Dursun Özbek's shocking statement: 'We might face penalties from UEFA'

Galatasaray Club is holding an extraordinary general assembly to seek authorization for real estate projects and club properties. Galatasaray Club President Dursun Özbek made statements at the assembly held at the Lütfi Kırdar International Convention and Exhibition Center in Istanbul.

Publication: 06.07.2024 - 12:44
Dursun Özbek's shocking statement: 'We might face penalties from UEFA'
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Here are Dursun Özbek's remarks:

"Dear Galatasaray members, I thank all our members for joining us at today's extraordinary general assembly. Before moving on to the agenda, I want to update you on the latest developments. Our transfer committee is working for the new season. Our goal is to protect Galatasaray's interests and ensure not a single lira is wasted.


There is a very important match tonight. Our national team will play against the Netherlands for a spot in the semi-finals. We all see the significant contribution Galatasaray has made there. Hopefully, they will win.


During the election process, we explained what we wanted to do. Today, we seek your authorization to achieve these goals. Our aim is to leave no question marks in any member's mind. With the authorities we seek, our primary goal is to enable Galatasaray to succeed in every branch with a strong financial structure. We want to exit the Banks Association agreement and establish a strong financial structure. We are making the necessary preparations to solve the debt issue we have faced for years.

Galatasaray Island has not had a zoning plan since 1957 and was neglected to become legal. After taking office following the 2022 elections, our first action was to renovate the island and offer it to your service. Our management also covered the financing of this work. The island consists of two phases. We opened the first part of the island to service. Galatasaray Island belongs to Galatasaray. We also acquired the part belonging to the National Estate for Galatasaray.


The Florya project dates back a long time. It's not just about the 22 acres we own but also the 41 acres acquired during our term, which were planned long before. I met Faruk yesterday and spoke with him. He told me, 'Dursun, I congratulate you for getting those 41 acres. We struggled a lot to acquire it during my term but couldn't. The late Özhan also tried but failed.' Every president until now thought it would be beneficial for Galatasaray. Thanks to my team and our efforts, we acquired the title deed of this 41-acre land for Galatasaray.

So, how did we purchase this land? Approximately 1.085 billion TL. We took a loan from Ziraat Bank, 1.085 billion TL. Galatasaray Sports Club is under a borrowing ban as per the restructuring agreement. We circumvented this by providing a personal guarantee. Without hesitation, I provided my guarantee, and with this financing, we acquired the 41 acres in Florya for Galatasaray. This loan was taken with a personal guarantee. We quickly paid it off with revenue from the Mecidiyeköy residence project. However, it is often questioned in the Divan. Despite acquiring new land, according to clause 15-9 of the restructuring agreement, the Banks Association consortium places a mortgage on every property Galatasaray acquires. Therefore, there is still a 14 billion TL mortgage on the land.


UEFA is constantly monitoring us. We are currently in a negative equity situation. They are asking us to rectify this immediately. If we cannot fix the negative equity, we are likely to face penalties. The solution lies in securing this advance; I cannot give more details.

As a Galatasaray member, I say that we come from a culture and tradition that has never accepted being enslaved. The Banks Association agreement is currently a shackle. If you want to live with this shackle, do not settle this account. As a Galatasaray member, I want to exit this situation."


The club management will ask the general assembly members for authorization until May 31, 2026, to conduct activities, perform legal transactions, and make decisions regarding Galatasaray Island, Florya Metin Oktay Facilities land, Mecidiyeköy building, new camp facilities under construction in Kemerburgaz, Büyükçekmece land, Ali Sami Yen Sports Complex, Kalamış Facilities, Burhan Felek Ergun Gürsoy Swimming Pool, Maslak Nevzat Özgörkey Equestrian Facilities, Beyoğlu Hasnun Galip Building, and Küçükçekmece rowing facilities.