Case C‑211/20 P

European Commission

v

Valencia Club de Fútbol SAD

Judgment of the Court (First Chamber) of 10 November 2022

(Appeal – State aid – Public guarantee granted by a public entity – Loans to three football clubs from the Community of Valencia (Valencia CF, Hércules CF and Elche CF) – Decision declaring the aid to be incompatible with the internal market – Annulment of the decision in so far as it concerns Valencia CF – Concept of ‘advantage’ – Assessment of the existence of an advantage – Guarantee Notice – Interpretation – Duty of care on the part of the European Commission – Burden of proof – Distortion)

1. Aid granted by a Member State – Meaning – Assessment in accordance with the private operator principle – Complex economic assessment – Discretion of the Commission – Adoption by the Commission of a notice on State aid in the form of guarantees – Consequences

   (Art. 107 TFEU; Commission Notice 2008/C 155/10, points 3.2 and 4.1)

   (see paragraphs 34-36)

2. Appeal – Grounds – Incorrect assessment of the facts and evidence – Inadmissibility – Review by the Court of the assessment of the facts and evidence – Possible only where the facts or evidence have been distorted – Ground alleging distortion of the facts – Need to indicate precisely the evidence alleged to have been distorted and show the errors of appraisal which led to that distortion – Requirement that the distortion be obvious from the documents in the file

   (Art. 256 TFEU; Statute of the Court of Justice, Art. 58, first para.; Rules of Procedure of the Court of Justice, Art. 168(1)(d))

   (see paragraphs 55-58)

3. Aid granted by Member States – Meaning – Assessment in accordance with the private operator principle – Assessment having regard to all factors relevant to the transaction at issue and its context – Burden of proof on the Commission

   (Art. 107(1) TFEU)

   (see paragraphs 73-83, 93, 96-98)

See the text of the decision.