The nation's top football league said Friday it is mulling over the appropriate punishment for an illegal economic practice banned by the sport's international governing body.

An official with the K League said the league office has identified cases of third-party ownership, and that it may convene a disciplinary committee meeting to discuss potential punishments.

Third-party ownership refers to a club's sharing of a player's economic rights with third-party sources such as agents, management agencies or investors. It has been a common practice among financially-challenged clubs, particularly in Brazil and Argentina, because the third parties help cover the costs of players' training and accommodations. In return, these third parties receive a share of their players' future transfer fees.

In April last year, FIFA announced a ban on third-party ownership that took effect on May 1, citing concerns that such a practice would compromise the integrity of competitions.

The K League said it has discovered four cases of third-party ownership, but it doesn't have guidelines for penalties in the case of violations. FIFA also didn't specify what type of punishment should be imposed on clubs violating the ban.

"The head of our disciplinary committee will review these cases and determine whether to hold a meeting (over punishment)," the K League official said.

In the case of dual contracts, the South Korean league can prohibit clubs from acquiring new players for up to one year and also suspend agents for at least six months. The league will try to decide whether similar types of punishment should apply to third-party ownership. (Yonhap)