Debt Dwarfing Manchester United Shows Turkish Soccer Rot
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Turkish soccer champion Galatasaray’s $57 million of debt due in the next 12 months, racked up by hiring coach Roberto Mancini and players including former Chelsea star Didier Drogba, is drawing whistles from investors.
The team, standing 13th in the Turkish Super Lig and beaten 6-1 by Real Madrid last month in European competition, has seen its shares slump 31 percent this year amid deteriorating finances. Its $4.5 million in cash at the end of September wouldn’t cover one season of salary for Mancini, the former coach of English team Manchester City, hired last week on a $17 million three-year contract plus bonuses. Ivory Coast forward Drogba has a 10 million-euro ($13.6 million) contract.