Turkish giants Galatasaray have been banned from UEFA competitions for one season, after failing to comply with Financial Fair Play regulations.
The Istanbul-based side, who are currently fifth in their domestic league, will be excluded from featuring in the next continental competition they qualify for over the next two seasons.European football’s governing body said in January that the Turkish champions had broken regulations on the level of financial losses allowed.
Club announcement: UEFA has suspended Galatasaray from European football for 1 year due to FFP breaches. pic.twitter.com/o2X0ujLnoc— Galatasaray EN (@Galatasaray) March 2, 2016
This decision was taken after Galatasaray failed to comply with the terms of the settlement agreement that it entered with the CFCB chief investigator in May 2014 under Article 15 of the procedural rules governing the UEFA CFCB
A statement on Wednesday read: “The Adjudicatory Chamber of the UEFA Club Financial Control Body (CFCB) today announced that Galatasaray AS will be excluded from participating in the next UEFA club competition for which they would otherwise qualify in the next two seasons (i.e. the 2016/17 and 2017/18 seasons).
“This decision was taken after Galatasaray failed to comply with the terms of the settlement agreement that it entered with the CFCB chief investigator in May 2014 under Article 15 of the procedural rules governing the UEFA CFCB.
“The Turkish club has also been ordered to limit the overall aggregate cost of the employee benefits expenses of all its players in each of the next two reporting periods (i.e. the reporting period ending in 2016 and the reporting period ending in 2017).”
Meanwhile, Galatasaray official Iskender Baydar said that club directors are “examining the text of the decision” and will issue a statement later.
The 2000 UEFA Cup winners have played in the Champions League for the past four seasons, going out at the group stage of this season’s competition.