Friday, February 3, 2023

FIFA to impose new rules and limits on agents

ZURICH, Switzerland ( Associated Press) – Agents of professional soccer players will see their quotas limited because of new rules that seek to make transparent the dubious business of transferring players, FIFA said Friday.

FIFA has been working on a proposal for years and has announced that the new rules, which also include an examination and publication of client lists, will come into effect from Monday.

“The new regulations introduce a basic standard of services for football agents and their clients, including a compulsory licensing system, the prohibition of multiple representations to avoid conflicts of interest and the introduction of a cap on agent fees, all contractually binding”. with the aim of strengthening stability, protecting the integrity of the transfer system and achieving greater financial transparency,” FIFA said in a statement.

FIFA said in December that agents took home about $623 million in commission last year, up 24% from 2021.

Soccer’s governing body is expected to limit the industry’s excesses, which allowed Mino Raiola to earn 27 million euros ($29 million) from Juventus in a 105 million euro ($111 million) deal that led to Paul Pogba went to Manchester United. Raiola took the player and an additional amount from his new team. The midfielder returned to Juventus in July.

Transfer commissions and agent’s wages will be limited to 3% when representing the player and 6% in dual representation of the player and the buying club, while agent’s earnings will be limited to 10% when representing the player.

FIFA said it would make public the list of agents’ clients, the date the representation agreement expires, as well as details of the transaction, “including the amount of service they pay to agents.”

Agents must pass an exam in order to be licensed. FIFA said it is “compulsory to use only agents with a football license and there will be a transition period before the cap on agent fees”, which will take place on 1 October.

The governing body called it “a major step forward in establishing a fairer and more transparent football transfer system”.

Nation World News Desk
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