Turkish football clubs lead Europe in debt, negative equity

Turkish football clubs’ debt to banks reached €729 million ($789.76 million) in the 2023-2024 season, while their net equities dropped to -€766 million, the highest decline in Europe, according to UEFA’s latest report.

UEFA’s The European Club Finance and Investment Landscape report revealed that clubs in Türkiye spent a total of €472 million on salaries, with wage-to-revenue ratios soaring to 88%.

Player salaries alone accounted for €405 million, representing 76% of total revenue. This percentage was 86% in Belgium and 98% in Greece, making Türkiye the third-highest in this category.

These figures significantly exceed UEFA’s recommended wage-to-revenue ratio of 70%.

Türkiye ranks 10th in football economy

With a football economy valued at €534 million, Türkiye ranked 10th among European leagues.

In terms of ticket sales (€87 million) and television revenue (€74 million), Türkiye remains in 10th place. However, in UEFA earnings, Turkish clubs rank 13th with €61 million, highlighting the challenges of securing a significant revenue share of European football.

Other key financial highlights from the report are as follows:

• Turkish clubs recorded a €10 million loss in transfer deals in 2023, while Super Lig clubs reported a pre-tax squad loss of €219 million.
• Galatasaray ranked 16th in Europe with €59 million in ticket sales. Matchday revenues per game were €2.3 million for Galatasaray, €1.5 million for Fenerbahce, and €1.1 million for Besiktas, placing all three clubs among Europe’s top 50. Galatasaray generated an average of €72 per spectator last season, while Real Madrid led Europe with €7.4 million per match.
• Fenerbahce and Galatasaray stood out in fan merchandise sales. Galatasaray earned €85 million, ranking 9th in Europe, while Fenerbahce generated €69 million, placing 14th. Besiktas followed with €34 million, ranking 18th.

• While Turkish clubs lag behind their European counterparts in total revenue, merchandising sales have become a key source of profit. Fenerbahce derived 39% of its annual profits from merchandise sales, followed by Galatasaray at 34% and Besiktas at 29%, leading European clubs in revenue-to-profit ratio from fan product sales.