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Statement from Galatasaray UEFA will not pay some of our revenues

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Speaking about the coronavirus epidemic affecting their revenues, Kaan Kançal said, “We have five main revenue items. There were problems in our broadcasting revenues with the epidemic. There are problems in the name, advertising and sponsorship rights due to the economic contraction, but we have good relations with our sponsors. “We took back some goods to support them. We were unable to go to the UEFA trophies this season. UEFA wrote us a letter stating that they could not pay some of the revenues we deserved from the previous season.” he spoke.

FINANCIAL STATEMENTS PRESENTED
The meeting was held by video conference method within the scope of the new type of coronavirus (Kovid-19) outbreak measures.

The meeting was chaired by senior vice president Aykutalp Derkan, since Eşref Hamamcıoğlu, Chairman of the Council of the Council, was abroad.

Speaking members at the meeting, the Banks Association of Turkey (TBB) and carried out restructuring negotiations, failed to do the usual financial general assembly, ibrasızlık and the court process, the board’s council led the meeting criticized on issues such as to attend the meetings.

Aykutalp Derkan, Vice Chairman of the Council, made a brief informative presentation to the members of the TBB agreement.

LOSS OF 490 MILLION LIRA IN NINE MONTHS
The presentation of the independently audited consolidated financial statements of the club and its affiliates, which are on the agenda, as of 30 September 2020, as well as the executive board reports related to the executive and sporting activities.

Galatasaray Club Vice President Kaan Kançal, who was stated to attend the meeting to make a presentation on behalf of the board of directors, was promised. However, Kançal, who did not allow the chairman of the Presiding Board Eşref Hamamcıoğlu to speak in the past months, could not make a presentation due to the connection problem. Thereupon, the council committee reflected the report from the management on the screen.

In the report in question, it was reported that Galatasaray Club lost 490 million lira in the period between January 1, 2020 and September 30, 2020. The yellow-red club had a loss of approximately 150 million lira in the same period last year.

CONSOLIDATED LIABILITY 2.7 BILLION LIRA
It was stated that the consolidated liability of Galatasaray Club was approximately 2.7 billion liras.

In the shared supervisory board report, the data of the club and its subsidiaries as of 30 September 2020 were transferred. In this presentation, it was seen that the consolidated liabilities, which were approximately 2.5 billion lira as of December 31, 2019, increased by 10 percent to 2.7 billion lira.

It was recorded that the financial debt of the club was 1 billion 526 million TL. In addition, it was stated that the debt of the association, which is frequently brought up by the members, to Sportif AŞ increased by 6 percent from 1 billion 4 million lira to 1 billion 68 million lira between 31 May and 31 August 2020.

Kaan Kançal: “Total debt is 2 billion 123 million TL”
Galatasaray Club Vice President Kaan Kançal said that the yellow-red club and its affiliates have a debt of 2 billion 123 million TL as of September 30, 2020.

Speaking about the club’s debts, Kançal said:

“Galatasaray Sports Club’s net debt as of September 30, which has been independently audited, is TL 1 billion 462 million. This net debt is a decrease in our cash from our consolidated financial debt. We also add an item that we call financial debt similar to TL 398 million. but not because we perceive our debt funded by the market as financial debt, which we could not pay for a long time due to the working capital deficit. When we add this, our consolidated debt is 1 billion 860 million lira. We also have net working capital item. This is 263 million lira negative when we add them. Galatasaray Sports Club’s total debt as of September 30 is 2 billion 123 million Turkish lira. “

Kançal stated that he took the floor as a member of the council board, not as a member of the board of directors.

Talking about the coronavirus epidemic affecting their revenues, Kaan Kançal said, “We have five main revenue items. There were problems in our broadcasting revenues with the epidemic. There are problems in terms of name, advertisement and sponsorship due to the economic contraction, but we have good relations with our sponsors. Our box office revenue is completely over. We took back some goods to support them. We couldn’t go to the UEFA trophies this season. UEFA wrote us a letter stating that they could not pay some of the revenues we deserved from the previous season. ” he spoke.

Referring to the first structuring agreement signed with TBB, Kançal said, “In May 2019, the short-term debts of Sportif AŞ were around 620 million TL. It is not possible for us to pay them. Therefore, we went to a restructuring and reduced the short term debts to 320 million TL. Meanwhile Florya ‘ The financial debts of Sportif AS increased from 899 million lira to 1 billion 414 million lira with the additional 250 million we received to cover the overdue debts, and 107 million over the association. In the first structuring, we structured 1 billion 346 million lira of this debt. we saw the positive effects. ” used the expressions.

Stating that the negotiations about the second configuration are continuing, Kaan Kançal said, “Our configuration, which is basically 2 + 3 years, is trying to be increased to 2 + 7 years. We do not agree with any of them. We had mortgages and assignments before the first configuration. In the first structuring, we extended its maturity only according to the structuring conditions. After the first configuration was signed, we experienced a pandemic. We could not make the interest payments of the first structuring in May and November, we could not comply with the plan. Our revenues decreased due to the epidemic. stated his opinion in the form.

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