{"id":866,"date":"2026-01-29T17:12:17","date_gmt":"2026-01-29T14:12:17","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=866"},"modified":"2026-01-30T00:17:08","modified_gmt":"2026-01-29T21:17:08","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-gsray-galatasaray-sportif-sinai-ve-ticaret-2025-9-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/866","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 GSRAY | Galatasaray Sportif S\u0131nai ve Ticaret 2025\/9 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #GSRAY | Galatasaray Sportif S\u0131nai ve Ticaret 2025\/9 Bilan\u00e7o Analizi\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/gwgJBOFy7dg?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h1>Galatasaray&#8217;\u0131n Finansal Raporlar\u0131 Mercek Alt\u0131nda: 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek<\/h1>\n<p>Yat\u0131r\u0131mc\u0131lar ve taraftarlar i\u00e7in Galatasaray, ba\u015far\u0131yla e\u015f anlaml\u0131 bir T\u00fcrk sporu devidir. Ancak bir finans analisti i\u00e7in ger\u00e7ek hikaye sahada de\u011fil, finansal raporlar\u0131n dipnotlar\u0131nda gizlidir. \u015eirketin en son yay\u0131mlad\u0131\u011f\u0131 belgeler \u00fczerinde yapt\u0131\u011f\u0131m\u0131z derinlemesine analiz, kamuoyuna yans\u0131yan bu \u015fa\u015faan\u0131n ard\u0131nda \u00e7ok daha karma\u015f\u0131k ve hassas bir ger\u00e7ekli\u011fi ortaya koyuyor.<\/p>\n<p>Bir finans analisti ve spor ekonomisi yazar\u0131 olarak, Galatasaray Sportif A.\u015e.&#8217;nin 01.06.2025-30.11.2025 d\u00f6nemine ait faaliyet raporunu ve 19 Ocak 2026 tarihli ba\u011f\u0131ms\u0131z denetim raporunu sizler i\u00e7in mercek alt\u0131na ald\u0131m. \u015eimdi, bu raporlar\u0131n sat\u0131r aralar\u0131nda gizlenen 5 \u00e7arp\u0131c\u0131 ger\u00e7e\u011fi birlikte inceleyelim.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3>1. Denet\u00e7iden Gelen Ciddi Uyar\u0131: &#8216;\u0130\u015fletmenin S\u00fcreklili\u011fiyle \u0130lgili \u00d6nemli Belirsizlik&#8217;<\/h3>\n<p>Finansal tablolar\u0131n en kritik uyar\u0131 i\u015fareti, ba\u011f\u0131ms\u0131z denetim kurulu\u015fu Grant Thornton taraf\u0131ndan rapora eklenen &#8220;\u0130\u015fletmenin S\u00fcreklili\u011fiyle \u0130lgili \u00d6nemli Belirsizlik&#8221; ba\u015fl\u0131kl\u0131 notta yer al\u0131yor.<\/p>\n<p>Peki, &#8220;i\u015fletmenin s\u00fcreklili\u011fi&#8221; ne anlama geliyor? En basit haliyle bu, denet\u00e7inin \u015firketin yak\u0131n gelecekte faaliyetlerine devam edip edemeyece\u011fine dair ciddi \u015f\u00fcpheleri oldu\u011fu anlam\u0131na gelir. Galatasaray gibi dev bir marka i\u00e7in bu, k\u0131rm\u0131z\u0131 alarm niteli\u011finde bir durumdur.<\/p>\n<p>Denet\u00e7iyi bu ciddi uyar\u0131y\u0131 yapmaya iten temel nedenler ise raporda net bir \u015fekilde s\u0131ralan\u0131yor:<\/p>\n<ul>\n<li><b>Devasa Likidite A\u00e7\u0131\u011f\u0131:<\/b> \u015eirketin k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fckleri (bir y\u0131l i\u00e7inde \u00f6denmesi gereken bor\u00e7lar), d\u00f6nen varl\u0131klar\u0131n\u0131 (nakit ve bir y\u0131l i\u00e7inde nakde \u00e7evrilebilecek varl\u0131klar) tam <b>10.760.013.149 TL<\/b> a\u015f\u0131yor. Bu durum, \u015firketin net \u00e7al\u0131\u015fma sermayesindeki devasa a\u00e7\u0131\u011fa i\u015faret ediyor ve likidite riskini en \u00fcst seviyeye \u00e7\u0131kar\u0131yor.<\/li>\n<li><b>Faaliyetlerden Gelen Zarar:<\/b> Raporlanan d\u00f6nemde k\u00e2r a\u00e7\u0131klanm\u0131\u015f olsa da, bu k\u00e2r \u015firketin ana i\u015f kolundan gelmiyor. \u015eirket, esas faaliyetlerinden <b>211.683.148 TL<\/b> zarar etmi\u015f durumda.