FrancophonIA/JRC-Acquis_subcorpus_EL-FR_Hunalign_aligned-TMX huggingface dataset:
Greek: (44) The UK Government argued that the envisaged "clawback"-clause [17] would eliminate any undue financial advantage to Racing in case of a re-sale of the acquired assets. The Commission does not share this view. First of all, the "clawback"-clause is limited in time ("within a specified period") and in scope (sale of the company or "any significant proportion" of company's assets). Furthermore, it would only apply in the case of a re-sale thus not eliminating the advantage resulting from the ownership of the Tote (i.e. it would only limit the possibilities of Racing cashing in the advantage) [18]. The fact that Racing had also benefited from financial flows from the Tote prior to the sales transaction, and will continue to benefit from such flows after the transaction as the new owner of the Tote does not exclude the presence of (new) aid. The legal position of Racing as the new owner of the Tote is more advantageous than its previous position (e.g. it has the legally recognised ownership of the Tote and enjoys more commercial freedom as regards its business activities).
French: (44) The UK Government argued that the envisaged "clawback"-clause [17] would eliminate any undue financial advantage to Racing in case of a re-sale of the acquired assets. The Commission does not share this view. First of all, the "clawback"-clause is limited in time ("within a specified period") and in scope (sale of the company or "any significant proportion" of company's assets). Furthermore, it would only apply in the case of a re-sale thus not eliminating the advantage resulting from the ownership of the Tote (i.e. it would only limit the possibilities of Racing cashing in the advantage) [18]. The fact that Racing had also benefited from financial flows from the Tote prior to the sales transaction, and will continue to benefit from such flows after the transaction as the new owner of the Tote does not exclude the presence of (new) aid. The legal position of Racing as the new owner of the Tote is more advantageous than its previous position (e.g. it has the legally recognised ownership of the Tote and enjoys more commercial freedom as regards its business activities).
Greek: (45) The Commission is therefore of the preliminary view that the envisaged sale of the Tote to Racing at a "fair value" instead of the market value gives Racing a financial advantage.
French: (45) The Commission is therefore of the preliminary view that the envisaged sale of the Tote to Racing at a "fair value" instead of the market value gives Racing a financial advantage.
Greek: (46) Furthermore, the Commission considers that the payment of only 50 % of the "fair value" constitutes an additional advantage to Racing.
French: (46) Furthermore, the Commission considers that the payment of only 50 % of the "fair value" constitutes an additional advantage to Racing.
Greek: (47) There may be circumstances in which a reduction of the sales price could be regarded as not constituting aid, e.g. conceivably where it were demonstrated that the reduction in the sales price merely reflects the recognition of Racing's stake (ownership) in the existing Tote or where it is demonstrated that the reduction is in fact a compensation for losses suffered by Racing due to expropriation or similar action as a consequence of the transfer of the Tote to State ownership [19]. It may also be in line with the behaviour of a private investor to come to an equitable agreement in order to avoid costs and uncertainties linked to possible litigation. That would be the case where the existence of the respective claims has in principle been demonstrated and quantified and where a proper risk analysis has been carried out by the State authorities leading to the conclusion that such an agreement is in the State's interest [20]. In any case, the sales price could only be reduced by an amount which corresponds to (or is less than) the value of the legal claim.
French: (47) There may be circumstances in which a reduction of the sales price could be regarded as not constituting aid, e.g. conceivably where it were demonstrated that the reduction in the sales price merely reflects the recognition of Racing's stake (ownership) in the existing Tote or where it is demonstrated that the reduction is in fact a compensation for losses suffered by Racing due to expropriation or similar action as a consequence of the transfer of the Tote to State ownership [19]. It may also be in line with the behaviour of a private investor to come to an equitable agreement in order to avoid costs and uncertainties linked to possible litigation. That would be the case where the existence of the respective claims has in principle been demonstrated and quantified and where a proper risk analysis has been carried out by the State authorities leading to the conclusion that such an agreement is in the State's interest [20]. In any case, the sales price could only be reduced by an amount which corresponds to (or is less than) the value of the legal claim.
Greek: (48) However, the Commission is of the preliminary view that the UK authorities have not demonstrated any such circumstances.
French: (48) However, the Commission is of the preliminary view that the UK authorities have not demonstrated any such circumstances.
