{"id":872,"date":"2026-01-29T19:24:12","date_gmt":"2026-01-29T16:24:12","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=872"},"modified":"2026-01-30T00:17:04","modified_gmt":"2026-01-29T21:17:04","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-fener-fenerbahce-futbol-2025-9-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/872","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 FENER | Fenerbah\u00e7e Futbol 2025\/9 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #FENER | Fenerbah\u00e7e Futbol 2025\/9 Bilan\u00e7o Analizi\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/ZMEWSkk06zU?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>Fenerbah\u00e7e\u2019nin Finansal DNA\u2019s\u0131 De\u011fi\u015fiyor: 2025 Raporlar\u0131ndan S\u0131zan 5 Kritik Ger\u00e7ek<\/h1>\n<p>Futbol, taraftarlar i\u00e7in sahadaki 90 dakikal\u0131k bir varolu\u015f m\u00fccadelesi olsa da, trib\u00fcnlerin ve spot \u0131\u015f\u0131klar\u0131n\u0131n arkas\u0131nda devasa bir finansal \u00e7ark durmaks\u0131z\u0131n d\u00f6n\u00fcyor. Fenerbah\u00e7e Futbol A.\u015e.&#8217;nin 30 Kas\u0131m 2025 tarihli <b>konsolide<\/b> finansal raporlar\u0131 \u2014yani ana \u015firketin yan\u0131 s\u0131ra Fenerium gibi ba\u011fl\u0131 ortakl\u0131klar\u0131n sonu\u00e7lar\u0131n\u0131n tek v\u00fccut haline getirildi\u011fi tablolar\u2014 bizlere sadece bir bilan\u00e7o \u00f6zeti sunmuyor; kul\u00fcb\u00fcn kurumsal geneti\u011findeki radikal de\u011fi\u015fimi f\u0131s\u0131ld\u0131yor.<\/p>\n<p>Bu yaz\u0131da, sar\u0131-lacivertli kul\u00fcb\u00fcn 2025 raporlar\u0131ndan s\u0131zan, sahadaki skoru g\u00f6lgede b\u0131rakacak be\u015f kritik finansal ger\u00e7e\u011fi, bir ekonomist merce\u011fiyle analiz ediyoruz.<\/p>\n<h2>1. Sermaye Devrimi: %400\u2019l\u00fck Hamleler ve 2 TL Mant\u0131\u011f\u0131<\/h2>\n<p>Fenerbah\u00e7e\u2019nin finansal yap\u0131s\u0131ndaki en sars\u0131c\u0131 hareket, \u00f6zkaynaklar\u0131 g\u00fc\u00e7lendirmek ad\u0131na at\u0131lan agresif ad\u0131mlar. \u015eirket, A\u011fustos 2025\u2019te 250 milyon TL olan sermayesini %400 art\u0131rarak 1,25 milyar TL\u2019ye \u00e7\u0131karm\u0131\u015ft\u0131. Ancak as\u0131l &#8220;sermaye devrimi&#8221;, Kas\u0131m 2025\u2019te al\u0131nan yeni kararla ba\u015flad\u0131: Sermaye tavan\u0131 6,25 milyar TL\u2019ye y\u00fckseltiliyor.