<\/li>\n<li><b>Birikmi\u015f Zarar Da\u011f\u0131:<\/b> Belki de en \u00e7arp\u0131c\u0131 rakam bu. \u015eirketin ge\u00e7mi\u015f y\u0131llardan bug\u00fcne ta\u015f\u0131d\u0131\u011f\u0131 birikmi\u015f zararlar\u0131n toplam\u0131 <b>14.481.495.159 TL<\/b> gibi devasa bir boyuta ula\u015fm\u0131\u015f.<\/li>\n<\/ul>\n<p>Bu \u00fc\u00e7 g\u00f6sterge bir araya geldi\u011finde, denet\u00e7inin neden \u015firketin gelece\u011fine dair &#8220;\u00f6nemli bir belirsizlik&#8221; notu d\u00fc\u015ft\u00fc\u011f\u00fcn\u00fc anlamak zor de\u011fil.<\/p>\n<h3>2. Kul\u00fcbe Verilen 6.4 Milyar TL&#8217;lik &#8216;A\u00e7\u0131k \u00c7ek&#8217;<\/h3>\n<p>Denet\u00e7i raporuna neden tam bir onay (&#8216;uygun g\u00f6r\u00fc\u015f&#8217;) de\u011fil de &#8220;\u015eartl\u0131 Sonu\u00e7&#8221; verdi? Bu, denet\u00e7inin &#8220;raporun geneli do\u011fru ama \u015fu spesifik konuda yeterli kan\u0131t toplayamad\u0131m veya bu konu muhasebe standartlar\u0131na ayk\u0131r\u0131&#8221; dedi\u011fi anlam\u0131na gelir. Cevap, Sportif A.\u015e. ile ana hissedar\u0131 Galatasaray Spor Kul\u00fcb\u00fc Derne\u011fi aras\u0131ndaki karma\u015f\u0131k finansal ili\u015fkide sakl\u0131.<\/p>\n<p>Rapora g\u00f6re, \u015firketin Kul\u00fcp&#8217;ten tam <b>6.440.479.383 TL<\/b> tutar\u0131nda ticari olmayan bir alaca\u011f\u0131 bulunuyor. Bu rakam\u0131n en \u015fa\u015f\u0131rt\u0131c\u0131 yan\u0131 ise vadesi. Rapor, &#8220;s\u00f6z konusu alaca\u011f\u0131n belirli bir vadesi bulunmamaktad\u0131r&#8221; diyor. Yani bu, \u015firketin kul\u00fcbe verdi\u011fi ve ne zaman, nas\u0131l tahsil edilece\u011fi belirsiz olan 6.4 milyar TL&#8217;lik bir &#8220;a\u00e7\u0131k \u00e7ek&#8221; gibi duruyor.<\/p>\n<p>Denet\u00e7i de bu belirsizlik nedeniyle &#8220;an\u0131lan alacaklar\u0131n tahsil edilebilirli\u011fine dair kanaat olu\u015fturulamam\u0131\u015ft\u0131r&#8221; ifadesiyle durumu net bir \u015fekilde ortaya koyuyor.<\/p>\n<p>\u0130li\u015fkinin di\u011fer taraf\u0131nda ise Sportif A.\u015e.&#8217;nin de Kul\u00fcp&#8217;e <b>3.242.236.186 TL<\/b> borcu var. Ancak muhasebe standartlar\u0131 gere\u011fi bu iki devasa rakam birbirinden mahsup edilemiyor, bu da bilan\u00e7odaki durumu daha da karma\u015f\u0131k hale getiriyor. Bu d\u00fczenleme \u00f6nemli bir \u015feffafl\u0131k sorunu yaratmaktad\u0131r. Halka a\u00e7\u0131k olan Sportif A.\u015e.&#8217;nin finansal sa\u011fl\u0131\u011f\u0131, k\u00e2r amac\u0131 g\u00fctmeyen Galatasaray Spor Kul\u00fcb\u00fc Derne\u011fi&#8217;nin \u015feffaf olmayan mali yap\u0131s\u0131na ayr\u0131lmaz bir \u015fekilde ba\u011flanm\u0131\u015f durumdad\u0131r ki bu, az\u0131nl\u0131k hissedarlar i\u00e7in hafife al\u0131namayacak bir risk fakt\u00f6r\u00fcd\u00fcr.<\/p>\n<h3>3. Y\u00f6netimdeki \u0130mtiyaz: %25 Hisse ile Y\u00f6netim Kurulunun %94&#8217;\u00fc Nas\u0131l Kontrol Ediliyor?<\/h3>\n<p>Galatasaray Sportif A.\u015e. halka a\u00e7\u0131k bir \u015firket olsa da, y\u00f6netimdeki kontrol yap\u0131s\u0131 olduk\u00e7a dikkat \u00e7ekici. \u015eirketin hisseleri (A) ve (B) grubu olarak ikiye ayr\u0131lm\u0131\u015f durumda. \u0130\u015fte i\u015fin ilgin\u00e7le\u015fti\u011fi nokta:<\/p>\n<ul>\n<li>(A) grubu hisseler, toplam sermayenin yaln\u0131zca <b>%25<\/b>&#8216;ini temsil ediyor.<\/li>\n<li>Ancak bu %25&#8217;lik pay, 16 ki\u015filik Y\u00f6netim Kurulu&#8217;nun tam <b>15 \u00fcyesini<\/b> belirleme hakk\u0131n\u0131 elinde tutuyor. Bu da y\u00f6netim kurulunun yakla\u015f\u0131k %94&#8217;\u00fcne tekab\u00fcl ediyor.