Greek: (49) The UK authorities have not demonstrated that Racing had a legal claim regarding the Tote. In the absence of a legal obligation on the UK Government vis-à-vis Racing, the conditions of the transaction cannot be regarded as being free of aid. The Commission does not share the UK Government's argumentation that also in the absence of a legally enforceable claim a recognition of what is called a "legitimate interest" of Racing in Tote could be regarded as justified and thus not involving State aid. This legitimate interest (i.e. the interest to continue receiving financial flows from the Tote) has neither been demonstrated nor quantified. Even if there was such a legitimate interest of Racing to continue to receive funding, the fact that the UK Government honours that interest does not exclude the presence of aid, rather the contrary.
French: (49) The UK authorities have not demonstrated that Racing had a legal claim regarding the Tote. In the absence of a legal obligation on the UK Government vis-à-vis Racing, the conditions of the transaction cannot be regarded as being free of aid. The Commission does not share the UK Government's argumentation that also in the absence of a legally enforceable claim a recognition of what is called a "legitimate interest" of Racing in Tote could be regarded as justified and thus not involving State aid. This legitimate interest (i.e. the interest to continue receiving financial flows from the Tote) has neither been demonstrated nor quantified. Even if there was such a legitimate interest of Racing to continue to receive funding, the fact that the UK Government honours that interest does not exclude the presence of aid, rather the contrary.
Greek: (50) Furthermore, the UK Government explicitly stated that the transfer of the Tote into State ownership was not a nationalisation infringing property rights of Racing. Consequently, the 50 % reduction of the sales price cannot be regarded as a compensation for an expropriation or similar action by the State.
French: (50) Furthermore, the UK Government explicitly stated that the transfer of the Tote into State ownership was not a nationalisation infringing property rights of Racing. Consequently, the 50 % reduction of the sales price cannot be regarded as a compensation for an expropriation or similar action by the State.
Greek: (51) Finally, the Commission considers that, in the absence of a legally recognised and enforceable claim by Racing, the Government was not exposed to any financial risks concerning the sale of the Tote to a party other than Racing. Therefore, the 50 %-arrangement cannot be regarded as being in the State's interest.
French: (51) Finally, the Commission considers that, in the absence of a legally recognised and enforceable claim by Racing, the Government was not exposed to any financial risks concerning the sale of the Tote to a party other than Racing. Therefore, the 50 %-arrangement cannot be regarded as being in the State's interest.
Greek: (52) In light of these considerations, the Commission comes to the preliminary conclusion that the envisaged payment by Racing, that is limited to 50 % of the "fair value", constitutes an advantage to racing.
French: (52) In light of these considerations, the Commission comes to the preliminary conclusion that the envisaged payment by Racing, that is limited to 50 % of the "fair value", constitutes an advantage to racing.
Greek: (53) In summary, based on the currently available figures it is difficult to establish the exact amount of aid resulting from the envisaged closed sale of the Tote to Racing. Based on the fair value estimated by PwC, within a range between […] and […], and the 50 % reduction, Racing would be obliged to pay a price amounting to approximately between […] and […]. When comparing this with the market value of around GBP 500 million estimated by some market players, the envisaged sale would provide Racing with an advantage of at least […].
French: (53) In summary, based on the currently available figures it is difficult to establish the exact amount of aid resulting from the envisaged closed sale of the Tote to Racing. Based on the fair value estimated by PwC, within a range between […] and […], and the 50 % reduction, Racing would be obliged to pay a price amounting to approximately between […] and […]. When comparing this with the market value of around GBP 500 million estimated by some market players, the envisaged sale would provide Racing with an advantage of at least […].
Greek: Distortion of competition and effect on trade
French: Distortion of competition and effect on trade
Greek: (54) Finally, the Commission considers that this financial advantage to Racing and the Tote may distort competition and affect trade on the respective markets (horseracing and betting).
French: (54) Finally, the Commission considers that this financial advantage to Racing and the Tote may distort competition and affect trade on the respective markets (horseracing and betting).
Greek: (55) In line with the Commission's assessment in previous decisions, the Commission considers that the betting market is a European market [21]. The competitors of the Tote (the three main players in the UK Ladbrokes, William Hill and Coral) are established in several Member States and betting operators accept bets on foreign races (and other sporting events). The effects on trade are also evidenced by the fact that the Tote offers its betting services also over the Internet, which is easily accessible from other Member States. Furthermore, competition and trade in the racing market and the betting market takes place notably through the exchange of television pictures including foreign operators.
