Schedules
Schedule 5

Mandatory licence conditions
Section 20

Introduction
1
The IFR must attach to each operating licence—
a
a financial plans condition,
b
a corporate governance statement condition,
c
a fan consultation condition, and
d
an annual declaration condition.

Financial plans
2
A financial plans condition is a condition requiring a club to—
a
submit a financial plan containing specified information to the IFR before a specified date,
b
update the financial plan—
i
annually or at such more frequent intervals as may be specified, and
ii
as soon as reasonably practicable after there has been a material change in circumstances affecting the club, and
submit that updated plan to the IFR, and
c
act in accordance with the latest financial plan submitted to the IFR.
3
For the purposes of paragraph 2(a), the IFR—
a
must specify—
i
information about how the club is, or is to be, funded and the source of such funding,
ii
information about expected revenues and expenses, and
iii
financial risk assessments and plans for managing financial risks, and
b
may specify such other information as the IFR considers necessary for the purpose of exercising its functions under this Act.

Corporate governance statement
4
A corporate governance statement condition is a condition requiring a club to—
a
submit a corporate governance statement to the IFR before a specified date, and
b
update the statement—
i
at specified intervals, and
ii
as soon as reasonably practicable after there has been a material change in the corporate governance arrangements at the club, and
submit that updated statement to the IFR.
5
The condition must require—
a
the corporate governance statement to explain—
i
how the club is applying the code published under paragraph 7, and
ii
what action the club is taking to improve equality, diversity and inclusion, and
b
the club to publish its latest corporate governance statement online as soon as reasonably practicable after it has been submitted to the IFR.
6
1
The IFR must publish the latest corporate governance statement of each regulated club as soon as reasonably practicable after each statement is submitted to the IFR.
2
The IFR must also publish a corporate governance report.
3
The report must—
a
summarise the extent to which regulated clubs are applying the code published under paragraph 7,
b
set out the main issues that the IFR considers to arise from the corporate governance statements submitted to the IFR, and
c
recommend ways in which regulated clubs may improve their corporate governance arrangements.
4
The report must—
a
be made at such time and in such form as is specified by the IFR in rules;
b
include such other matters as may be specified by the IFR in rules.
7
1
The IFR must prepare and publish a code of practice about the corporate governance of regulated clubs.
2
“Corporate governance”, in relation to a club, includes—
a
the nature, constitution or functions of the organs of the club,
b
the manner in which the organs of the club conduct themselves,
c
the requirements imposed on organs of the club,
d
how the club contributes to the economic and social well-being of the local community with which it is associated,
e
the approach of the club to equality, diversity and inclusion, and
f
the relationship between different organs of the club.
3
The IFR—
a
must keep the code of practice under review, and
b
may from time to time prepare and publish alterations to the code or a replacement code.
4
Before publishing a code of practice or any alterations to the code, except where the IFR considers that the alterations are minor, the IFR must consult—
a
the Football Association, and
b
such other persons as appear to the IFR to be representative of persons likely to be affected by the code.
5
A code of practice published under this paragraph comes into force on the day specified in it.
6
Alterations to the code of practice come into force on the day specified in the alterations for that purpose.

Fan consultation
8
1
A fan consultation condition is a condition requiring a club to carry out regular consultation on relevant matters with—
a
persons elected by the club’s fans to represent their views, or
b
persons otherwise appearing to the IFR to represent the views of the club’s fans.
2
So far as the condition requires consultation with persons within sub-paragraph (1)(a), the condition may require the club to constitute a group of such persons for that purpose.
3
In considering whether the condition should require consultation with persons within sub-paragraph (1)(a), the IFR must have regard to—
a
the club’s corporate governance arrangements,
b
the size and composition of the club’s fanbase, and
c
the club’s financial and non-financial resources.
4
In sub-paragraph (1) “relevant matters” has the meaning given by paragraph 4(2) of Schedule 4.
5
In sub-paragraph (3) “corporate governance” has the meaning given by paragraph 7(2).
9
1
The condition may require the consultation to take place by specified means or at specified intervals.
2
In considering what to specify for the purposes of sub-paragraph (1), the IFR must have regard to—
a
the size and composition of the club’s fanbase, and
b
the club’s financial and non-financial resources.

Annual declaration
10
An annual declaration condition is a condition requiring a club to submit an annual declaration to the IFR on a specified date or at specified intervals.
11
The condition must require the declaration to contain—
a
either—
i
a description of any matter notified, or that should have been notified, to the IFR in accordance with section 27, 33 or 50 during the previous 12 months, or
ii
a statement that there were no such matters to notify, and
b
such other specified information.

Interpretation
12
In this Schedule, “specified” (unless stated otherwise) means specified from time to time by the IFR in the condition concerned.
Sch. 5 para. 1 in force at Royal Assent for specified purposes, see s. 100(2)(g)
Sch. 5 para. 2 in force at Royal Assent for specified purposes, see s. 100(2)(g)
Sch. 5 para. 3 in force at Royal Assent for specified purposes, see s. 100(2)(g)
Sch. 5 para. 4 in force at Royal Assent for specified purposes, see s. 100(2)(g)
Sch. 5 para. 5 in force at Royal Assent for specified purposes, see s. 100(2)(g)
Sch. 5 para. 6 in force at Royal Assent for specified purposes, see s. 100(2)(g)
Sch. 5 para. 7 in force at Royal Assent, see s. 100(2)(c)
Sch. 5 para. 8 in force at Royal Assent for specified purposes, see s. 100(2)(g)
Sch. 5 para. 9 in force at Royal Assent for specified purposes, see s. 100(2)(g)
Sch. 5 para. 10 in force at Royal Assent for specified purposes, see s. 100(2)(g)
Sch. 5 para. 11 in force at Royal Assent for specified purposes, see s. 100(2)(g)
Sch. 5 para. 12 in force at Royal Assent for specified purposes, see s. 100(2)(g)