<\/li>\n<\/ul>\n<p>Peki bu imtiyazl\u0131 (A) grubu hisselerin tamam\u0131 kime ait? Tahmin etti\u011finiz gibi, Galatasaray Spor Kul\u00fcb\u00fc Derne\u011fi&#8217;ne. Bu yap\u0131, halka a\u00e7\u0131k olan yakla\u015f\u0131k <b>%40<\/b>&#8216;l\u0131k paya sahip di\u011fer yat\u0131r\u0131mc\u0131lar\u0131n y\u00f6netimde neredeyse hi\u00e7bir s\u00f6z hakk\u0131 olmamas\u0131n\u0131 sa\u011flarken, Kul\u00fcp&#8217;e \u015firket \u00fczerinde mutlak bir kontrol g\u00fcc\u00fc veriyor. Kul\u00fcp&#8217;\u00fcn bu mutlak kontrol\u00fc, daha \u00f6nce tart\u0131\u015ft\u0131\u011f\u0131m\u0131z karma\u015f\u0131k ve sorgulanabilir 6.4 milyar TL&#8217;lik alacak d\u00fczenlemesini m\u00fcmk\u00fcn k\u0131lan mekanizmad\u0131r, zira az\u0131nl\u0131k hissedarlar\u0131n bu t\u00fcr ili\u015fkili taraf i\u015flemlerine itiraz etme g\u00fcc\u00fc bulunmamaktad\u0131r.<\/p>\n<h3>4. K\u00e2r Rakamlar\u0131n\u0131n Ard\u0131ndaki Devasa Zarar Da\u011f\u0131<\/h3>\n<p>\u0130lk bak\u0131\u015fta, \u015firketin 1 Haziran 2025 \u2013 30 Kas\u0131m 2025 d\u00f6neminde <b>1.374.247.435 TL<\/b> net kar elde etmesi son derece olumlu bir geli\u015fme olarak g\u00f6r\u00fcn\u00fcyor. Bu rakam, sportif ba\u015far\u0131lar\u0131n ve artan gelirlerin finansal tablolara yans\u0131d\u0131\u011f\u0131n\u0131n bir kan\u0131t\u0131.<\/p>\n<p>Ancak madalyonun di\u011fer y\u00fcz\u00fcn\u00fc \u00e7evirdi\u011fimizde, kar\u015f\u0131m\u0131za bir &#8220;k\u00e2r paradoksu&#8221; \u00e7\u0131k\u0131yor. Bu etkileyici d\u00f6nem k\u00e2r\u0131na ra\u011fmen, bilan\u00e7onun \u00f6zkaynaklar b\u00f6l\u00fcm\u00fcnde <b>14.481.495.159 TL<\/b>&#8216;lik devasa bir &#8220;Ge\u00e7mi\u015f Y\u0131llar Zararlar\u0131&#8221; kalemi adeta bir da\u011f gibi duruyor.<\/p>\n<p>Bu durum, tek bir ba\u015far\u0131l\u0131 sezonun veya d\u00f6nemin, y\u0131llar i\u00e7inde birikmi\u015f olan yap\u0131sal finansal sorunlar\u0131 \u00e7\u00f6zmeye yetmeyece\u011fini ac\u0131 bir \u015fekilde g\u00f6steriyor. Elde edilen k\u00e2r, bu devasa zarar da\u011f\u0131n\u0131n yan\u0131nda hen\u00fcz k\u00fc\u00e7\u00fck bir tepe gibi kal\u0131yor.<\/p>\n<h3>5. Hayatta Kalma Hamlesi: 8.1 Milyar TL&#8217;lik Nakit Enjeksiyonu<\/h3>\n<p>Raporlarda tespit edilen t\u00fcm bu zorluklara kar\u015f\u0131 y\u00f6netimin att\u0131\u011f\u0131 \u00e7ok kritik bir ad\u0131m da g\u00f6ze \u00e7arp\u0131yor. \u015eirket, \u00f6zkaynak yap\u0131s\u0131n\u0131 g\u00fc\u00e7lendirmek amac\u0131yla Temmuz 2025&#8217;te, 7-24 Temmuz tarihleri aras\u0131nda tamamlad\u0131\u011f\u0131 b\u00fcy\u00fck bir sermaye art\u0131r\u0131m\u0131 hamlesi yapm\u0131\u015f.<\/p>\n<p>\u015eirketin \u00e7\u0131kar\u0131lm\u0131\u015f sermayesi, tamam\u0131 nakden (bedelli) kar\u015f\u0131lanmak suretiyle <b>5.4 milyar TL&#8217;den 13.5 milyar TL&#8217;ye<\/b> y\u00fckseltilmi\u015f. Bu sermaye art\u0131\u015f\u0131, \u015firketin kasas\u0131na tam <b>8.1 milyar TL<\/b>&#8216;lik taze bir nakit giri\u015fi sa\u011flam\u0131\u015f.<\/p>\n<p>Bu hamle, denet\u00e7inin dikkat \u00e7ekti\u011fi &#8220;i\u015fletmenin s\u00fcreklili\u011fi&#8221; endi\u015felerine kar\u015f\u0131 at\u0131lm\u0131\u015f somut ve hayati bir ad\u0131m olarak de\u011ferlendirilebilir. \u015eirket, bu nakit enjeksiyonuyla k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerini kar\u015f\u0131lama konusunda \u00f6nemli bir manevra alan\u0131 kazanm\u0131\u015f g\u00f6r\u00fcn\u00fcyor. Ancak hayatta kalmak i\u00e7in zorunlu olan bu devasa sermaye art\u0131\u015f\u0131, mevcut halka a\u00e7\u0131k hissedarlar\u0131n paylar\u0131n\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde suland\u0131rmaktad\u0131r ki bu hissedarlar\u0131n, g\u00f6rd\u00fc\u011f\u00fcm\u00fcz gibi, b\u00f6ylesine k\u00f6kl\u00fc bir \u00f6nlemi gerektiren stratejik kararlarda hi\u00e7bir s\u00f6z hakk\u0131 olmam\u0131\u015ft\u0131r.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>Sonu\u00e7: K\u0131sa Vadeli \u00c7\u00f6z\u00fcmler Uzun Vadeli Gelece\u011fi Garantiliyor mu?