There's another major side effect to third-party ownership: Its impact on the new Financial Fair Play regulations that limit the losses clubs wishing to play in lucrative European competition can sustain.

WSJ: Third-Party Ownership: How to Stud a Soccer Player

In other filed comments, the Spark Institute, which represents companies that service 62 million plan participants, warns that the department's questions are so far reaching that they could have a negative spillover effect on existing third-party advice programs.

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The marketplace would have exclusive contracts with the sellers and great deals from third-party logistics (3PL) carriers like UPS to this effect.

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