French: (55) In line with the Commission's assessment in previous decisions, the Commission considers that the betting market is a European market [21]. The competitors of the Tote (the three main players in the UK Ladbrokes, William Hill and Coral) are established in several Member States and betting operators accept bets on foreign races (and other sporting events). The effects on trade are also evidenced by the fact that the Tote offers its betting services also over the Internet, which is easily accessible from other Member States. Furthermore, competition and trade in the racing market and the betting market takes place notably through the exchange of television pictures including foreign operators.
Greek: (56) As regards the horseracing industry, there are many activities with an international dimension, for example the organisation of horse racecourses (in particular of international reputation), horse breeding or the marketing of television rights. Any aid granted to horseracing by the envisaged transaction therefore can have an effect on trade.
French: (56) As regards the horseracing industry, there are many activities with an international dimension, for example the organisation of horse racecourses (in particular of international reputation), horse breeding or the marketing of television rights. Any aid granted to horseracing by the envisaged transaction therefore can have an effect on trade.
Greek: (57) The fact that the Tote holds a small market share on the UK betting market does not exclude effects on competition and trade. In particular given the increased commercial freedom enjoyed by the new Tote, it can be expected that the Tote will expand its competitive activities.
French: (57) The fact that the Tote holds a small market share on the UK betting market does not exclude effects on competition and trade. In particular given the increased commercial freedom enjoyed by the new Tote, it can be expected that the Tote will expand its competitive activities.
Greek: (58) Horseracing products are important input factors for the betting market. The constituents of the Racing consortium are very strong players in the racing market. The fact that they also — moreover jointly — become active in the downstream market of betting services, competing directly with other betting operators (for which they provide important inputs such as pre-race data and have access to commercially sensitive about these betting operators), may lead to additional distortions of competition.
French: (58) Horseracing products are important input factors for the betting market. The constituents of the Racing consortium are very strong players in the racing market. The fact that they also — moreover jointly — become active in the downstream market of betting services, competing directly with other betting operators (for which they provide important inputs such as pre-race data and have access to commercially sensitive about these betting operators), may lead to additional distortions of competition.
Greek: B. Compatibility under Article 87(3) EC Treaty
French: B. Compatibility under Article 87(3) EC Treaty
Greek: 1. Compatibility assessment under Article 87(3)(c) EC Treaty
French: 1. Compatibility assessment under Article 87(3)(c) EC Treaty
Greek: (59) Pursuant to Article 87(3)(c) of the EC Treaty, aid to facilitate the development of certain economic activities or of certain economic areas may be considered to be compatible with the common market, where such aid does not adversely affect trading conditions to an extent contrary to the common interest.
French: (59) Pursuant to Article 87(3)(c) of the EC Treaty, aid to facilitate the development of certain economic activities or of certain economic areas may be considered to be compatible with the common market, where such aid does not adversely affect trading conditions to an extent contrary to the common interest.
Greek: (60) In applying this Treaty provision, the Commission needs to ascertain that the proposed aid contributes to the achievement of Community objectives and is necessary and proportionate to attain those objectives.
French: (60) In applying this Treaty provision, the Commission needs to ascertain that the proposed aid contributes to the achievement of Community objectives and is necessary and proportionate to attain those objectives.
Greek: Does the proposed aid contribute to the achievement of Community objectives?
French: Does the proposed aid contribute to the achievement of Community objectives?
Greek: (61) The UK Government referred to some of the underlying objectives of the proposed sales transaction, namely the withdrawal of government intervention in the governance of the Tote and the gradual opening of the pool betting market to competition, while ensuring an adequate support for racing as being in the Community interest.
French: (61) The UK Government referred to some of the underlying objectives of the proposed sales transaction, namely the withdrawal of government intervention in the governance of the Tote and the gradual opening of the pool betting market to competition, while ensuring an adequate support for racing as being in the Community interest.
Greek: (62) The liberalisation of markets in general and the establishment of a level playing field between various operators may have positive effects for competition within the European Union. However, the UK Government has, in any event, not demonstrated that the aid granted to Racing is necessary for the attainment of these objectives and proportionate. It has neither been demonstrated that the smooth transition from a statutory monopoly situation to full competition could not be achieved by requesting Racing to pay the full market price, nor has it been demonstrated that the aid resulting from the sales transaction actually leads to a long-term decrease of State support for the racing industry. Furthermore, there are no safeguards against Racing and the Tote using funds received through the envisaged transaction to distort competition in the betting market. Finally, as regards the use of funds for the benefit of the racing sector it has not been demonstrated to what extent such funds are limited to what is necessary and proportionate (for a detailed assessment of the necessity and proportionality of the aid measure, see below).
