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Turkey's Soccer Teams Set for $2 Billion Debt Restructuring

  • Football association to monitor club finances under agreement
  • Besiktas, Galatasaray, Fenerbahce shares rise on news of deal
Besiktas' Gokhan Gonul

Besiktas' Gokhan Gonul

Photographer: Bulent Kilic/AFP via Getty Images

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Soccer is the latest Turkish industry to face a large-scale debt revamp after the country’s top teams suffered money-losing seasons and borrowed heavily to buy marquee players.

Turkey’s banking association and soccer federation are preparing to announce a restructuring plan for about 11 billion liras ($2 billion) of debt held by the nation’s soccer teams after reaching an agreement Friday. Shares of the country’s four listed clubs surged.