By Eurohoops team/ info@eurohoops.net
Here’s the press release by EuroLeague Basketball:
The Finance Panel of Euroleague Basketball, has sanctioned Crvena Zvezda due to the club’s failure to fulfill its obligations to comply with the Financial Stability and Fair Play Regulations (FSFPR) in accordance with the Euroleague Basketball Disciplinary Code.
Crvena Zvezda‘s case had been referred to the Finance Panel by the Euroleague Basketball Management Control Commission (MCC) after confirmation that the club was in breach of Article 3.a) of the FSFPR, which refers to the obligation of not having overdue payables.
Last summer, the MCC and the club defined a compliance plan to correct the situation, but after the club failed to fully respect the compliance plan, the MCC decided to refer the case to the Finance Panel, in accordance with Article 55 of the Euroleague Basketball Disciplinary Code.
The Finance Panel imposed provisional measures on Crvena Zvezda by which the club was prohibited from registering any new players to compete in the 2017-18 EuroLeague during four weeks between November 14 and December 12, while awaiting a final decision. During the Adjudicatory Proceeding phase, the club resolved the overdue payables situation.
The Finance Panel decision recognizes the December 12 termination of the prohibition on registering new players and, additionally, sanctions Crvena Zvezda with a fine of €15,000 and reimbursement to Euroleague Basketball of the costs of the appellate proceedings