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Premier League APT Rules Explained: Fair Market Value, Thresholds and Current Status

The Premier League’s APT rules assess associated-party deals for Fair Market Value and screen some high-value non-associated transactions. Here are the thresholds, remedies and current status.
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The Premier League’s Associated Party Transaction (APT) rules require clubs to submit deals with associated parties for a Fair Market Value (FMV) assessment. Certain high-value deals with parties not already identified as associated can also be screened. If the Board finds an APT is not at FMV, it can require the terms to be restated or varied. The League said Manchester City accepted the current rules as valid and binding in a September 2025 settlement.

What are the Premier League APT rules?

APT rules are the Premier League’s controls for transactions between a club and parties connected to it. The League says their purpose is to limit reliance on enhanced commercial income from ownership-linked entities and to prevent a competitive advantage from related-party deals priced above or below FMV. These are the League’s stated aims, rather than a separate independent finding about the effects of every transaction.

The Premier League says it first introduced the rules in December 2021 and amended them in March 2024 and November 2024. Its 2025 summary explains the framework, but the current Premier League Handbook is the governing reference for full definitions, exceptions and procedures. Premier League: Associated Party Transactions

What counts as an Associated Party Transaction?

The full definition is in Rule A.1.25. The League’s summary gives examples including entities in the same corporate group as a club, entities with common ownership or board members, and entities materially influenced by the same party. These examples are not an exhaustive definition; whether a specific counterparty qualifies depends on the full rule.

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Every transaction that is an APT must be submitted to the Board for an FMV assessment. The rules also include a screening route for certain deals with a counterparty that is not already associated, to check whether the relationship or circumstances mean the deal should be treated differently.

Threshold Transactions with non-associated parties

A club must submit a transaction with a non-associated party for screening if its average annual value is more than £1 million or, if lower, more than 5% of that club’s annual turnover. The Board considers whether the counterparty is in fact associated or whether the transaction was not made at arm’s length. If either condition applies, an FMV assessment follows. This threshold is a screening trigger, not a general exemption from the rules for all smaller deals.

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How does the Premier League decide Fair Market Value?

Under the League’s summary of Rule A.1.102, the Board considers an independent expert’s assessment, subject to specified exceptions; information supplied by the club; and comparable evidence that is appropriate, relevant and readily available. The assessment is therefore not simply a comparison with one fixed published price: the Board weighs the evidence relevant to the particular transaction.

The League says its Databank, created in 2021, provides comparable evidence. Clubs must submit commercial transactions with an average annual value of more than £100,000 to the Databank. That reporting threshold is distinct from the non-associated-party screening threshold: a deal may be relevant to Databank submissions without being a Threshold Transaction under the £1 million-or-5% test. Premier League: Associated Party Transactions Premier League: APT rules and the Databank

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Rules E.66–E.69 set out assessment steps and timelines. The League says those timeframes do not apply when the Board reasonably needs more information, documentation or analysis, or needs additional time because of exceptional circumstances. Accordingly, the summary does not establish a single guaranteed review period for every transaction.

What happens if a deal is not at FMV?

If the Board determines that an APT is not at FMV, it can require the club to restate or vary the terms to reflect FMV. The club cannot conclude the deal above the restated value. The League’s summary describes this remedy; the exact process and any transaction-specific requirements depend on the applicable Handbook rules and protocol.

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How do the rules treat different transactions?

The framework has separate protocols for different kinds of deals. The League identifies Appendix 18 for commercial rights agreements, Appendix 19 for player registrations, including temporary and permanent transfers, and Appendix 20 for the supply of goods and services. The general APT assessment principles apply alongside those transaction-specific procedures.

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Are shareholder loans covered by the APT rules?

Yes. The Premier League’s November 2024 amendment announcement says shareholder loans entered into after 22 November 2024 must be submitted as APTs and assessed for FMV.

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Older loans were subject to transitional provisions, not one blanket rule. Among those provisions, certain loans entered before 22 November 2024 and replaced by other financing within 50 days were exempt from submission and FMV assessment. Some older loans still outstanding on 11 January 2025 had to be submitted and could require accounting adjustments if found evidently below FMV. These dates describe transition treatment for specified existing financing; they should not be generalized into the rule for all historic loans. Premier League: APT rules amendment on shareholder loans

Did Manchester City settle its challenge to the APT rules?

The Premier League announced on 8 September 2025 that it and Manchester City had settled the club’s later APT arbitration. The League’s statement says City accepted that the current APT rules are valid and binding. That describes the outcome of the APT arbitration as reported by the League. Premier League: Manchester City and APT arbitration settlement

This is separate from the financial-rules case addressed in a Premier League statement dated 29 September 2026. That statement reported findings concerning earlier seasons, 2009/10–2017/18, including schemes the League said were intended to inflate revenue and reduce costs by more than £900 million. It also said sanctions remained to be decided and Manchester City had a right to appeal. Those findings and that unresolved sanction process concern a distinct case, not the APT arbitration settled in 2025. Premier League: Manchester City financial-rules case statement

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