By Fatih Erel
ISTANBUL (AA) – Galatasaray chief Mustafa Cengiz will meet with UEFA President Aleksander Ceferin on Thursday to discuss the reviewed settlement agreement with the Turkish soccer club over its financial situation.
The meeting will take place in the UEFA headquarters in Nyon, Switzerland.
On Friday, Galatasaray's case was referred back to the Club Financial Control Body (CFCB) Investigatory Chamber.
"[The CFCB Adjudicatory Chamber] …announced today its decision to refer the case back to the CFCB Investigatory Chamber for further investigation. Meanwhile, the settlement agreement concluded on 13 June, 2018 remains in force, until further notice," UEFA said on Friday.
On June 13, UEFA and Galatasaray reached a four-year settlement agreement which covers the seasons 2018/19, 2019/20, 2020/21 and 2021/22 as the club was not in compliance with the break-even requirement.
According to the agreement, Galatasaray would limit the number of players, pay a fine to UEFA and reduce the spending to reach full break-even compliance.
Galatasaray had undertaken to reach full break-even compliance by the monitoring period 2021/22 and agreed to report a maximum break-even deficit as reported in its forecast for the financial year ending in 2018, €20 million ($24 million) in financial year ending in 2019, and €10 million ($12 million) for the financial year ending in 2020.
Galatasaray had also accepted that it would be subject to a limitation on the number of players that it may include on the list for the purposes of participation in UEFA competitions.