Trabzonspor President Ertuğrul Doğan: We will exit the Banks Association

Trabzonspor Club President Ertuğrul Doğan announced that they will exit the Banks Association through a capital increase to strengthen the club's financial situation, adding that they will pay off all bank loans and eliminate an annual interest burden of 500-600 million TL.

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Trabzonspor Club President Ertuğrul Doğan made significant statements regarding the club's financial structure. Doğan stated that with its exit from the Banks Association, Trabzonspor will be relieved of an annual interest burden of 500-600 million TL.

WE WILL EXIT THE BANKS ASSOCIATION

President Ertuğrul Doğan said, "With the capital increase application we have made as Trabzonspor, we will officially exit the Banks Association using the resources obtained and pay off all our bank loans. With this move, our club will be rid of an annual interest burden of 500-600 million TL. In an environment where interest rates are hovering around 55%, we will provide a major financial relief for our club once our process is successfully completed."

TRABZONSPOR'S FINANCIAL STRUCTURE WILL STRENGTHEN

Pointing out that other debts on Trabzonspor's balance sheet will also be paid, Doğan added, "When the reports we disclosed to the KAP (Public Disclosure Platform) are examined, it will be seen that we have taken serious steps to get rid of not only bank loans but also many other debts. We believe that at the end of this process, we will significantly strengthen Trabzonspor's financial structure."

Emphasizing that the club's equity will be turned positive with the capital increase, President Doğan stated, "With this capital increase, we aim to turn our club's equity positive and make many financial criteria, primarily UEFA's Positive Equity Rule, no longer an issue for Trabzonspor."

Finally, sharing plans regarding the club's tax debts, Ertuğrul Doğan said, "Trabzonspor, which has no insurance premium debts, will also make a serious payment plan regarding its tax debts. With the capital increase, which is one of the important steps we have taken toward a zero-debt policy, we aim to have covered significant ground in securing the future of Trabzonspor."

News Source: 12punto