Turkish Football News

Galatasaray announce latest debt figure

Galatasaray latest debt level announced

The Lions are heavily in debt according to the latest figures announced during the club’s annual general assembly.

Galatasaray’s latest total debt has been announced by club officials during their annual general assembly which was held on Wednesday, March 13.

Kaan Kancal, the club’s vice chairman, announced the club is in debt to the tune of 2,825,800,000 Turkish Lira (approximately €456 million).

He also mentioned that the club are to receive 1,560,100,000 Turkish Lira (approximately €246 million) over the next few years which would put them at a consolidated debt of 1,265,000,000 Turkish Lira (approximately €204 million).

Due to reckless spending and careless financial management, almost all Super Lig clubs are crippled by growing levels of debt. Recently, the government decided to step in in an attempt to stop the club’s from going bankrupt.

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