Galatasaray face bankruptcy risk, chair confesses

ISTANBUL- Hürriyet Daily News

Galatasaray Chairman Aysal says the club needs financial measures. AA photo

Galatasaray Chairman Ünal Aysal has said the club faces risk of bankruptcy if a planned share capital increase does not materialize. Aysal said when he took office he realized that the club was in critical financial condition and he would not have accepted the presidency if he knew it, according to a report by daily Radikal.

Aysal also said the club had a deficit of 251 million Turkish Liras on May 14, 2011, the day he was elected.

Some 16 investors have blocked Galatasaray’s capital increase by filing lawsuits against the club and those 16 are not members of the club, Aysal was quoted as saying.