Financial Panel issues decision on Galatasaray's adjudicatory proceeding

Dec 01, 2016 by Euroleague.net Print
Financial Panel issues decision on Galatasaray's adjudicatory proceeding

On November 14, 2016, the Management Control Commission referred to the Euroleague Basketball Financial Panel for the opening of an adjudicatory proceeding against Galatasaray Spor Kulubu for not respecting the agreed compliance plan to settle overdue payables. After the adjudicatory proceeding was opened, Galatasaray proceeded to write off those debts.

Notwithstanding the above, the Finance Panel has imposed a sanction that prohibits Galatasaray from registering new players until December 15, 2016 for not fulfilling in a timely manner the compliance plan as it had been agreed together with the Management Control Comission.

The Management Control Commission will continue monitoring Galatasaray's case and all other Turkish Airlines EuroLeague participating clubs to ensure the compliance with the Financial Stability Fair Play Regulations.