# Football Governance Act 2025, Paragraph 9: Shares or rights held “indirectly”

Extent: E+W

(1) A person (“A”) holds a share “indirectly” if A has a majority stake in a person (“B”) and B—
(a) holds the share, or
(b) is part of a chain of persons—
(i) each of which (other than the last) has a majority stake in the person immediately below it in the chain, and
(ii) the last of which holds the share.
(2) A person (“A”) holds a right “indirectly” if A has a majority stake in a person (“B”) and B—
(a) holds that right, or
(b) is part of a chain of persons—
(i) each of which (other than the last) has a majority stake in the person immediately below it in the chain, and
(ii) the last of which holds that right.
(3) For the purposes of sub-paragraphs (1) and (2), A has a “majority stake” in B if A—
(a) holds a majority of the voting rights in B,
(b) is a member of B and has the right to appoint or remove an officer of B,
(c) is a member of B and controls alone, or pursuant to an agreement with other shareholders or members, a majority of the voting rights in B, or
(d) has the right to exercise, or actually exercises, dominant influence or control over B.

---
Source: https://www.legislation.gov.uk/ukpga/2025/21/schedule/1/paragraph/9 (the official version)
Page: https://openlegislation.uk/football-governance-act-2025/schedule-1/paragraph-9
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.