<\/h2>\n<p>\u015eirketin hikayesi, derin \u00e7eli\u015fkilerle dolu: 14.5 milyar TL&#8217;lik ge\u00e7mi\u015f zararlar da\u011f\u0131yla y\u00fcklenmi\u015f kutlu bir marka, ana kul\u00fcb\u00fcne yaz\u0131lm\u0131\u015f 6.4 milyar TL&#8217;lik \u015fa\u015f\u0131rt\u0131c\u0131 bir &#8216;a\u00e7\u0131k \u00e7ek&#8217; ve halka a\u00e7\u0131k hissedarlar\u0131 sessizli\u011fe mahkum eden bir y\u00f6netim yap\u0131s\u0131. Yap\u0131lan 8.1 milyar TL&#8217;lik rekor sermaye art\u0131\u015f\u0131, su \u00fczerinde kalmak i\u00e7in at\u0131lm\u0131\u015f kararl\u0131 bir ad\u0131m olsa da, asl\u0131nda derin \u00e7atlaklara sahip bir temel \u00fczerine at\u0131lm\u0131\u015f devasa bir finansal yamadan farks\u0131z.<\/p>\n<p>Bu durum, ak\u0131llara en temel soruyu getiriyor: At\u0131lan bu ad\u0131mlar, Galatasaray markas\u0131n\u0131n uzun vadeli finansal istikrar\u0131n\u0131 sa\u011flamak i\u00e7in yeterli olacak m\u0131?<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Galatasaray Sportif A.\u015e. 01.06.2025 &#8211; 30.11.2025 D\u00f6nemi Bilgilendirme Raporu<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu rapor, Galatasaray Sportif S\u0131nai ve Ticari Yat\u0131r\u0131mlar A.\u015e. ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (&#8220;Grup&#8221;) 1 Haziran 2025 \u2013 30 Kas\u0131m 2025 ara hesap d\u00f6nemine ait faaliyet raporu ve s\u0131n\u0131rl\u0131 denetimden ge\u00e7mi\u015f finansal tablolar\u0131n\u0131 analiz etmektedir. D\u00f6neme ait en kritik bulgular, ba\u011f\u0131ms\u0131z denet\u00e7i Eren Ba\u011f\u0131ms\u0131z Denetim A.\u015e. (Grant Thornton) taraf\u0131ndan yay\u0131mlanan &#8220;\u015eartl\u0131 Sonu\u00e7&#8221; ve &#8220;\u0130\u015fletmenin S\u00fcreklili\u011fiyle \u0130lgili \u00d6nemli Belirsizlik&#8221; ba\u015fl\u0131klar\u0131d\u0131r.<\/p>\n<p>Denet\u00e7inin \u015fartl\u0131 sonu\u00e7 bildirmesinin temel nedeni, Grup&#8217;un ana hissedar\u0131 Galatasaray Spor Kul\u00fcb\u00fc&#8217;nden (&#8220;Kul\u00fcp&#8221;) olan vadesi ve tahsilat \u015fekli belirsiz <b>6.440.479.383 TL<\/b> tutar\u0131ndaki ticari olmayan alaca\u011f\u0131n tahsil edilebilirli\u011fine dair bir kanaat olu\u015fturulamamas\u0131d\u0131r.<\/p>\n<p>\u0130\u015fletmenin s\u00fcreklili\u011fine ili\u015fkin \u00f6nemli belirsizlik ise Grup&#8217;un k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerinin d\u00f6nen varl\u0131klar\u0131n\u0131 <b>10.760.013.149 TL<\/b> a\u015fmas\u0131ndan ve <b>14.481.495.159 TL<\/b> tutar\u0131ndaki birikmi\u015f ge\u00e7mi\u015f y\u0131llar zararlar\u0131ndan kaynaklanmaktad\u0131r. Bu durum, d\u00f6nemsel olarak <b>1.374.247.435 TL<\/b> net kar elde edilmesine ve \u00f6zkaynaklar\u0131n pozitif olmas\u0131na ra\u011fmen, Grup&#8217;un faaliyetlerini s\u00fcrd\u00fcrme kabiliyeti \u00fczerinde ciddi \u015f\u00fcpheler olu\u015fturmaktad\u0131r.<\/p>\n<p>Finansal olarak, Grup bu alt\u0131 ayl\u0131k d\u00f6nemde \u00f6zkaynak yap\u0131s\u0131n\u0131 g\u00fc\u00e7lendirmek amac\u0131yla ba\u015far\u0131l\u0131 bir sermaye art\u0131r\u0131m\u0131 ger\u00e7ekle\u015ftirerek \u00e7\u0131kar\u0131lm\u0131\u015f sermayesini 5,4 milyar TL&#8217;den <b>13,5 milyar TL<\/b>&#8216;ye y\u00fckseltmi\u015ftir. D\u00f6nem has\u0131lat\u0131 9,66 milyar TL olarak ger\u00e7ekle\u015firken, esas faaliyet zarar\u0131 211,7 milyon TL olmu\u015ftur. D\u00f6nem net kar\u0131 b\u00fcy\u00fck \u00f6l\u00e7\u00fcde finansman gelirleri ve y\u00fcksek enflasyon muhasebesi (TMS 29) kaynakl\u0131 parasal kazan\u00e7lardan etkilenmi\u015ftir. Grup, marka de\u011feri ve gelir potansiyeliyle g\u00fc\u00e7l\u00fc bir konumda olmas\u0131na ra\u011fmen, Kul\u00fcp ile olan finansal ili\u015fkileri, y\u00fcksek bor\u00e7luluk ve operasyonel karl\u0131l\u0131k konular\u0131nda ciddi yap\u0131sal zorluklarla kar\u015f\u0131 kar\u015f\u0131yad\u0131r.