#52026AS113461Authorization for State aid pursuant to Articles 107 and 108 of the Treaty on the Functioning of the European Union
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
This law authorizes state aid for the development of sport and multifunctional recreational infrastructures in Cyprus. Specifically, it benefits the football clubs Apollon Limassol, AEL Limassol, and Arris Limassol by providing financial support through tax advantages. The aid is intended to strengthen the sports sector and enhance recreational facilities in the region.
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Key Changes
- Authorization granted for state aid under EU rules
- Aid amounting to €44,500,000 approved
- 100% aid intensity for the sports sector
Obligations
What this law requires
Cyprus must ensure state aid to Apollon Limassol F.C, AEL Limassol F.C, and Arris Limassol F.C complies with Articles 107 and 108 of the Treaty on the Functioning of the European Union
Granting authority (ΓΡΑΦΕΙΟ ΕΦΟΡΟΥ ΕΛΕΓΧΟΥ ΚΡΑΤΙΚΩΝ ΕΝΙΣΧΥΣΕΩΝ) must administer state aid in accordance with legal basis: Νομοθεσία περί ΚΟΑ, ΕΤΗΣΙΟΙ ΠΡΟΥΠΟΛΟΓΙΣΜΟΙ ΤΟΥ ΚΟΑ 2019-2023
State aid must be limited to total budget of €44,500,000 with 100% intensity as authorized
Aid duration is limited to the period from 13.9.2017 onwards; any continuation beyond authorized timeframe requires separate authorization
Aid must be exclusively used for sport and multifunctional recreational infrastructures development as stated in the authorization objective