# Football Governance Act 2025, Paragraph 6: Calculating shareholdings

Extent: E+W

(1) In relation to a club that has a share capital, a reference to holding more than 25% of the shares in the club is to holding shares comprised in the issued share capital of the club of a nominal value exceeding (in aggregate) 25% of that share capital.
(2) In relation to a club that does not have a share capital—
(a) a reference to holding shares in the club is to be read as a reference to holding a right to share in the capital or, as the case may be, profits of the club;
(b) a reference to holding more than 25% of the shares in the club is to be read as a reference to holding a right or rights to share in more than 25% of the capital or, as the case may be, profits of the club.

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Source: https://www.legislation.gov.uk/ukpga/2025/21/schedule/1/paragraph/6 (the official version)
Page: https://openlegislation.uk/football-governance-act-2025/schedule-1/paragraph-6
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.