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Report: Turkish banks to restructure local football clubs' debts

The Banks Association of Turkey plans to restructure debts of top Turkish football clubs, which have accumulated more than 10 billion lira of loans, Reuters reported Jan. 7.

Following Turkish media report saying that state lender T.C. Ziraat Bankası AŞ will restructure the debts of 18 clubs in Turkey's top football league, the association said no single bank will absorb the debts and that all banks will continue to manage their own risks, the Jan. 7 report said. It added that the loans will not be written off.

As of Jan. 7, US$1 was equivalent to 5.39 Turkish lira.