Rezultati nadzora koji je 2009. godine nad klubovima provela UEFA pokazali su da više od polovine od ukupno 655 europskih klubova posluje s gubicima. I to ogromnim gubicima, posve nesrazmjernim njihovim financijskim mogućnostima. Tri najveća europska kluba bila su u takvom financijskom rasulu da bi, da su bili tretirani kao ostali poduzetnici, bankrotirali u roku od dvije godine. Kako je to razdoblje koincidiralo s proširivanjem legislativnih ovlasti EU i na pitanja sporta i s fokusom Komisije na „dobrom upravljanju“, već 2010. godine UEFA je predstavila novi Pravilnik o licenciranju klubova i financijskom fair playu. Navedenim se Pravilnikom uvelo poslovanje na „točki pokrića“, kao temelj financijske održivosti europskih klubova, međutim, od samih početaka njegove primjene sporan je njegov odnos s odredbama prava EU o tržišnom natjecanju. U tom limbu Pravilnik egzistira već 8 godina i polako se počinju nazirati stvarni učinci njegove primjene. Pokazalo se, naime, da i pravni i ekonomski učinci nerijetko imaju neočekivani efekt, osobito u kombinaciji s pravom EU. Namjera je autorice u ovom radu detaljno promotriti odredbe Pravilnika kroz različite prizme: odnos s odredbama prava EU, njegove ekonomske učinke, utjecaj na stabilnost i kompetitivnu ravnotežu. The results of supervision which UEFA in 2009 carried out on clubs showed that more than half of a total of 655 European clubs are in debt. Moreover, these are huge debts which are disproportionate with their financial possibilities. The three biggest European clubs were in such financial disarray that they were in two years, treated like other businesses, declared to be bankrupt. That period coincided with the widening of EU legislative powers and in sport issues and with the focus of the Commission on “sound management”. In 2010, UEFA presented a new Rulebook on the licensing of clubs and financial fair play. This Rulebook introduced doing business on “point of financial security” as their basis for the financial sustainability of European clubs. However, from the very beginning of its application its relation with EU legal regulations on competitiveness was disputable. This Rulebook existed in this limbo for 8 years and slowly real effects of its application are starting to be supervised. Namely legal and economic effects were often shown to have an unexpected effect, especially in combination with EU law. The intention here is to observe in detail the Rulebook’s regulations through various prisms: relation to EU legal regulations, its economic effects and the effect on stability and competitive balance.