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Fenerbahce Banned From Soccer’s Europa League; Shares Dive

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Aug. 28 (Bloomberg) -- The top sports court rejected an appeal by Turkish soccer club Fenerbahce against a two-year ban from European competition for match-fixing. The Istanbul team will appeal the decision to Switzerland’s supreme court.

Today’s ruling prevents Fenerbahce playing in this season’s Europa League. It was eliminated by Arsenal in Champions League qualifying last night, losing 5-0 over two games.

The Lausanne, Switzerland-based Court of Arbitration for Sport also said in a news release it rejected an appeal by Ukraine’s Metalist Kharkiv against a one-year ban from European competition for match-fixing.

Fenerbahce Futbol AS, the company that owns the soccer team, will appeal to the Federal Supreme Court of Switzerland, whose decision will be final, to reverse the verdict, it said in a statement on its website.

“The board of directors of our club will make decisions on the future of our club at a meeting tomorrow and the decisions will be shared with the public,” it said.

Shares of Fenerbahce, the highest-valued sports company on Borsa Istanbul, dived as much as 6.3 percent to 23.9 liras, the lowest since August 2007. The shares had risen to 27.4 liras at the close of morning trade, before the court decision was announced.

Replacement Club

European soccer’s ruling body UEFA handed the ban to Fenerbahce, last season’s runner-up to Galatasaray in the Turkish league, on June 25. Fenerbahce was allowed to compete in Champions League qualifying pending its appeal.

The CAS said that because of the urgency of both decisions it was issuing its judgments without giving reasons. These will be announced as soon as possible, it said.

UEFA said in a statement it will meet tomorrow to decide who will take the Turkish club’s place in the Europa League.

The court of arbitration said earlier it will decide Aug. 30 on an appeal by Besiktas, another Turkish club banned for one year from Europe on June 25. Besiktas shares fell as much as 3.3 percent to 1.46 liras on Borsa Istanbul. Besiktas plays Tromso of Norway tomorrow in Istanbul in the second leg of a Europa League playoff. Tromso won the first leg 2-1 last week.

To contact the reporter on this story: Alex Duff in Madrid at aduff4@bloomberg.net; Ercan Ersoy in Istanbul at 3909 or eersoy@bloomberg.net

To contact the editor responsible for this story: Christopher Elser at celser@bloomberg.net.

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