UEFA to review Galatasaray case on financial situation

UEFA to review Galatasaray case on financial situation

GENEVA - Anadolu Agency
UEFA to review Galatasaray case on financial situation

The UEFA Club Financial Control Body on June 25 has decided to review the settlement agreement with Turkey's Galatasaray over its financial situation.

"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," the UEFA said in a statement on June 25.

"This announcement does not pre-judge in any way the result of the review to be conducted by the Adjudicatory Chamber of the CFCB," UEFA added.

On June 13, UEFA and Galatasaray reached a four-year settlement agreement which covers the seasons 2018/19, 2019/20, 2020/21 and 2021/22 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 the 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 ($24 million) in financial year ending in 2019 and ?10 million ($12 million) 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.

Galatasaray , UEFA, financial fair play