The Four Big Companies incurred a loss of 5.6 billion lira in 9 months.

14.04.2025 16:01

The giants of Turkish football, Beşiktaş, Fenerbahçe, Galatasaray, and Trabzonspor, whose companies are publicly traded, incurred a loss of 5.6 billion lira in the first 9 months of the 2024-2025 season. The highest loss was recorded by Trabzonspor, amounting to 1.97 billion lira.

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In Turkish football, the publicly traded companies of the "Big Four" known as Beşiktaş, Fenerbahçe, Galatasaray, and Trabzonspor incurred a loss of 5.6 billion lira in the first 9 months of the 2024-2025 season.

According to the 9-month financial statements sent by the clubs to the Public Disclosure Platform (KAP) and the independent auditor reports from the previous period, all four clubs spent more than they earned.

Although Fenerbahçe and Galatasaray announced that they made a profit in the first nine-month period between June 1, 2024, and February 28, 2025, according to the reports of independent auditors from the previous period, the total loss of the four clubs reached 5.6 billion lira. The equivalent of this loss in the current exchange rate is 147.9 million euros.

UNCOLLECTIBLE BUT RECORDED AS INCOME INTEREST ENTRY

The four major clubs; Galatasaray Sportif Sınai ve Ticari Yatırımlar AŞ, Fenerbahçe Futbol AŞ, Beşiktaş Futbol Yatırımları Sanayi ve Ticaret AŞ, and Trabzonspor Sportif Yatırım ve Futbol İşletmeciliği Ticaret AŞ are traded on the stock exchange.

These companies are in a connected position (group) with the clubs' associations (which gained the identity of a sports club with the new law) and/or other companies (GS Store, Fenerium, Kartal Yuvası, TS Club, FB TV, GS TV, etc.). The mentioned associations and companies are listed as "related parties" in the financial statements.

The publicly traded companies are constantly in a creditor position against these related parties, and interest is also applied to these receivables.

For example, the X company of club A, which is traded on the stock exchange, states that it has a non-commercial receivable of Y amount from related parties while presenting its economic reports and that interest of Z amount has been applied to this receivable, and this interest is recorded in the company's income column.

Independent auditors who examine the financial statements of the companies at the beginning and end of the season clearly explain the situation in their reports as follows:

"The group has a non-commercial receivable of Y amount from related parties, and there is no specific maturity for this receivable. The group has recorded interest income of Z amount for this receivable; however, no collection has been made regarding these receivables. Due to uncertainties in maturity and form, no opinion could be formed regarding the collection of the mentioned receivables."

In other words, there is no collection of the "interest entry from related parties" that the companies have recorded in their income columns, and there is no positive opinion regarding its realization.

THE MOST LOSS IS AT TRABZONSPOR

According to the previous reports of the auditors, when the interest recorded in the income column is excluded, Trabzonspor is the club with the highest loss at 1.97 billion lira (52.07 million euros). Beşiktaş follows with a loss of 1.44 billion lira (37.93 million euros).

During the period when Fenerbahçe closed with a loss of 1.12 billion lira (29.72 million euros), Galatasaray also could not prevent a loss of 1.07 billion lira (28.19 million euros).

HERE IS THE TABLE

The income/expense table of the four club companies for the period between June 1, 2024, and February 28, 2025, is as follows;