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>1. Ba\u011f\u0131ms\u0131z Denet\u00e7i Raporu ve Temel Finansal Bulgular<\/h2>\n<p>Eren Ba\u011f\u0131ms\u0131z Denetim A.\u015e. (Grant Thornton International \u00fcyesi) taraf\u0131ndan 19 Ocak 2026 tarihinde haz\u0131rlanan s\u0131n\u0131rl\u0131 denetim raporu, Grup&#8217;un finansal sa\u011fl\u0131\u011f\u0131na ili\u015fkin kritik tespitler i\u00e7ermektedir.<\/p>\n<h3>1.1. \u015eartl\u0131 Sonu\u00e7 (Qualified Opinion)<\/h3>\n<p>Denetim firmas\u0131, 30 Kas\u0131m 2025 tarihli ara d\u00f6nem \u00f6zet konsolide finansal tablolar hakk\u0131nda &#8220;\u015eartl\u0131 Sonu\u00e7&#8221; bildirmi\u015ftir. Bu sonucun dayana\u011f\u0131 a\u015fa\u011f\u0131daki hususlard\u0131r:<\/p>\n<ul>\n<li><b>Ana Hissedardan Belirsiz Alacak:<\/b> Grup\u2019un 30 Kas\u0131m 2025 itibar\u0131yla ana hissedar\u0131 Galatasaray Spor Kul\u00fcb\u00fc ve ba\u011fl\u0131 ortakl\u0131klar\u0131ndan <b>6.440.479.383 TL<\/b> tutar\u0131nda ticari olmayan bir alaca\u011f\u0131 bulunmaktad\u0131r. Bu alaca\u011f\u0131n belirli bir vadesi ve tahsilat \u015fekli olmamas\u0131 nedeniyle, denet\u00e7i s\u00f6z konusu alaca\u011f\u0131n tahsil edilebilirli\u011fine dair bir kanaat olu\u015fturamam\u0131\u015ft\u0131r.<\/li>\n<li><b>Netle\u015ftirilmeyen Bor\u00e7 Bakiyesi:<\/b> Grup&#8217;un ayn\u0131 zamanda Galatasaray Spor Kul\u00fcb\u00fc&#8217;ne <b>3.242.236.186 TL<\/b> tutar\u0131nda, s\u00f6zle\u015fmeye dayal\u0131 ve uzun vadeli bir ticari borcu vard\u0131r. Bu bakiye, TMS 32 Finansal Ara\u00e7lar: Sunum standard\u0131 uyar\u0131nca alacak bakiyesi ile netle\u015ftirilmemi\u015ftir.<\/li>\n<\/ul>\n<p>Bu durumlar haricinde, denet\u00e7i, finansal tablolar\u0131n T\u00fcrkiye Muhasebe Standard\u0131 34&#8217;e (TMS 34) uygun haz\u0131rlanmad\u0131\u011f\u0131na dair ba\u015fka bir \u00f6nemli hususa dikkat \u00e7ekmemi\u015ftir.<\/p>\n<h3>1.2. \u0130\u015fletmenin S\u00fcreklili\u011fiyle \u0130lgili \u00d6nemli Belirsizlik<\/h3>\n<p>Denet\u00e7i, g\u00f6r\u00fc\u015f\u00fcn\u00fc etkilememekle birlikte, Grup&#8217;un faaliyetlerini s\u00fcrd\u00fcrme kabiliyetine ili\u015fkin ciddi \u015f\u00fcpheler olu\u015fturan \u00f6nemli bir belirsizli\u011fe dikkat \u00e7ekmi\u015ftir. Bu belirsizli\u011fin temel g\u00f6stergeleri \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>Negatif \u0130\u015fletme Sermayesi:<\/b> Grup&#8217;un k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fckleri, d\u00f6nen varl\u0131klar\u0131n\u0131 <b>10.760.013.149 TL<\/b> gibi \u00f6nemli bir tutarda a\u015fmaktad\u0131r.<\/li>\n<li><b>Birikmi\u015f Zararlar:<\/b> Grubun ge\u00e7mi\u015f y\u0131llar zararlar\u0131 toplam\u0131 <b>14.481.495.159 TL<\/b>&#8216;ye ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<li><b>Operasyonel Zarar:<\/b> Raporlama d\u00f6neminde pozitif net kar elde edilmesine ra\u011fmen, esas faaliyet zarar\u0131 <b>211.683.148 TL<\/b> olarak ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<\/ul>\n<p>Grup y\u00f6netimi bu duruma kar\u015f\u0131l\u0131k gelirleri art\u0131r\u0131c\u0131, \u00e7e\u015fitlendirici ve maliyetleri d\u00fc\u015f\u00fcr\u00fcc\u00fc bir aksiyon plan\u0131 haz\u0131rlad\u0131\u011f\u0131n\u0131 belirtmektedir.