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Fenerbahce’s attempt to sign 28-year-old Nigerian star Ademola Lookman collapsed after the Italian club asked for a bank guarantee letter, Vice President Murat Salar revealed on Wednesday, slamming Atalanta’s demand as unacceptable for the club’s standing and transfer practice.
"We took this as an insult to ourselves," Salar told the club’s official television channel. "We said, ‘Which bank’s reputation is higher than the 120-year-old Fenerbahce club?’"
Fenerbahce had been actively pursuing Lookman throughout the winter transfer window, with the Istanbul club reportedly preparing a transfer offer worth up to €40 million ($47.45 million), including bonuses and offering the Nigeria international a lucrative contract in excess of €9 million per season.
Local and Italian media reported that Fenerbahce even appeared to be leading negotiations ahead of Spanish interest.
As Fenerbahce and Atalanta wrangled over payment terms, Spanish club Atletico Madrid moved in and agreed a permanent transfer with Atalanta for Lookman, with the deal understood to be around €35 million plus up to €5 million in bonuses.
However, during the winter transfer window, Fenerbahce secured major reinforcements, including French midfielders N’Golo Kante and Matteo Guendouzi. Guendouzi’s €28 million move set a new club transfer record, while total spending reached €37 million across all deals.
Salar also detailed the club’s latest financial position, saying Fenerbahce no longer operates under the Turkish Banks Association debt restructuring framework. "Before we exited the Banks Association deal, 50% of our revenues were going to banks. As of now, all Fenerbahce revenues go to Fenerbahce," he said.
He added that the current management’s priority is to remove interest pressure from the club’s finances and confirmed that all bank debt is cleared. "We do not want to be part of the Banks Association agreement again, which we see as a negative arrangement."
The Turkish Banks Association restructuring plan was launched in 2021 to help top football clubs manage mounting debts by consolidating loans with a consortium of banks into extended repayment schedules. The intent was to stabilise club finances by restructuring principal and interest payments over longer terms, rather than erasing what was owed.
In January 2026, Fenerbahce said it cleared the remaining €69 million ($81.86 million) under the Banks Association restructuring deal, fully repaying principal and interest and exiting the plan early.
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