<\/p>\n<p>Buradaki kritik detay, 1 TL nominal de\u011ferli her bir pay\u0131n ortaklara <b>2 TL fiyattan<\/b> kulland\u0131r\u0131lacak olmas\u0131d\u0131r. Finansal okuryazarl\u0131k a\u00e7\u0131s\u0131ndan bu, &#8220;emisyon primi&#8221; yaratma stratejisidir. \u015eirket, nominal sermayesini 5 milyar TL art\u0131r\u0131rken, kasas\u0131na asl\u0131nda 10 milyar TL nakit sokmay\u0131 hedefliyor. Bu hamle, kul\u00fcb\u00fcn banka kredilerine olan ba\u011f\u0131ml\u0131l\u0131\u011f\u0131n\u0131 k\u0131rmak i\u00e7in ba\u015fvurulan en net &#8220;finansal ba\u011f\u0131ms\u0131zl\u0131k&#8221; ilan\u0131d\u0131r.<\/p>\n<h2>2. Y\u00f6netimde Sek\u00fcler D\u00f6n\u00fc\u015f\u00fcm ve &#8220;Ba\u011f\u0131ml\u0131l\u0131k&#8221; Krizi<\/h2>\n<p>Fenerbah\u00e7e\u2019nin kurumsal y\u00f6netim paradigmas\u0131, Ekim 2025\u2019te ger\u00e7ekle\u015fen sanc\u0131l\u0131 ama planl\u0131 bir bayrak yar\u0131\u015f\u0131 ile yeni bir eksene oturdu. Y\u0131ld\u0131r\u0131m Ali Ko\u00e7\u2019un istifas\u0131 ve Steven Sadettin Saran\u2019\u0131n d\u00fcmene ge\u00e7mesi, y\u00f6netim kurulunun profilini &#8220;sekt\u00f6rel uzmanl\u0131k&#8221; odakl\u0131 bir yap\u0131ya kavu\u015fturdu.<\/p>\n<p>Yeni y\u00f6netim; <b>Olcay Do\u011fan<\/b> (Astor Enerji), <b>Bur\u00e7in G\u00f6zl\u00fckl\u00fc<\/b> (Centrum), <b>Tar\u0131k Can Akba\u015f<\/b> (Ekos Teknoloji) ve <b>Ali G\u00fcrb\u00fcz<\/b> (\u00c7YDD Genel Ba\u015fkan Yard\u0131mc\u0131s\u0131) gibi enerji, teknoloji ve hukuk d\u00fcnyas\u0131n\u0131n a\u011f\u0131r toplar\u0131ndan olu\u015fuyor. Ancak raporun dipnotlar\u0131nda sakl\u0131 bir detay, bu de\u011fi\u015fimin sembolik \u00f6nemini g\u00f6steriyor: Ali Ko\u00e7\u2019un kul\u00fcbe sa\u011flad\u0131\u011f\u0131 <b>56,3 milyon TL\u2019lik alacak<\/b> (kur etkisiyle 63,1 milyon TL), Ko\u00e7\u2019un ayr\u0131l\u0131\u015f\u0131yla beraber &#8220;\u0130li\u015fkili Taraf&#8221; stat\u00fcs\u00fcnden \u00e7\u0131kar\u0131larak &#8220;\u0130li\u015fkili Olmayan Taraf&#8221; bor\u00e7lar\u0131na s\u0131n\u0131fland\u0131r\u0131ld\u0131. Bu, kul\u00fcb\u00fcn bireysel sermayeye olan g\u00f6bek ba\u011f\u0131na dair kritik bir sinyaldir.<\/p>\n<h2>3. Teknik Direkt\u00f6r Ekonomisi ve &#8220;Y\u0131ld\u0131z&#8221; Maliyeti<\/h2>\n<p>Sportif ba\u015far\u0131 arzusu, finansal tablolarda &#8220;Personel Giderleri&#8221; kaleminde v\u00fccut buluyor. Jose Mourinho\u2019nun 29 A\u011fustos 2025\u2019teki s\u00f6zle\u015fme feshinin ard\u0131ndan Domenico Tedesco ile 2 y\u0131ll\u0131k yeni bir sayfa a\u00e7\u0131ld\u0131. Ancak as\u0131l ekonomik b\u00fcy\u00fckl\u00fck transferlerde gizli:<\/p>\n<ul>\n<li><b>Milan Skriniar Hamlesi:<\/b> Kul\u00fcp, Skriniar i\u00e7in y\u0131ll\u0131k <b>8.000.000 EUR net<\/b> maa\u015f taahh\u00fcd\u00fc alt\u0131na girdi. 4 sezonluk bu taahh\u00fct, sermaye art\u0131r\u0131m\u0131ndan gelecek kayna\u011f\u0131n nereye kanalize edilece\u011finin de bir kan\u0131t\u0131.