In response to the severe financial plight of many clubs that regularly take part in European competitions, UEFA developed the concept of Financial Fair Play as an extension of its licensing regulations. The aim of the concept is to curtail financial foul play in European football (nonpayment of liabilities owing to rival clubs or employees) and financial doping (excessive funding provided to cover losses arising from expenses for playing talent not balanced by revenues). The paper addresses the question if the Financial Fair Play is an adequate concept to ensure the long-term viability and sustainability of European club football as intended by UEFA. To answer this question, we illustrate the empirical background and search for a theoretical justification within the field of sport economics. Based on structuring UEFA’s objectives, we analyze and evaluate the major amendments of the Financial Fair Play Regulations.