Deal concluded, Istanbul’s Galatasaray’s off UEFA fiscal leash

Tight financial measures are ending for Istanbul powerhouse Galatasaray after their pact with European football governing body UEFA ended Friday.

“Administrative, financial and sporting restrictions” under a Financial Fair Play (FFP) Agreement “have been completely lifted,” the Istanbul club said in a statement.

Galatasaray said that after UEFA examinations of the last three fiscal years and 2020-21 fiscal year projections, it was determined that Galatasaray fully complied with all the conditions of the agreement, especially the break-even criterion.

In June 2018, UEFA and the Lions made a four-year agreement to cover through the 2021-22 season.

Under the deal, Galatasaray undertook to reach full break-even compliance by the 2021-22 season.

The criteria involved break-even targets, sporting measures and financial contributions.

UEFA 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 run.

Source: Anadolu Agency

Leave a Reply