Third-Party Ownership (TPO) in association football is the ownership of a player's economic rights by third-party sources. The third-party—which can be an agent such as a football agent, an agency, such as a sports-management agency, a company, investors such as a hedge-fund, or a single investor—"takes ownership of all or part of the financial rights to a player". In some cases when a footballer is sold, the TPO, not the football club, can benefit from transfer fees and contract negotiations fees. Note that this differs from co-ownership in football, where a player's transfer rights are shared between two clubs.