JUDGMENT :

OUTLINE OF CONTENTS

This judgment is arranged in the following parts.

A. INTRODUCTION ........................................................................ 4

B. THE CHALLENGE IN BRIEF;

SUMMARY OF CONCLUSIONS................................................ 6

C. THE AMBIT OF SECTION 34 .................................................. 10

D. THE FRANCHISE AGREEMENT OF10TH APRIL 2008 ...................................................................... 17

E. RELEVANT DATES AND EVENTS ........................................ 31

F. OPERATIVE PORTION OF THE AWARD ............................. 64

G. BRIEF ANALYSIS OF THE AWARD ....................................... 66

H. THE AWARD’S FINDINGS ON THE VALIDITY

OF THE TERMINATION: RIVAL ARGUMENTS CONSIDERED ...................................................................... 77

(1) Necessity of a “show-cause notice” .................................. 77

(2) Premature Termination ..................................................... 86

(3) Substantial Compliance ..................................................... 91

(a) Players’ Fees .