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Thursday, 15 September 2011

Galatasaray to sell twenty percent of shares in club

Turkish football giant Galatasaray has announced that the club is to sell 20.3 percent of shares of the club’s stock on the Istanbul Stock Exchange.

The shares are valued at 172 million and the club is to use the money from the sale to ease banks debts. The sale of these shares follows the recent 2 percent sold for 14 million liras to finance new transfers for the club.

Favourites to buy the shares are an unnamed international fund and the chairman of the Galatasaray Education Foundation, Inan Kirac.

Galatasaray had a disappointing season last season and will be looking to this season to restore football of the highest level to Galatasaray. The club has invested heavily in top players such as Felipe Melo from Juventus and Johan Elmander from Bolton.

In wake of the recent scandal in Turkey regarding match fixing allegations of rival clubs, this season could really be a chance for Galatasaray to shine and mount a challenge to win the Turkish league.

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