UEFA fines Galatasaray $7 million for not complying with break-even requirement
ISTANBUL, June 13 (Reuters) - Galatasaray have been fined six million euros ($7.07 million) for not complying with UEFA's break-even requirement, European soccer's governing body said on Wednesday.
Under a new agreement between UEFA and Galatasaray, the club will need to reach full break-even compliance by monitoring period 2021-2022, the Club Financial Control Body said in a statement on UEFA's website https://www.uefa.com/insideuefa/protecting-the-game/club-licensing-and-financial-fair-play/news/newsid=2563057.html.
Galatasaray will need to report a maximum break-even deficit as forecast in their 2018 financial year report, it said. The maximum deficit will be 20 million euros in 2019 and 10 million euros in 2020.
The club will have to pay an additional 9 million euro fine if it fails to meets the requirements of the agreement.
Galatasaray became Turkish league champions for a record 21st time last month.
UEFA said it also concluded that Besiktas has fully complied with its targets under a previous settlement agreement for the 2017-2018 season.
It said Fenerbahce and Trabzonspor had partially fulfilled their targets under respective agreements and that transfer restrictions and limitations on player numbers would continue to apply in the 2018-2019 season. ($1 = 0.8485 euros) (Reporting by Ali Kucukgocmen Editing by Toby Davis)