体育俱乐部并购 （M&A | Acquiring professional sports teams）

随着体育职业化的发展，社会资本对体育职业俱乐部的参与度越来越高，并且体育行业已经逐渐成为拉动内需的重要因素。体育职业俱乐部是公司化的法人形态，在受公司法制约的同时，体育职业俱乐部作为拥有体育职业联赛参赛权（或参赛资格）的主体，还应受制于其行业规范，即相应的行业管理机构的管理。
本文以篮球俱乐部为例，简要阐述体育职业俱乐部并购的特殊程序及应重点关注的问题。
公司法制约
体育职业俱乐部作为独立的企业法人，其股权转让程序与一般公司相同。通常，收购方将视情况对目标公司开展法律尽职调查、专项审计、资产评估等，再行签署交易文件，并完成工商登记 / 备案事项的变更手续。
就外资企业能否投资体育职业俱乐部的问题，一方面，需要关注《外商投资产业指导目录》。目前，该目录并未限制或禁止外商投资体育职业俱乐部；另一方面，需要关注特定体育职业俱乐部的行业管理机构对俱乐部投资者的要求，如中国篮协禁止外资企业独立成立 CBA、NBL 或 WCBA联赛俱乐部，或成为这些联赛俱乐部的控股股东。
行业管理
《体育法》赋予全国性单项体育协会管理全国单项体育竞赛、注册管理运动员、代表中国参加国际单项体育组织的权利，从而确立了全国性单项体育协会在单项体育行业中的最高地位，即单项体育运动的最高行业管理机构。
有鉴于职业联赛的参赛权（或参赛资格）对体育职业俱乐部的重要性，交易双方必须遵守最高行业管理机构关于体育职业俱乐部股权转让的相关规定，包括但不限于体育职业俱乐部股权转让程序、收购方资质条件等。
俱乐部股权转让程序
从目前相对完善的足球和篮球行业管理规定来看，无论俱乐部的股权转让是否涉及其职业联赛的参赛权（或参赛资格）的转让，都需要向全国性单项体育协会申报。若涉及，交易需要事先获得全国性单项体育协会的审批；若不涉及，交易需要向全国性单项体育协会备案。
除上述审批或备案外，交易需要遵循行业管理机构的程序要求。以篮球俱乐部为例：
• 第一步：资产评估及收购方资信调查；
• 第二步：签订交易框架协议；
• 第三步：取得地方体育主管部门批准性文件；
• 第四步：签订交易文件但应约定以取得中国篮协批准为协议生效及履行条件；
• 第五步：向中国篮协申报，具体步骤为申报 - 审议 - 批准；
• 第六步：取得中国篮协批准后，根据交易文件办理股权转让有关工商登记 / 备案事项的变更。
收购方资质条件
就收购方的资质条件，除对收购方是否为外资企业有所限制或禁止外，就收购方的经营范围、资金来源等也有要求。
以篮球俱乐部为例，CBA、NBL 或WCBA 联赛俱乐部的收购方不得为中国法律法规所禁止的投资主体；不得为经营范围或资金来源涉及博彩业等有损比赛声誉的投资方；不得为经第三方权威机构审核仍无法判明其资金来源的投资方。
此外，为避免同业竞争及职业联赛作假，中国篮协禁止 CBA 联赛俱乐部的任何股东再以任何形式成为其他 CBA 及其他 NBL联赛俱乐部的股东；禁止 NBL 或 WCBA 联赛俱乐部的任何股东再以任何形式成为其他 NBL 或 WCBA 联赛俱乐部的股东。
法律尽职调查及交易文件
无论是为并购体育职业俱乐部而进行的法律尽职调查，还是为并购体育职业俱乐部而起草的交易文件，都应当根据体育职业俱乐部的特点展开。通常，职业联赛采取每年注册准入制，行业管理机构也都会制定职业联赛准入规则或方案。准入规则或方案对俱乐部提出的要求是律师开展法律尽职调查中应当关注的重点。
而体育职业俱乐部股权转让的交易文件应当结合公司法、行业规则及俱乐部实际情况进行约定。应当注意区分参赛权和通常公司法意义上的股权；应当就参赛权、俱乐部法人代表、俱乐部名称等变更取得行业管理机构的审批或备案明确作出履约责任的约定；应当就俱乐部的运动员、教练、啦啦队、训练比赛场地、主场迁移、合同文件、资产状况、债权债务等对交易可能产生重大影响的因素明确作出陈述、保证及承诺的约定。（此文发表在《商法》2014年11月刊上。）
★English Reading★
MAKE EVERY SHOT A WINNER WHEN ACQUIRING PROFESSIONAL SPORTS TEAMS
With the development of professionalism in sport, the level of involvement of private capital in professional sports teams has been continuously increasing, and the sports industry has gradually realised the importance of stimulating domestic demand. Professional sports teams are corporatised legal person forms, and as such are not only subject to the Company Law, but as entities that have the right (or the qualification) to participate in professional sports league games they are also subject to the standards of the industry, namely the administration of the pertinent industry administration authority. The authors will briefly describe the special procedure for acquiring professional sports teams and the key issues requiring attention, by taking basketball teams as an example.
