The Italian football federation, the FIGC, announced the end of co-ownership contracts. It marks the end of a long standing system of player transfers in Italy.

The farewell to the co-ownership system, or, to be more technical, the partnerships between the two teams in the ownership of a player, marks a turning point in the transfer activities of many Italian clubs. The decision taken by the FIGC is bound to change the plans and strategies of these clubs in the upcoming transfer market. Initially, the smaller clubs will suffer as they will have less opportunity to enhance their players. There wonai??i??t be sealed envelopes anymore, uncertainty of a player regarding his possible destination, controversial cases etc. Clubs will have to move quickly on the market without waiting to understand and resolve the active ownership of a particular player. The reduction of uncertain and controversial cases regarding the resolution of the co-ownership deals is precisely one of the main reasons behind this choice of the FIGC. The main goal is to clean up the balance sheets of the clubs, make them clearer, streamlined, transparent, less complicated and less intricate and therefore better controllable.

How Co-ownership deals work

Co-ownership ai??i?? known in Italy as ai???compartecipazioneai??i?? – is the practice which sees two clubs jointly own the contract of a player with each having half rights. The player is eligible to play for one club which retains his playing rights. Very briefly the co-ownership system was used under the following circumstances:

  • The bigger clubs want to give their youngsters some playing time at a relatively smaller club, but the small clubs do not want a loan deal, they want a part of the appreciation which will come if the player succeeds at their club.
  • A club cannot pay a playerai??i??s complete transfer fee, but the other club wants to offload the player anyway to manage their balance sheet.
  • A club appreciates a young player but sees it as a risk to fully own the player, in such a scenario theyai??i??d rather co-own the player, let him stay and continue his progress and later agree to fully own the player should he fit the bill.
  • Two clubs want the risk of a new investment to be shared.

A team can opt to bid for the co-ownership of any player in the league and the bid must be accepted by the other team (who currently owns the player). In other words, the buying team ai???leaseai??i?? half the transfer rights of the player concerned for a specified number of years, usually one or two years. As per the co-ownership agreement between the clubs, the player can either remain with his current club or move to the new club who newly co-owned him for that specific time-frame. After this time duration elapses, both the clubs have an option of coming to a mutual agreement regarding the future of the player, as in, which club would represent in the following seasons and one of the clubs assumes full ownership of the player by paying an agreed fee to the other club. If an agreement cannot be reached then a blind auction takes place where in both clubs file ai???secretai??i?? bids for the player. The player then moves to the highest bidder. In case of an equal bid, the player stays at his current club permanently. These silent auctions are all resolved over the course of two days at the end of June each year. Team executives hand their bids over to representatives of the Italian Football Federation, who act as independent arbiters. Another scenario is that a club can delay deciding the ownership of the player for another year. A co-ownership decision can be delayed for a year if any one of the two clubs involved invokes it.

At any time during the duration of the co-ownership deal for a player, a club can fully buy the rights of a player if they get a bid accepted from the other club for the remaining half of the playerai??i??s transfer rights. Furthermore, for any other third club (not involved in the co-ownership deal), to sign a co-owned player, they must have separate bids accepted by both clubs and agree personal terms with the player for the player transfer to go through.

The advantages of this system

Big club (buying)
– Able to take punts on riskier young players ai??i?? in case they flop, the loss is comparatively less.
– Is close to buy-and-loan-back
– Clubs can take 50% of a player to block other teams from owning the player outright (and maybe making up some of the profits by selling him later)
– Is a decent method of providing players some first-team game time who are stuck between “too good to loan” or “not good enough for the first-team” .

Small club (buying)
– The club might probably lose the player in the near future anyway, so they can get more players with this method. The smaller clubs need money. Selling off half of one of their starlets to a big club means they get some much needed cash while continuing to nurture him in the hope of increasing the market value of the player even more.
– It’s cheaper than buying the player, although a bit more expensive than a normal loan.
– Promising players can be co-owned off top sides whom they are not good enough to start for and possibly get the remaining 50% for less later on (sometimes free!).
– It’s a long-term loan of sorts – so it has many of the advantages associated with a loan
– Clubs can sign promising players in lower leagues and potentially make a profit when an even bigger side swoops for both shares. Suppose a starlet appears in Lega Pro. Big clubs come sniffing around. A small club like Lanciano wants the player, but they know in a bidding war with the big clubs they have no chance, they hear that Roma are interested. After some discussions a co-ownership deal is sealed which benefits both the parties.

The benefits of co-ownership seem, at first glance, to be heavily in favor of the smaller clubs who are able to secure the services of a player they could never seriously compete to sign outright under other circumstances. This is partly true, as owning ai???halfai??i?? a player gives them far greater control over their squads than a simple loan arrangement ai??i?? which can often be cancelled at short notice ai??i?? ever would and big clubs regularly insert half a players rights in order to buy a different player from these clubs. However, it is beneficial to the player as well as the financial investment of his new club almost always means regular playing time will be given, which is not always the case with normal loan moves. This also benefits the original club who can see their man develop in a less pressured environment with that same playing time being something they themselves would have been unable to grant in most cases.

To simplify the concept, we can create two fictional examples. Imagine Juventus have two promising twenty year old strikers whose path to the first team is blocked by the collection of impressive strikers already in the squad. They loan one to Sampdoria for free while selling the other to Parma for ai??i??3 million. The first player spends half a season kicking his heels on the bench and returns to Juventus older, still inexperienced and disillusioned with the way the club has managed his career. Contrast this with the other player who, because of the money involved, makes regular appearances for the Tardini outfit, eventually becoming a regular in the starting line-up and scoring goals at an impressive rate. At the end of the season, Juventus decide to bring him home as their new vice-Llorente, paying Parma ai??i??5.5m. Initially, to those unfamiliar with this practice, it is easy to say they have paid ai??i??2.5m for their own player, but how can one put a price on the experience and confidence gained during his time there? Juventus would see it as an investment in their player and Parma would be compensated for the time and coaching they had given. Even if the striker had flopped, Juventus would have received that initial ai??i??3m.