<\/li>\n<li><b>Kurumsal \u00d6l\u00e7ek:<\/b> Kul\u00fcp bug\u00fcn 83 lisansl\u0131 futbolcu, 117 teknik kadro, 430 beyaz yaka ve 20 mavi yaka ile toplam <b>650 ki\u015filik<\/b> bir istihdam ordusuna d\u00f6n\u00fc\u015fm\u00fc\u015f durumda.<\/li>\n<\/ul>\n<h2>4. G\u00f6r\u00fcnmez Varl\u0131klar: TTK 376 ve Reeskontun G\u00fcc\u00fc<\/h2>\n<p>BDO\u2019nun denet\u00e7i raporunda &#8220;\u0130\u015fletmenin S\u00fcreklili\u011fi&#8221; (Going Concern) ba\u015fl\u0131\u011f\u0131 alt\u0131nda yer alan \u015fu c\u00fcmle, ilk bak\u0131\u015fta \u00fcrk\u00fct\u00fcc\u00fc:<\/p>\n<p>&#8220;K\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerin d\u00f6nen varl\u0131klar\u0131 (ili\u015fkili taraf alacaklar\u0131 hari\u00e7) 10,7 milyar TL a\u015fmas\u0131&#8230; Grup\u2019un s\u00fcreklili\u011fini devam ettirme kabiliyetine ili\u015fkin ciddi \u015f\u00fcphe olu\u015fturabilecek bir belirsizli\u011fin varl\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.&#8221;<\/p>\n<p>Fakat burada &#8220;Ka\u011f\u0131t \u00fczerindeki zarar&#8221; ile &#8220;Ger\u00e7ek varl\u0131k de\u011feri&#8221; ayr\u0131\u015f\u0131yor. Fenerbah\u00e7e, T\u00fcrk Ticaret Kanunu (TTK) 376 kapsam\u0131nda haz\u0131rlad\u0131\u011f\u0131 \u00f6zel bilan\u00e7oda, futbolcu lisanslar\u0131n\u0131 (bonservisler) ve tesis kullan\u0131m haklar\u0131n\u0131 &#8220;Tarihi Maliyet&#8221; yerine &#8220;Muhtemel Sat\u0131\u015f Fiyat\u0131&#8221; (Reval\u00fcasyon) \u00fczerinden de\u011ferledi. Sonu\u00e7? \u00d6zkaynaklar mucizevi bir \u015fekilde pozitife d\u00f6n\u00fcyor.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Finansal G\u00f6sterge (30 Kas\u0131m 2025)<\/td>\n<td>De\u011fer (Milyar TL)<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td>19,02<\/td>\n<\/tr>\n<tr>\n<td><b>UFRS \u00d6zkaynaklar<\/b><\/td>\n<td>-0,20<\/td>\n<\/tr>\n<tr>\n<td><b>TTK 376 D\u00fczeltilmi\u015f \u00d6zkaynak<\/b><\/td>\n<td><b>Pozitif<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem Kar\u0131<\/b><\/td>\n<td>0,009 (9,35 Milyon)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><i>Not: Tablolarda s\u0131k\u00e7a g\u00f6rd\u00fc\u011f\u00fcm\u00fcz <\/i><i><b>Reeskont<\/b><\/i><i> (\u0130skonto), gelecekte tahsil edilecek bir bedelin g\u00fcncel faiz oranlar\u0131yla bug\u00fcnk\u00fc de\u011ferine indirgenmesidir. Kul\u00fcb\u00fcn kul\u00fcpten alacaklar\u0131na uygulanan %44,02 ile %50,23 aras\u0131ndaki faiz oranlar\u0131, i\u00e7 sermaye maliyetinin ne kadar y\u00fcksek oldu\u011funu kan\u0131tl\u0131yor.