Total losses of the 'Big Four' revealed: Audit report emerges

The four leading clubs of Turkish football had a financially challenging first six months of the 2024 season. According to the financial reports submitted by Beşiktaş, Fenerbahçe, Galatasaray, and Trabzonspor to the Public Disclosure Platform (KAP), the four clubs incurred a total loss of 2.58 billion lira. This loss corresponds to 70.5 million euros at the periodic exchange rate.

According to independent auditor reports, Trabzonspor was the club with the worst performance, with a loss of 969.9 million lira (26.5 million euros). The burgundy-blues were followed by Beşiktaş with a loss of 757.5 million lira (20.6 million euros). Galatasaray reported a loss of 490.5 million lira (13.4 million euros), while Fenerbahçe stood out as the team with the least loss at 365.6 million lira (9.9 million euros).

REVENUES CANNOT BE COLLECTED

The publicly traded companies of the four clubs announced that they had generated interest income from related parties (associations and other affiliated companies). However, independent audit reports stated that this interest income had not been collected and that there was no conviction that collection would take place.

The auditor reports included the statement: 'The group has non-commercial receivables from related parties. Interest has been accrued on these receivables and recorded as income. However, no positive conviction has been formed regarding the collection of said receivables.'

The publicly traded companies of Beşiktaş, Fenerbahçe, Galatasaray, and Trabzonspor maintain financial relationships with the clubs' association structures and other affiliated companies (such as GS Store, Fenerium, Kartal Yuvası, and TS Club). These relationships were listed in the financial statements as 'related parties'.

The clubs' publicly traded companies are in a creditor position regarding these related parties, and interest is charged on these receivables. However, the failure to collect this interest income negatively affects the financial situation of the clubs.

News Source: 12punto