League of the new shareholder acquiring such influence before the club can be granted the club licence enabling the club to enter into professional play - er contracts. Accordingly, when a new shareholder acquires significant influence in a club, the club is not entitled to enter into player contracts until the new shareholder has been approved by the Dan - ish League. According to the Circular, the club must submit documentation to the Danish League regarding, among other things, the corporate structure of the new shareholder and any other ownership interests it holds. Additionally, a representative of the new shareholder must submit a statutory declaration confirming its awareness of the most relevant collective agreements and regulatory frameworks governing Danish football. Subject to having received the relevant docu - mentation, 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, including but not limited to tax evasion and money laundering as per the applicable anti- money laundering legislation, or other serious offences;
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