Euroleague Basketball Finance Panel opens adjudicatory proceeding against Galatasaray

Nov 16, 2016 by Euroleague.net Print
Euroleague Basketball Finance Panel opens adjudicatory proceeding against Galatasaray

The Euroleague Basketball Management Control Commission (MCC) has decided to refer the case of Galatasaray Spor Kulubu to the Finance Panel (FP) due to the club’s failure to fulfill its obligations to comply with the Financial Stability and Fair Play Regulations (FSFPR).

After Galatasaray qualified to apply for a Turkish Airlines EuroLeague license by being crowned 2015-16 EuroCup champion, a full review of the financial information of all participating clubs conducted by the MCC concluded that Galatasaray was in breach of Article 3 of the FSFPR, which refers to the obligation of not having overdue payables.

On November 14, 2016, after the club failed to respect the compliance plan to which it had agreed with the Management Control Commission, the MCC decided to refer the case to the Finance Panel, which will issue a decision within the next 30 days in accordance with Article 33 of the Euroleague Basketball Disciplinary Code.

As also stated in the EB Disciplinary Code, the Finance Panel imposed provisional measures on Galatasaray Spor Kulubu by which the Club will be prohibited from registering any new players to compete in the 2016-17 EuroLeague for a period of 30 days.