Contents (16 sections)Article 5 Substance-over-form methodologyWorkaround 1: Equity dilutionWorkaround 2: Governance siloing and Red BullRB Leipzig and RB SalzburgWorkaround 3: Operational and technical decouplingWorkaround 4: Transfer market restrictions and moratoriumsSeptember 2025 moratoriumWorkaround 5: Financial independence and debt structuringTimingIntersection of national and international regulationPortuguese law 39/2023Strategic implicationsSummary of alternatives to blind trusts2026/27 and beyondConclusion As of early … Continue reading The Analysis Series: Navigating multi-club ownership under UEFA Article 5 – the Friedkins, Everton & AS Roma