The Budget Control Authority is an organ of the IFA and its role is to supervise the balancing of budget, and in the long run to revive the financial situation of football clubs in the three professional leagues. The Budget Control Authority was created at the beginning of the 90’s based on the recommendation of a public committee which was appointed by the IFA with the object of resolving the clubs’ critical financial situation .
The Budget Control Authority is headed by the chairman of the plenary session (in addition to the chairman) whose members are four public figures who do not hold any position either at the IFA or at one of its affiliated clubs. The function of the plenary session is basically a discussion of the subjects upon which there is no agreement between the Authority Chairman and the relevant club.
The Control is applied in a manner where football clubs are supposed to present to the Authority a financial report audited by an accountant which relates to the previous football season ending on May 31st of each year, as well as the budget for the forthcoming season – these details should be presented at a date no later than July 1st of each year.
The Budget Control Authority reviews the financial reports which are presented and reviews whether the budget that had been presented reflects the true situation. In the event of disputes and /or disagreements with regards to income and expenditure, the clubs are asked to produce before the Authority a collateral for fulfilling those paragraphs which are disputed before the Authority issues its approval for a club to start the season. After the budget has been approved, the teams present the contracts of both its players and coaching staff for the Authority’s approval - subject to the budget that had been approved for these items. A player or trainer will be granted an approval to represent his club during a season only after his contract has been approved by the Authority.
Ever since 2006 there is a policy that countries participating in UEFA competitions must undergo a club licensing audit by the Budget Control Authority which serves as the supervising body on this financial criteria.