UEFA’s Financial Fair Play (FFP) regulations represent the most restrictive regulatory intervention European club football has ever seen. Put simply, it demands from clubs to operate on the basis of their own football-related incomes. While the policy has attracted considerable attention from the economic and social sciences, very few contributions systematically investigate it from a philosophical-ethical perspective. The present paper fills this research gap by posing questions on FFP in relation to fair play as a normative concept. We draw on (...) sport economic assessments concerning potential outcomes of FFP and argue that the policy should go beyond the mere pragmatic goal of promoting financial sustainability and truly aim for creating a level playing field, otherwise it should not be labeled ‘fair play’. (shrink)