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One of the big three football clubs in Türkiye, Fenerbahce, announced Tuesday that it has reached an agreement with state-run Emlak Konut for a landmark housing project on a 61,000-square-meter plot of land owned by the club in Istanbul’s Atasehir district.
The project is expected to generate €90 million ($104.72 million) in revenue for Fenerbahce to pay off its debts to Turkish lenders.
Under the protocol, a mixed-use project with a residential focus will be developed on the land surrounding the Fenerbahce Ulker Sports and Event Hall through Emlak Konut’s “Revenue Sharing in Return for Land Sale” model, the club disclosed to the Turkish Public Disclosure Platform (KAP).
Emlak Konut also stated that the project will be carried out in cooperation with Fenerbahce and Akfin Real Estate Appraisal Inc., and will proceed under its own assurance.
Fenerbahce had reached an agreement with Emlak Konut at the end of May for the land adjacent to the Ulker Sports and Event Hall, which was acquired by former President Aziz Yildirim in 2018.
According to the agreement, the club will use the advance payment to exit its debt restructuring program with the Banks Association of Türkiye. As of Feb. 28, Fenerbahce’s debt to the Banks Association of Türkiye stood at ₺3.31 billion ($80 million). Additional payments will be made to the club following the valuation and sales phase of the real estate project.
In a similar development, Fenerbahce’s archrival and champion of the last three seasons, Galatasaray, announced in July that it had signed a joint residential housing project agreement with Turkish contractor Nivak Yapi, estimated to generate $560 million. According to Turkish media, Galatasaray secured a $50 million down payment and will receive half of the estimated revenue upon completion of the project.
The club’s management emphasized that the cooperation will strengthen Fenerbahce’s financial independence and provide lasting contributions to its fiscal structure through revenues generated from a project developed in one of Istanbul’s most valuable areas.
Fenerbahce also confirmed on its official website that the deal would allow it to exit the Banks Association agreement.
“Fenerbahce Sports Club now attains the financial freedom to shape its own future,” the statement read. “This decision is not merely a financial choice; it is the independence manifesto of our Fenerbahce.”
The club said that updates on the protocol and its progress will be regularly shared with the public.
Coached by renowned Portuguese manager Jose Mourinho, Fenerbahce seeks to end its 11-year wait for a Turkish Super Lig championship, as well as its 17-year absence from the UEFA Champions League.
The agreement is seen as a key step toward ending the Yellow Canaries’ years of underachievement, providing relief on transfer and wage spending while helping the club avoid UEFA’s Financial Fair Play regulations.
The club has also signed a major sponsorship agreement with U.S. yogurt brand Chobani worth a total of €120 million, with a five-year term and an optional five-year extension.
Starting the league with an away draw against Goztepe, Fenerbahce currently sits 11th in the table with one match in hand.
On Wednesday, the club will host Portugal’s Benfica at home in the UEFA Champions League qualifiers at 10 p.m. local time (GMT+3).
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