Galatasaray complied with financial targets: UEFA

Galatasaray complied with financial targets: UEFA

Galatasaray complied with financial targets: UEFA

European football's governing body said on Aug. 7 that Turkish football club Galatasaray complied with financial targets for last season. 

"The CFCB [Club Financial Control Body] investigatory chamber found that Galatasaray SK, FK Kairat Almaty and Maccabi Tel Aviv FC complied with the targets agreed for the 2019/20 season; these clubs will remain in the settlement regime in the 2020/21 season," UEFA said in a statement.

CFCB monitors clubs financially to make sure they are not spending more money than they earn, a measure created to help teams avoid financial problems in the long-term.

European clubs should respect the Financial Fair Play criteria involving break-even targets, sporting measures and financial contributions.

The football body is able to fine or sanction clubs if they do not comply with financial criteria. 

Başakşehir inks new agreement 

UEFA also said Turkish champions Medipol Başakşehir "did not comply with the break-even requirement" so the club signed a new settlement agreement for the 2020-21, 2021-22, 2022-23 and 2023-24 seasons.

According to the new agreement, Başakşehir can have "maximum break-even deficits of €10 million [$11.7 million]" in 2020 but pledged to equilibrate its account by the 2023-24 season.

"Istanbul Başakşehir agrees to pay a total financial contribution up to €1.5 million which will be withheld from any revenues it earns from participating in UEFA competitions. Of this amount, €0.3 million shall be paid in full while the remaining balance of €1.2 million is conditional depending on the club's compliance with the break-even targets stated in the settlement agreement," the statement read.