September 20 – Turkey’s Besiktas have announced colossal debts amounting to amounted to TL 6.7 billion (€232 million) for the year to May 31, 2023.
The announcement was made at the club’s general Assembly by member of the board Özgür Şentürk.
However all is not doom and gloom as Gökhan Tiryaki, chairman of the Supervisory Board, said that the debt could be controlled but that swift action needed to be taken.
“Besiktas needs to change. We see that the financial statement is unstable with its traditional management style and traditional revenues,” said Tiryaki.
“We said at the last board meeting that the debt can be controlled. We have a gross debt of TL 6.9 billion and a net debt of TL 6.7 billion. Half of this is from financial debts. In this planning, we first had to manage and control the debts; we have completed the first stage.
“We need to increase revenues in order for Besiktas to be financially successful and to ensure financial sustainability, which is the most basic criterion of sustainable success.”
Referencing internal division with the club he stressed the importance of unity to break out of the financial and performance downturn.
“As Besiktas fans, we need to stop fighting. As long as we are divided, we cannot compete. Besiktas’s target should not only be the cup in Turkey. Besiktas should also aim for the cup in Europe. 60% of the revenues in Turkish sports are now fixed. Besiktas’s debt is around €240 million in euros. In 2017 Besiktas had revenue around €220 million. Besiktas’s potential income is as much as its current debt. We can use our potential.”
Contact the writer of this story, Aleksander Krassimirov, at moc.l1715088300labto1715088300ofdlr1715088300owedi1715088300sni@o1715088300fni1715088300