Football Clubs Will Meet With Banks For Restructuring

Football clubs will meet with banks for restructuring. The four big football clubs will meet with TBB today.

The Turkish Banks Association and four major football clubs will be in talks for the restructuring agreement, which has been spoken for some time to roll over the financial debts of football clubs in Turkey. At the meeting to be held at Denizbank Headquarters today at 4 pm, the restructuring agreement previously signed and not attended by Fenerbahce is expected to be revised. In this context, the previously signed agreement, which was 2 years without principal payment in addition to 5 years, will be revised as 9 years. According to the agreement to be signed as 7+2 years, the clubs will not pay the principal for 2 years. Principal payment will start from the 3rd year. Interest levels are also expected to be below market averages. At the beginning of September, the news that the negotiations of the clubs with the banks had come to an end, and it was stated that they were close to an agreement on a 10+2-year maturity at that time. However, in this case, it is thought that the term will be shorter. In June and July of the previous year, Trabzonspor, Besiktas and Galatasaray signed a 5-year debt restructuring agreement with banks which included 2 years without the principal payment, while Fenerbahce did not sign this agreement on the grounds that it would not solve the problems of the club.   Source: Bloomberg HT