Gabbiadini-Berardi-Immobile-300x240The differences between a loan and co-ownerships are obvious ai??i?? both clubs have the same interest in raising the value of the player through developing him. In case of a normal loan, there is far less responsibility in developing the player for the loan club. The co-ownership routine allows clubs to invest in players involving some risks which is shared by the other club involved in the registration. A team taking a player on loan has no incentive to help him improve unless he is good enough to make a difference right away. But the scenario of co-ownership is different. Clubs know that there is a chance the player could remain and even if he does no stayt, it is still in their interests to help him get better so they can charge a higher price when they eventually come to sell. For example, Thibaut Courtoisai??? value has increased dramatically while at Atletico Madrid. If the La Liga champions had agreed to a shared-ownership deal, they would have received a return on the time and money they had invested in the Belgian when the time came to sell him. However, it is Chelsea that stands to fully profit from his time in Spain.

Executed properly however, the system is not only a useful one in terms of cost; it can also hugely benefit all three parties (both clubs and the player himself) involved in any particular deal. There are eleven members (Chiellini, Barzagli, Bonucci, Maggio, Criscito, Giaccherini, Balotelli, Osvaldo, Giovinco, Cerci, Immobile, Gilardino, Abate, Astori, Montolivo, Marchisio and Destro) of the most recent Italy squad who have been traded in this fashion: which suggests that the co-ownership scheme has certainly done those players no harm at all.

Hidden dangers of this system

Of course there have been number of high profile cases where clubs made real errors of judgement which ended up costing them large sums to rectify their misjudgments like the case of Brazilian striker Adriano. In 2002 Inter ai???soldai??i?? half his rights to Parma for A?4 million only to see him score 22 goals in 36 league appearances and buying back that same share cost Inter A?13.5 million. One important point to remember is that FIGC rules dictate these agreements must be in place for a minimum of two years, and have strict regulations. Every year, towards the end of June clubs must settle these deals which usually see a raft of confirmed deals ahead of the deadline, failure to reach an agreement by this period sees the players rights go to a blind auction between the two clubs involved. In Italy this is known as ai???going to the envelopesai??i?? (ai???andare alle busteai??i??).

Directors hate the thought of losing a player for less than market value, or being outbid for a player they want to keep and therefore do all they can to avoid the process. A few years ago Fiorentin paid ai??i??13.5 million for half shares in Giorgio Chiellini, Fabrizio Micolli and Enzo Maresca but lost all three of them for ai??i??6.7 million at auction a year later as Juventus took full advantage of their precarious financial conditions to secure the services of three quality players for a nominal fee. Miccoli-Maresca-Chiellini_Fiorentina
Fiorentina themselves benefited in Danish International Martin Jorgensenai??i??s case, who they signed for virtually nothing after Udinese put in a zero bid for him at the envelopes. Bologna famously got it all wrong in the auction involving Albin Ekdal and Emiliano Viviano, losing out on two key men in the process. These examples highlight club management are right to dread this part of the process.

The system has its advantages, but ultimately it is rife with problems. The ongoing case of Immobile shows the difficulties when the time comes to sell to a third party. Torino believes the player is worth ai??i??22 million, while co-owners Juventus feel he can be sold for ai??i??19 million. Hence, Borussia Dortmund have the headache of negotiating with two clubs who have set their own prerogatives and terms. Not only can this arduous, bureaucratic process stop a playerai??i??s career from progressing elsewhere.

FIGC finally ends joint ownership of players

Now, the Italian FA (FIGC) have decided to ban shared ownership. At a news conference in Rome, FIGC president Giancarlo Abete explained that this will be the final season in which shared-ownership deals can be negotiated. ai???Doubts have been raised many times on this issue regarding public opinion and fiscal problems, highlighting how out of sync this practice is on a European and fiscal scale,ai??? he said. 0
This comment signifies the primary reason why abolishment is a good idea: It is out of line with the rest of Europe. Save for Portugal and some Latin American nations, no one else practices shared ownership. The Immobile negotiations have shown that it clearly acts as a barrier to trade. It also raises some ethical issues similar to that of third-party ownership, in which a player has little say to determine his career path while his owners push through transfers with purely financial motivations. The annual negotiations of shared ownership create a similar problem.

Co ownerships deals have been a staple of the Italian transfer market for quite some time. They allow clubs to get creative with their balance sheets and give a financial incentive to both clubs involved in developing the player unlike in a loan deal. Co ownership deals can turn dramatic if the two clubs involved canai??i??t reach an agreement on how to resolve it. The last resort is to go to ai???le busteai??? (the envelopes). The main thing to consider is that Italian football is not exactly awash with money and sides like Udinese need to look at selling their better players on a regular basis just to meet their operating costs.

The order was forthcoming: There was pressure from UEFA and Micheal Platini himself. This was an exclusive all-Italian practice and if we conceive football as global and universal (including the economy) it does not make sense that only one country adopts a system that is considered incomprehensible throughout the rest of Europe. The co-ownership had complicated the interpretation of financial statements and their transparency. Uefa clearly asks the Federation to “clean up” the club, make budgets easier to analyze. The co-ownership system has been used to put pressure on the player on a number of occasions. The FIGC have finally deleted the co-ownership system (however the remaining ones remain valid but it must be sorted out within the duration of one year). Not all Italian clubs will agree to the abolishment of the shared-ownership system, but objectively it is a step in the right direction by the FIGC.

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