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>2. Finansal Performans ve Durum Analizi<\/h2>\n<h3>2.1. Temel Finansal Tablo Verileri<\/h3>\n<p>A\u015fa\u011f\u0131daki tablo, Grup&#8217;un 30 Kas\u0131m 2025 ve 31 May\u0131s 2025 tarihleri itibar\u0131yla temel finansal g\u00f6stergelerini kar\u015f\u0131la\u015ft\u0131rmal\u0131 olarak sunmaktad\u0131r:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Finansal G\u00f6sterge<\/td>\n<td>30 Kas\u0131m 2025 (TL)<\/td>\n<td>31 May\u0131s 2025 (TL)<\/td>\n<\/tr>\n<tr>\n<td>Toplam Varl\u0131klar<\/td>\n<td>38.098.349.512<\/td>\n<td>32.163.380.818<\/td>\n<\/tr>\n<tr>\n<td>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>22.749.982.142<\/td>\n<td>27.018.099.942<\/td>\n<\/tr>\n<tr>\n<td><b>Ana Ortakl\u0131\u011fa Ait \u00d6zkaynaklar<\/b><\/td>\n<td><b>15.348.443.532<\/b><\/td>\n<td><b>5.145.396.882<\/b><\/td>\n<\/tr>\n<tr>\n<td>D\u00f6nen Varl\u0131klar<\/td>\n<td>5.520.273.167<\/td>\n<td>4.375.384.488<\/td>\n<\/tr>\n<tr>\n<td>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>16.280.286.316<\/td>\n<td>13.128.983.768<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nen Varl\u0131k &#8211; KV Y\u00fck\u00fcml\u00fcl\u00fck Fark\u0131<\/b><\/td>\n<td><b>(10.760.013.149)<\/b><\/td>\n<td><b>(8.753.599.280)<\/b><\/td>\n<\/tr>\n<tr>\n<td>Has\u0131lat (6 Ayl\u0131k)<\/td>\n<td>9.657.863.373<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyet Kar\u0131\/(Zarar\u0131) (6 Ayl\u0131k)<\/td>\n<td>(211.683.148)<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem Kar\u0131\/(Zarar\u0131) (6 Ayl\u0131k)<\/b><\/td>\n<td><b>1.374.247.435<\/b><\/td>\n<td><b>(999.546.764)<\/b><\/td>\n<\/tr>\n<tr>\n<td>Ge\u00e7mi\u015f Y\u0131llar Kar\u0131\/(Zarar\u0131)<\/td>\n<td>(14.481.495.159)<\/td>\n<td>(13.477.315.040)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><i>Not: Finansal veriler, TMS 29 (Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama) standard\u0131na g\u00f6re d\u00fczeltilmi\u015ftir.<\/i><\/p>\n<h3>2.2. Gelir ve K\u00e2rl\u0131l\u0131k<\/h3>\n<p>1 Haziran 2025 &#8211; 30 Kas\u0131m 2025 d\u00f6neminde Grup, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re (6,04 milyar TL) \u00f6nemli bir art\u0131\u015fla <b>9,66 milyar TL<\/b> has\u0131lat elde etmi\u015ftir. Has\u0131lat\u0131n ana kalemleri \u015funlard\u0131r:<\/p>\n<ul>\n<li>Ma\u011faza sat\u0131\u015f gelirleri: 3,23 milyar TL<\/li>\n<li>Loca, VIP ve kombine sat\u0131\u015f gelirleri: 2,20 milyar TL<\/li>\n<li>Sponsorluk, isim hakk\u0131 ve reklam gelirleri: 1,88 milyar TL<\/li>\n<li>UEFA gelirleri: 1,72 milyar TL<\/li>\n<\/ul>\n<p>Buna kar\u015f\u0131l\u0131k, sat\u0131\u015flar\u0131n maliyeti 8,04 milyar TL olarak ger\u00e7ekle\u015fmi\u015f ve br\u00fct kar <b>1,62 milyar TL<\/b> olmu\u015ftur. Ancak genel y\u00f6netim ve pazarlama giderlerinin etkisiyle esas faaliyet zarar\u0131 <b>211,7 milyon TL<\/b>&#8216;ye ula\u015fm\u0131\u015ft\u0131r. D\u00f6nemin <b>1,37 milyar TL<\/b> net kar ile kapat\u0131lmas\u0131, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde <b>1,53 milyar TL<\/b>&#8216;lik finansman gelirleri ve <b>1,36 milyar TL<\/b>&#8216;lik parasal kazan\u00e7tan kaynaklanmaktad\u0131r.<\/p>\n<h3>2.3. \u0130li\u015fkili Taraf \u0130\u015flemleri<\/h3>\n<p>Grup&#8217;un finansal yap\u0131s\u0131nda ana hissedar Galatasaray Spor Kul\u00fcb\u00fc ile olan i\u015flemler ve bakiyeler merkezi bir rol oynamaktad\u0131r.<\/p>\n<ul>\n<li><b>Kul\u00fcp&#8217;ten Alacaklar:<\/b> Toplam\u0131 denet\u00e7i raporunda <b>6,44 milyar TL<\/b> olarak belirtilen bu alacak, Grup&#8217;un en \u00f6nemli varl\u0131k kalemlerinden biridir ve vadesinin belirsiz olmas\u0131 denet\u00e7inin \u015fartl\u0131 g\u00f6r\u00fc\u015f bildirmesine neden olmu\u015ftur.<\/li>\n<li><b>Kul\u00fcp&#8217;e Bor\u00e7lar:<\/b> Grup&#8217;un Kul\u00fcp&#8217;e, &#8220;Loca, VIP ve Kombine Koltuklar\u0131n Pazarlama Hak ve Gelirlerinin %90&#8217;\u0131n\u0131n Devri&#8221; s\u00f6zle\u015fmesi kapsam\u0131nda <b>3,24 milyar TL<\/b> uzun vadeli ticari borcu bulunmaktad\u0131r.