What matters this morning

Koc Holding Vice President Ali Koc, who also chairs Fenerbahce Sports Club, met with financial journalists on Fenerbahce Television’s (FB TV) live broadcast. Koc made statements on many issues from broadcaster to football coach and the Fenerbahce’s economic situation. “The performance of TRY in the last four years has seriously broken our back. The economy of sports clubs can’t even pay interests,” he said. Fenerbahce nearly pays EUR 67m interest and this corresponds to the economy it produces under normal conditions. “We have to pull a rabbit out of a hat. The Banks Association of Turkey (TBB) prepared a support. We didn’t join the first round. We knew that the support agreement wouldn’t work,” he added.

Fenerbahce currently has TRY 1.7bn worth real estate. Sports halls generate TRY 600m of this amount. The club also owes TRY 230m for a land it purchased. The remaining debts amount to around TRY 50m. “Our real estate assets are less than other two big football clubs have. Lands may be allocated such as Galatasaray’s project in Riva. Clubs should create resources,” he noted. 480 out of 509 villas was sold in the ‘Dusler Vadisi’ luxury house project carried out on Galatasaray Sports Club’s land in Riva, at the first stage.

Koc also said the broadcaster (beIN Sports), which had asked for a discount didn’t make payment to the club. “They try to reduce TRY 2.6bn to TRY 2bn. This means the USD 500m worth tender will fall to USD 215m. We can’t compromise,” he added. Ali Koc also announced that they will issue cryptocurrency and establish an academy to train sportspeople.

Looking at the TRY, which has been main issue for suffering sports clubs with its performance, is traded at just below 8.60 against the USD. EUR/TRY, in the meantime, hovers around 10.42-10.43.

Gold prices dropped below USD 1,900. Spot gold is traded at USD 1,879 this morning. Brent crude, meanwhile, stands at USD 72.16.


The seasonally adjusted unemployment rate rose by 0.9% to 13.9% in April, compared to March, according to the Turkish Statistical Institute (TurkStat). Unemployment surged by 0.1% to 12.9% in April on annual basis.

The construction cost index rose by 35.48% in April, compared to the same month of the previous year, according to TurkStat. The index increased by 3.54% in April on monthly basis.

The overall export unit value index increased by 9.2% in April, compared to the same month of the previous year, according to TurkStat. The overall import unit value index surged by 23.9% in this period.

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