By Selcuk Bugra Gokalp
ANKARA (AA) – Tight financial measures are ending for Istanbul powerhouse Galatasaray after their pact with European football governing body UEFA ended Friday.
"Administrative, financial and sporting restrictions” under a Financial Fair Play (FFP) Agreement “have been completely lifted," the Istanbul club said in a statement.
Galatasaray said that after UEFA examinations of the last three fiscal years and 2020-21 fiscal year projections, it was determined that Galatasaray fully complied with all the conditions of the agreement, especially the break-even criterion.
In June 2018, UEFA and the Lions made a four-year agreement to cover through the 2021-22 season.
Under the deal, Galatasaray undertook to reach full break-even compliance by the 2021-22 season.
The criteria involved break-even targets, sporting measures and financial contributions.
UEFA monitors clubs financially to make sure they are not spending more money than they earn, a measure created to help teams avoid financial problems in the long run.
