'Big Four' debt in Turkish football nears $2 bln

The "Big Four" in Turkish football - Beşiktaş, Fenerbahçe, Galatasaray and Trabzonspor - are in an astronomical debt spiral, reaching 13.99 billion Turkish liras or ($1.89 billion). 

Each of the four teams announced debt last year on the public disclosure platform (KAP) as it piled to $1.89 billion. The figure in 2012 was 2.06 billion liras ($1.14 billion).

The gap in the lira was larger than the one in the dollar because $1 equaled 1.8 liras in 2012.

But on Jan. 29, 2021, $1 is about 7.3 liras.

In the last eight years, debt at the four clubs was augmented by 579%.

Fenerbahçe tops the list with 5.2 billion liras ($714.2 million).

Beşiktaş's current debt is 3.9 billion liras ($535.6 million).

Galatasaray is next with 3.6 billion liras ($494.3 million).

Trabzonspor from the Black Sea region is 1.2 billion liras in debt, or $164.7 million.

This week, Turkish Football Federation (TFF) chief Nihat Özdemir said the debt was an accumulation of several years but the coronavirus pandemic and foreign currency's rise in Turkey also had negative effects.

Total debt at the clubs is more than several budgets at Turkey's ministries in 2021.

All ministries, including trade, interior, foreign, industry and technology announced budgets in parliament near the end of 2020.

Industry and Technology's budget is 11.91 billion liras, or $1.63 billion.

Interior has 10.66 billion liras to spend in 2021. Meanwhile, the nation's trade budget is 6.58 billion liras.

Culture and Tourism was allocated 6.01 billion liras.

The Foreign Ministry has 5.78 billion liras for 2021. Energy and Natural Resources has a budget of 3.99 billion liras.

Environment and Urbanization has 3.37...