In the past decade, Türkiye’s Süper Lig clubs – Fenerbahçe, Beşiktaş, Galatasaray and Trabzonspor – have collectively run up losses totaling 1.609 billion euros ($1.87 billion), exposing a decade-long imbalance between ambition and fiscal management.
According to data compiled from the Public Disclosure Platform (KAP) and independent audits, the four clubs consistently spent more than they earned, with combined revenues of 5.099 billion euros dwarfed by 6.708 billion euros in expenditures – a 32% overspend.
Fenerbahçe tops the red-ink chart with 501 million euros in cumulative losses.
The club recorded a single profitable season (2023-24), with revenues exceeding expenditures by 17.4 million euros, yet nine other seasons reflected persistent overspending.
From 2015-16 to 2024-25, Fenerbahçe’s revenues totaled 1.561 billion euros against 2.062 billion euros in spending, reflecting a pattern of aggressive financial outlays, particularly in player transfers.
Beşiktaş accumulated 397 million euros in losses over the same period.
The black-and-white side never balanced its books, with spending often surpassing income by double-digit millions annually.
Galatasaray posted 391 million euros in cumulative deficits, even as a 41 million euro profit in 2023-24 hinted at potential recovery.
The club’s aggressive investments in transfers and high-wage contracts perpetuated financial vulnerability.
Trabzonspor, though smaller in scale, recorded 320 million euros in losses.
Even with comparatively lower revenues (732 million euros) and expenditures (1.052 billion euros), the trend of overspending persisted, highlighting a systemic issue across Turkish football’s elite clubs.
The transfer market has been a major driver of fiscal strain.
Across 10 seasons, the “Big Four” spent 900.4 million euros on incoming transfers while earning only 589.6 million euros from player sales – a net loss of 310.8 million euros.
Galatasaray led this deficit at 115 million euros, underscoring the high stakes and volatility of player trading strategies.
In 2021, the Turkish Banks Association restructured club debts – 12.1 billion Turkish lira at the time, roughly 1.2 billion euros – into nine-year terms with two years of principal-free grace.
Intended to stabilize finances, the agreement instead fueled aggressive spending in player acquisitions.
When principal payments and interest resumed, clubs found themselves overleveraged, with debts now owed to players, agents and other clubs instead of banks.
As of May 31, 2025, the “Big Four” owe 1.133 billion euros, with Galatasaray the most indebted (357.7 million euros) and Trabzonspor the least (178 million euros).
Tax and social security obligations add another 6.1 billion lira, with Trabzonspor topping the list (2.15 billion euros).
This dual pressure from operational debt and regulatory liabilities paints a precarious financial landscape.
The Turkish Football Federation introduced spending caps in 2019-20 to enforce fiscal discipline.
However, these measures have failed to curb excessive outlays.
In 2024-25, the clubs’ combined spending reached 19.4 billion lira – nearly double the 10.2 billion lira limit set at the start of the season.
The gap between the federation’s planned caps and actual expenditures underscores the limitations of regulatory oversight.
