The UEFA Club Financial Control Body has decided to review the settlement agreement with Galatasaray over its financial situation.
Things could very difficult for The Lions after UEFA decided to review their Financial Fair Play agreement made with the Turkish club earlier this month for unspecified reasons, the football authority announced earlier this week.
“In light of the recent decision of the Club Financial Control Body (CFCB) chief investigator to conclude a settlement agreement with Galatasaray SK, the chairman of the CFCB, Jose Narciso da Cunha Rodrigues, has decided to send the decision for review by the Adjudicatory Chamber,” UEFA said in a statement on Monday. “This announcement does not pre-judge in any way the result of the review to be conducted by the Adjudicatory Chamber of the CFCB.”
On June 13, UEFA and Galatasaray reached a four-year settlement agreement which covers the 2018-19, 2019-20, 2020-21 and 2021-22 seasons as the club was not in compliance with the break-even requirement.
According to the agreement, Galatasaray would limit the number of players, pay a fine to UEFA and reduce spending to reach full break-even compliance.
Galatasaray had undertaken to reach full break-even compliance by the monitoring period 2021-22 and agreed to report a maximum break-even deficit as reported in its forecast for the financial year ending in 2018, 20 million euros ($24 million) in financial year ending in 2019 and 10 million euros for the financial year ending in 2020.
Galatasaray had also accepted that it would be subject to a limitation on the number of players that it may include on the list for the purposes of participation in UEFA competitions.
