UEFA: Galatasaray complied with financial targets

By Can Erozden

ANKARA (AA) - European football's governing body said Friday 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.

- Basaksehir inks new agreement

UEFA also said Turkish champions Medipol Basaksehir "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, Basaksehir 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 Basaksehir 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.