French: (62) The liberalisation of markets in general and the establishment of a level playing field between various operators may have positive effects for competition within the European Union. However, the UK Government has, in any event, not demonstrated that the aid granted to Racing is necessary for the attainment of these objectives and proportionate. It has neither been demonstrated that the smooth transition from a statutory monopoly situation to full competition could not be achieved by requesting Racing to pay the full market price, nor has it been demonstrated that the aid resulting from the sales transaction actually leads to a long-term decrease of State support for the racing industry. Furthermore, there are no safeguards against Racing and the Tote using funds received through the envisaged transaction to distort competition in the betting market. Finally, as regards the use of funds for the benefit of the racing sector it has not been demonstrated to what extent such funds are limited to what is necessary and proportionate (for a detailed assessment of the necessity and proportionality of the aid measure, see below).
Greek: Is the proposed aid necessary to attain these objectives?
French: Is the proposed aid necessary to attain these objectives?
Greek: (63) Based on the explanations provided by the UK Government, the Commission assessed the necessity of the envisaged aid both as regards the racing industry and the betting industry.
French: (63) Based on the explanations provided by the UK Government, the Commission assessed the necessity of the envisaged aid both as regards the racing industry and the betting industry.
Greek: (64) As regards the alleged necessity of the proposed aid measure for the horseracing industry, the Commission is not convinced that there is a market failure as maintained by the UK Government. In particular, it has not been shown that the alleged positive externalities stemming from the provision of horseracing are not adequately remunerated by the betting industry through levies and other means. Furthermore, the UK Government has not shown which activities within the horseracing industry actually need additional support. It has also not explained in the necessary detail how the revenues stemming from the Tote would be distributed to the various components of the horseracing industry, let alone the specific purposes for which the revenues would be used. The general reference to improvements of racecourses, horse breeding, etc. cannot be regarded as sufficient, without there being detailed rules and conditions according to which revenues would be allocated. Therefore, the Commission does not share the UK Government's argument that the aid in question would ensure a fair distribution of financing between the different stakeholders of the racing sector.
French: (64) As regards the alleged necessity of the proposed aid measure for the horseracing industry, the Commission is not convinced that there is a market failure as maintained by the UK Government. In particular, it has not been shown that the alleged positive externalities stemming from the provision of horseracing are not adequately remunerated by the betting industry through levies and other means. Furthermore, the UK Government has not shown which activities within the horseracing industry actually need additional support. It has also not explained in the necessary detail how the revenues stemming from the Tote would be distributed to the various components of the horseracing industry, let alone the specific purposes for which the revenues would be used. The general reference to improvements of racecourses, horse breeding, etc. cannot be regarded as sufficient, without there being detailed rules and conditions according to which revenues would be allocated. Therefore, the Commission does not share the UK Government's argument that the aid in question would ensure a fair distribution of financing between the different stakeholders of the racing sector.
Greek: (65) It appears that in particular the responsibilities of the British Horseracing Board comprise support measures for racing, including e.g. general marketing, breeding of bloodstock, training and education. Aid channelled into these activities could be regarded as compatible provided that the support granted is in compliance with the respective Community guidelines [22]. However, the Commission observes that the UK Government has not shown that any such funds would be granted in compliance with the respective Community rules. Therefore, the Commission has, based on the currently available information, doubts about the compatibility of any such aid for these activities.
French: (65) It appears that in particular the responsibilities of the British Horseracing Board comprise support measures for racing, including e.g. general marketing, breeding of bloodstock, training and education. Aid channelled into these activities could be regarded as compatible provided that the support granted is in compliance with the respective Community guidelines [22]. However, the Commission observes that the UK Government has not shown that any such funds would be granted in compliance with the respective Community rules. Therefore, the Commission has, based on the currently available information, doubts about the compatibility of any such aid for these activities.
Greek: (66) To the extent that the aid may be used to the benefit of commercial activities carried out by the constituent parts of Racing, including the organisation of racecourses, breeding, supply of TV pictures and rights and supply of pre-race data, the Commission has doubts about the compatibility of such aid, since the UK Government has not demonstrated that additional financial support for these activities is necessary.
French: (66) To the extent that the aid may be used to the benefit of commercial activities carried out by the constituent parts of Racing, including the organisation of racecourses, breeding, supply of TV pictures and rights and supply of pre-race data, the Commission has doubts about the compatibility of such aid, since the UK Government has not demonstrated that additional financial support for these activities is necessary.