Galatasaray announced that it made a loss of 543.9 million TL in the first 6-month period.
in Galatasaray The October Ordinary Meeting of the Board of Directors was held.
President Dursun Özbek, while announcing the agreement between Galatasaray and the Banks Association, also revealed the financial table of the yellow-red people.
Galatasaray Club Board Member Levent Yaz made a presentation about the club’s financial reports for the first 6 months at the meeting.
Loss of 543.9 million TL in 6 months
Levent Yaz stated that according to the consolidated reports of the club and its subsidiaries, which were prepared and independently audited as of June 30, 2022, the losses for the 6-month period amounted to TL 543.9 million.
Member of the Board of Directors who spoke at the October council meeting held at the Ali Sami Yen Sports Complex Nef Stadium Özhan Canaydın Conference Hall of the yellow-red club. Bell Natan stated that the planned changes to the club bylaws will be submitted to the vote of the members at the extraordinary general meeting on 5 November.
Can Natan stated that they have gathered the amendments in the Draft Regulation Amendment under three main headings, “The first of these is to change the operating year of the club to start on June 1 and end on May 31, in line with the activity year of Sportif AŞ, and to update the corporate calendar accordingly. The main purpose of this is to eliminate the fiscal year difference between the club and Sportif AŞ and to change the fiscal year of the club. is to align it with the financial year of Sportif A. he said.
“The election date has been preserved as the second half of May”
In connection with this change, Natan said that updating different dates such as the annual ordinary general assembly meeting, membership application and acceptance dates in the activity year of the club came to the agenda.
“On the other hand, the election date has been preserved as the second half of May. The main reason for this is to allow the newly elected administrations the necessary time to form the football team, which is the locomotive of our club in terms of sports, in line with their goals and visions. In addition, the annual financial general assemblies discussed and resolved. It is envisaged that the budget will be discussed in a separate budget general assembly to be held in April each year with the new amendment draft.
Single release vote
Can Natan, emphasizing that the second main title in the bill is about the application of release, continued his words as follows:
“The second main topic is the issue of arranging the separate financial and administrative release of the board of directors as a single release vote, which is included in our current charter.
As it is known, in accordance with the established jurisprudence of the Supreme Court, the important thing in all transactions and activities of sports clubs is to give an account of the money. It is not legally possible to attribute faults in administrative terms to the boards of directors that are not found to be faulty in terms of financial aspects.
As a matter of fact, the decisions of the boards of directors, which we witnessed in the previous periods, to be released financially and not to be released administratively, were canceled by the judiciary.
It is clear that the issue of release from an administrative point of view causes problems rather than solutions for our club and causes resentments within the club. With this amendment proposal, it is aimed to harmonize our statute with the judicial decisions in terms of release and to eliminate the resentments experienced or likely to be experienced in our club.