Fenerbahçe to hold congress over CAS ban pressure

Fenerbahçe to hold congress over CAS ban pressure

Fenerbahçe to hold congress over CAS ban pressure

Arsenal ended Fenerbahçe’s Champions League hopes after a 2-0 win at the Emirates Stadium in London August 27, 2013. REUTERS/Toby Melville

Fenerbahçe’s administration, under fire after the Court of Arbitration for Sport (CAS) dismissed the club’s appeal against a UEFA-imposed two-year ban from European competitions, announced Aug. 29 plans to hold an emergency congress in October.

It was not clear whether the current chairman, Aziz Yıldırım, would run against for the post in the Oct. 26 congress.

Meanwhile, Fenbrahçe stocks hit another low yesterday, falling to 24 Turkish Liras in the first session of the Borsa Istanbul, below the price it was in November 2007, closing at 24.35. 

The stocks had risen to over 102 liras in April 2011 amid Fenerbahçe’s push for the league title that season, putting the club’s market price at over 2.5 billion liras ($1.25 billion). However, the stocks have been struggling since a match-fixing probe was launched on July 3, 2011, after which Fenerbahçe executives, including Yıldırım, were found guilty pending appeal.

The investors who bought the stock at its highest price have lost over 75 percent since then.
CAS on Aug. 28 rejected an appeal by Fenerbahçe to overturn its match-fixing ban from European competition, approving a two-year suspension against the Yellow Canaries.

In June, Fenerbahçe, along with Istanbul rival Beşiktaş, was handed a suspension from European competitions by UEFA for its involvement in the manipulation of Turkish football matches in the 2010-11 season.

But CAS issued a stay of execution on the punishment pending the final ruling, making it possible for Fenerbahçe to play in the Champions League qualification round.

Draw to decide team to replace Fenerbahçe

Meanwhile, European Football’s governing body announced today that a draw will be made to decide the team to replace Fenerbahçe in the Europa League competition.

“The Emergency Panel decided that all the teams that are eliminated in the playoff round of the UEFA Europa League today will enter a draw to randomly select the team replacing Fenerbahçe in the 2013/14 UEFA Europa League group stage draw,” a statement by UEFA read.

“This replacement draw will take place in Monaco on Friday and will be streamed live on UEFA.com,” the statement added.