Fair play as a phenomenon of sporting life is present even if only in the form of small acts or gestures in most competitions; its absence is present in cases of foul play. The daily press comments its presence or absence every day in, and not only in the sports sections. Both the public and experts discuss acts from so called grey zone (forms of gamesmanship). Deciding unequivocally on the moral quality of a diverse range of actions, attitudes or statements requires clarity about the values underpinning fair play. Our aim is therefore to find the constitutive values of fair play by examining a set of values from the field of sport, rel¬evant offerings from fundamental ethics, using Abraham Maslow’s meta-value system and selection from the fundamental values of fair play considered so far. Organizing the selected values into a meaningful system is the final aim. We used a hermeneutic method to interpret the role of values within fair play. We identify five values and five meta-values as constitutive of fair play, the meta-values of goodness, truth, and transcendence as the basis of the entire system. We identify character (of athletes) and ethos (of sports communities) as both initiators of activities within the system and recipients of benefits.