<\/li>\n<li><b>Kul\u00fcp&#8217;e Pe\u015fin \u00d6denmi\u015f Giderler:<\/b> Ali Sami Yen Spor Kompleksi Rams Park&#8217;\u0131n pazarlama haklar\u0131 i\u00e7in Kul\u00fcp&#8217;e yap\u0131lan \u00f6demeler, uzun vadeli pe\u015fin \u00f6denmi\u015f giderler hesab\u0131nda <b>12,2 milyar TL<\/b> olarak takip edilmektedir.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>3. Kurumsal Yap\u0131 ve Faaliyetler<\/h2>\n<h3>3.1. \u015eirket ve Ba\u011fl\u0131 Ortakl\u0131klar<\/h3>\n<p>Galatasaray Sportif A.\u015e., Galatasaray markas\u0131n\u0131n pazarlama faaliyetlerini y\u00fcr\u00fctmek \u00fczere 1997&#8217;de kurulmu\u015ftur. Misyonu medya, sponsorluk, lisansl\u0131 \u00fcr\u00fcn ve reklam haklar\u0131n\u0131n ticari de\u011ferini en \u00fcst d\u00fczeye \u00e7\u0131karmakt\u0131r. \u015eirketin ba\u011fl\u0131 ortakl\u0131klar\u0131 ve faaliyet alanlar\u0131 \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>Galatasaray Ma\u011fazac\u0131l\u0131k ve Perakendecilik A.\u015e. (%100):<\/b> GS logolu \u00fcr\u00fcnlerin sat\u0131\u015f\u0131 ve ma\u011fazac\u0131l\u0131k faaliyetleri.<\/li>\n<li><b>Galatasaray Gayrimenkul Yat\u0131r\u0131m ve Geli\u015ftirme Ticaret A.\u015e. (%100):<\/b> Gayrimenkul alan\u0131nda yat\u0131r\u0131m ve geli\u015ftirme faaliyetleri.<\/li>\n<li><b>Galatasaray Teknoloji A.\u015e. (%99,82 &#8211; Dolayl\u0131 \u0130\u015ftirak):<\/b> Dijital ve teknoloji odakl\u0131 \u00fcr\u00fcn\/hizmet geli\u015ftirme, yaz\u0131l\u0131m, veri analiti\u011fi ve ileti\u015fim faaliyetleri.<\/li>\n<\/ul>\n<h3>3.2. Sermaye ve Ortakl\u0131k Yap\u0131s\u0131<\/h3>\n<p>D\u00f6nem i\u00e7inde, \u015eirket&#8217;in \u00e7\u0131kar\u0131lm\u0131\u015f sermayesi tamam\u0131 nakden kar\u015f\u0131lanmak suretiyle 5.400.000.000 TL&#8217;den %150 art\u0131r\u0131larak <b>13.500.000.000 TL<\/b>&#8216;ye y\u00fckseltilmi\u015ftir. Bu i\u015flem 15 A\u011fustos 2025&#8217;te tescil edilerek tamamlanm\u0131\u015ft\u0131r.<\/p>\n<p>30 Kas\u0131m 2025 itibar\u0131yla ortakl\u0131k yap\u0131s\u0131:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Hissedar<\/td>\n<td>Hisse Grubu<\/td>\n<td>Pay Oran\u0131 (%)<\/td>\n<td>Sermaye Tutar\u0131 (TL)<\/td>\n<\/tr>\n<tr>\n<td>Galatasaray Spor Kul\u00fcb\u00fc<\/td>\n<td>A<\/td>\n<td>25,00<\/td>\n<td>3.375.000.000<\/td>\n<\/tr>\n<tr>\n<td>Galatasaray Spor Kul\u00fcb\u00fc<\/td>\n<td>B<\/td>\n<td>35,01<\/td>\n<td>4.726.255.791<\/td>\n<\/tr>\n<tr>\n<td>Halka A\u00e7\u0131k K\u0131s\u0131m<\/td>\n<td>B<\/td>\n<td>39,99<\/td>\n<td>5.398.744.209<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam<\/b><\/td>\n<td><\/td>\n<td><b>100,00<\/b><\/td>\n<td><b>13.500.000.000<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>\u0130mtiyazl\u0131 Paylar:<\/b> (A) grubu paylar, 16 ki\u015filik Y\u00f6netim Kurulu&#8217;nun 15 \u00fcyesini belirleme hakk\u0131 gibi \u00f6nemli bir imtiyaz tan\u0131maktad\u0131r ve tamam\u0131 Galatasaray Spor Kul\u00fcb\u00fc&#8217;ne aittir.<\/li>\n<\/ul>\n<h3>3.3. Y\u00f6netim Kurulu<\/h3>\n<p>30 Kas\u0131m 2025 itibar\u0131yla \u015eirket&#8217;in Y\u00f6netim Kurulu Ba\u015fkan\u0131 <b>Dursun Ayd\u0131n \u00d6zbek<\/b>&#8216;tir. Y\u00f6netim Kurulu, Metin \u00d6zt\u00fcrk, \u0130brahim Hatipo\u011flu, Abdullah Kavukcu ve Maruf G\u00fcne\u015f&#8217;in de aralar\u0131nda bulundu\u011fu ba\u015fkan vekilleri, \u00fcyeler ve ba\u011f\u0131ms\u0131z \u00fcyelerden olu\u015fmaktad\u0131r. Y\u00f6netim Kurulu b\u00fcnyesinde Denetimden Sorumlu Komite, Kurumsal Y\u00f6netim Komitesi ve Riskin Erken Saptanmas\u0131 Komitesi faaliyet g\u00f6stermektedir.