Subject to Company Law
Being enterprises with independent legal personality, the procedure for the transfer of equity of professional sports teams is identical to that for ordinary companies. Usually, the acquirer will, depending on the circumstances, carry out legal due diligence, a dedicated audit, asset appraisal, etc., of the target company, execute the transaction documents and then complete the procedures for amending business registration/recordal particulars.
As to the issue of whether foreigninvested enterprises can invest in professional sports teams, on the one hand, it is necessary to refer to the Catalogue for the Guidance of Foreign Investment Industries, which currently does not restrict or prohibit such investment. On the other hand, it is necessary to look at the requirements in respect of investors in professional sports teams of the industry administration authority for the specific sport, for example, the Chinese Basketball Association prohibits foreign-invested enterprises from independently establishing CBA, NBL or WCBA league teams, or becoming the controlling shareholders of such league teams.
Industry administration
The Sports Law grants the individual national sports associations the right to administer individual national sporting tournaments, register and administer athletes and represent China by participating in individual international sporting organisations, thereby establishing the individual national sports associations at the highest position in the individual sports industries, i.e. they are the highest industry administration authority for their respective sports.
Given the importance of the right (or the qualification) to participate in professional league games to professional sports teams, the parties to a transaction must comply with the regulations of the highest industry administration authority on the transfer of equity of professional sports teams, including, but not limited to, the equity transfer procedure, the qualifications of acquirers, etc.
Team equity transfer procedure. Looking at the relatively sound administrative regulations for the football and basketball industries, a transfer of equity in a team must be reported to the individual national sports association, regardless of whether such a transfer involves a transfer of the team’s right (or qualification) to participate in professional league games. If such a transfer is involved, the transaction must first be approved by the individual national sport association; or, if not, the transaction must first be filed with the individual national sports association.
In addition to the above-mentioned approval or filing, the transaction needs to comply with the procedural requirements of the industry administration authority. Taking basketball teams as an example, adopt the following procedure: first, asset appraisal and credit investigation of the acquirer; second, execution of transaction framework agreement; third, securing of approval document from the competent local sports authority; fourth, executing the transaction documents while setting the securing of the approval of the Chinese Basketball Association as a condition for the entry into effect and performance of the agreement; fifth, reporting to the Chinese Basketball Association, with the steps being reporting – review – approval; sixth, after securing the approval of the Chinese Basketball Association, carry out the amendment of business registration/recordal particulars in respect of the equity transfer pursuant to the transaction documents.
Qualifications of the acquirer. With respect to the qualifications of an acquirer, in addition to the restriction or prohibition on whether it is a foreign-invested enterprise, there are also requirements in respect of its scope of business, source of funds, etc.
Taking basketball teams as an example, the acquirer of a CBA, NBL or WCBA league team may not be: an investment entity prohibited by Chinese laws and regulations; an investor whose scope of business or source of funds involves the gaming industry or other activity prejudicial to the reputation of the competitions; or an investor the source of whose funds remains unclear after a review by a competent third party authority.
With a view to avoiding competition between affiliated entities and professional league cheating, the Chinese Basketball Association prohibits any shareholder of a CBA league team from becoming a shareholder of another CBA or an NBL team in any manner, and prohibits any shareholder of an NBL or WCBA league team from becoming a shareholder of another NBL or WCBA team in any manner.
Due diligence
Both the legal due diligence and the drafting of the transaction documents for the acquisition of a professional sports team need to be carried out based on the particular features of the professional sports team. Normally, professional leagues adopt an annual registration and entry system, and the industry administration authorities will also formulate a professional league entry plan or rules. The requirements in respect of teams that the entry plan or rules make are a key point on which lawyers should focus in their legal due diligence.
Transaction documents for the transfer of equity of a professional sports team should be formulated by taking into account the Company Law, the industry regulations and the actual circumstances of the team. Attention should be paid to separating the right to participate in games, on the one hand, and equity as normally contemplated in the Company Law, on the other.
The documents should expressly specify the performance responsibilities in respect of securing the approval or recordal of the industry administration authority for changes to the right to participate in games, for the legal representative of the club, the name of the club, etc. They should expressly set out representations, warranties and undertakings in respect of factors that could have a material impact on the transaction, such as the team’s players, coaches, cheerleading squad, training and game venues, relocation of the main venue, contract documents, state of the assets, claims and debts, etc. （This article has been published on China Business Law November，2014. ）