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>4. Riskler ve Y\u00fck\u00fcml\u00fcl\u00fckler<\/h2>\n<h3>4.1. Hukuki Uyu\u015fmazl\u0131klar<\/h3>\n<p>Grup, \u00e7e\u015fitli hukuki davalarla kar\u015f\u0131 kar\u015f\u0131yad\u0131r. Bu davalar i\u00e7in 30 Kas\u0131m 2025 itibar\u0131yla finansal tablolarda toplam <b>42.217.164 TL<\/b> tutar\u0131nda kar\u015f\u0131l\u0131k ayr\u0131lm\u0131\u015ft\u0131r. \u00d6ne \u00e7\u0131kan baz\u0131 uyu\u015fmazl\u0131klar \u015funlard\u0131r:<\/p>\n<ul>\n<li>Eski \u00e7al\u0131\u015fanlar taraf\u0131ndan a\u00e7\u0131lan davalar.<\/li>\n<li>Bir futbol kul\u00fcb\u00fcn\u00fcn ge\u00e7ici transfer s\u00f6zle\u015fmesinden kaynaklanan <b>4.200.000 TL + KDV<\/b> alacak iddias\u0131.<\/li>\n<li>Bir ba\u015fka futbol kul\u00fcb\u00fcn\u00fcn, eski bir oyuncunun transferinden kaynakland\u0131\u011f\u0131n\u0131 iddia etti\u011fi <b>2.250.000 Avro<\/b> tutar\u0131nda alacak talebi.<\/li>\n<\/ul>\n<h3>4.2. \u015earta Ba\u011fl\u0131 Y\u00fck\u00fcml\u00fcl\u00fckler<\/h3>\n<p>Grup&#8217;un bilan\u00e7o d\u0131\u015f\u0131 en \u00f6nemli y\u00fck\u00fcml\u00fcl\u00fckleri, futbolcu ve teknik kadro s\u00f6zle\u015fmelerinden kaynaklanan gelece\u011fe y\u00f6nelik \u00f6demelerdir. Bu sabit \u00fccret taahh\u00fctleri sezonlara g\u00f6re a\u015fa\u011f\u0131daki gibidir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Sezon<\/td>\n<td>Y\u00fck\u00fcml\u00fcl\u00fck Tutar\u0131 (TL)<\/td>\n<\/tr>\n<tr>\n<td>2025-2026<\/td>\n<td>2.953.003.942<\/td>\n<\/tr>\n<tr>\n<td>2026-2027<\/td>\n<td>4.820.297.512<\/td>\n<\/tr>\n<tr>\n<td>2027-2028<\/td>\n<td>4.023.686.191<\/td>\n<\/tr>\n<tr>\n<td>2028-2029<\/td>\n<td>2.127.406.753<\/td>\n<\/tr>\n<tr>\n<td>2029-2030<\/td>\n<td>434.266.120<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam<\/b><\/td>\n<td><b>14.358.660.518<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>4.3. D\u00f6viz Kuru Riski<\/h3>\n<p>Grup, \u00f6zellikle ABD Dolar\u0131 ve Avro cinsinden \u00f6nemli bir kur riskine maruz kalmaktad\u0131r. 30 Kas\u0131m 2025 itibar\u0131yla Grup&#8217;un net yabanc\u0131 para y\u00fck\u00fcml\u00fcl\u00fck pozisyonu <b>(5.028.859.906 TL)<\/b>&#8216;dir. Yap\u0131lan duyarl\u0131l\u0131k analizine g\u00f6re, d\u00f6viz kurlar\u0131nda %10&#8217;luk bir de\u011fi\u015fim, kar veya zarar \u00fczerinde yakla\u015f\u0131k <b>502,8 milyon TL<\/b>&#8216;lik bir etki yaratma potansiyeline sahiptir.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"866\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Galatasaray&#8217;\u0131n Finansal Raporlar\u0131 Mercek Alt\u0131nda: 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek Yat\u0131r\u0131mc\u0131lar ve taraftarlar i\u00e7in Galatasaray, ba\u015far\u0131yla e\u015f anlaml\u0131 bir T\u00fcrk sporu devidir. Ancak bir finans analisti i\u00e7in ger\u00e7ek hikaye sahada de\u011fil, finansal raporlar\u0131n dipnotlar\u0131nda gizlidir. \u015eirketin en son yay\u0131mlad\u0131\u011f\u0131 belgeler \u00fczerinde yapt\u0131\u011f\u0131m\u0131z&#8230; <\/p>\n","protected":false},"author":1,"featured_media":867,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[192],"class_list":["post-866","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-gsray"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/866","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=866"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/866\/revisions"}],"predecessor-version":[{"id":890,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/866\/revisions\/890"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/867"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=866"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=866"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=866"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}