<\/i><\/p>\n<h2>5. Milyarl\u0131k Tesis Kiralama: Gelece\u011fi Bug\u00fcn Sat\u0131n Almak<\/h2>\n<p>19 Aral\u0131k 2025 tarihinde imzalanan devasa tesis kiralama s\u00f6zle\u015fmesi, kul\u00fcb\u00fcn nakit ak\u0131\u015f y\u00f6netiminde bir d\u00f6n\u00fcm noktas\u0131d\u0131r. \u015e\u00fckr\u00fc Sara\u00e7o\u011flu ve Derea\u011fz\u0131 tesislerinin 2046 y\u0131l\u0131na kadar (21 y\u0131l) olan kullan\u0131m haklar\u0131 i\u00e7in belirlenen <b>6,46 milyar TL<\/b>, Fenerbah\u00e7e Spor Kul\u00fcb\u00fc\u2019ne pe\u015fin olarak \u00f6dendi.<\/p>\n<p>Bu i\u015flemle kul\u00fcp, 2011\u2019den kalan eski s\u00f6zle\u015fmeyi feshederek gelecekteki 21 y\u0131l\u0131n kullan\u0131m hakk\u0131n\u0131 bug\u00fcnden realize etti. Bu hamle, Dernek taraf\u0131na devasa bir nakit giri\u015fi sa\u011flarken, Futbol A.\u015e. taraf\u0131nda uzun vadeli operasyonel g\u00fcvenli\u011fi m\u00fch\u00fcrlemi\u015f oldu.<\/p>\n<h2>Sonu\u00e7: Finansal \u015eampiyonluk Yak\u0131n m\u0131?<\/h2>\n<p>Fenerbah\u00e7e; Ederson ve Skriniar gibi d\u00fcnya \u00e7ap\u0131nda transferlerin maliyeti ile 10 milyar TL\u2019yi bulmas\u0131 beklenen sermaye operasyonu aras\u0131nda tehlikeli ama hesaplanm\u0131\u015f bir denge kuruyor. 2030 y\u0131l\u0131na kadar yap\u0131land\u0131r\u0131lan bor\u00e7lar ve reval\u00fcasyonla kurtar\u0131lan bilan\u00e7olar, kul\u00fcb\u00fcn &#8220;teknik iflas&#8221; riskinden tamamen uzakla\u015ft\u0131\u011f\u0131n\u0131 g\u00f6steriyor.<\/p>\n<p>Milyarlarca liral\u0131k bu sermaye operasyonlar\u0131 ve y\u00f6netimsel devrim, Fenerbah\u00e7e&#8217;yi 2030&#8217;lu y\u0131llar\u0131n finansal olarak en ba\u011f\u0131ms\u0131z kul\u00fcb\u00fc yapmaya yetecek mi? Cevap, sahadaki ba\u015far\u0131n\u0131n bu finansal kalkanla ne kadar senkronize olaca\u011f\u0131nda sakl\u0131.<\/p>\n<p>&nbsp;<\/p>\n<h1>Fenerbah\u00e7e Futbol A.\u015e. Ara D\u00f6nem Brifing Belgesi (30 Kas\u0131m 2025)<\/h1>\n<h2>1. Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing belgesi, Fenerbah\u00e7e Futbol A.\u015e. (&#8220;\u015eirket&#8221;) ve ba\u011fl\u0131 ortakl\u0131\u011f\u0131 (&#8220;Grup&#8221;) taraf\u0131ndan sunulan 1 Haziran 2025 \u2013 30 Kas\u0131m 2025 ara hesap d\u00f6nemine ait finansal tablolar\u0131 ve faaliyet raporlar\u0131n\u0131 analiz etmektedir. Raporlama d\u00f6nemi, hem finansal yeniden yap\u0131land\u0131rma s\u00fcre\u00e7lerinin hem de \u00fcst y\u00f6netimdeki kritik de\u011fi\u015fimlerin g\u00f6lgesinde ge\u00e7mi\u015ftir.<\/p>\n<p><b>Kritik Bulgular:<\/b><\/p>\n<ul>\n<li><b>Finansal Durum:<\/b> Grup, bu d\u00f6nemde 9,35 milyon TL net d\u00f6nem k\u00e2r\u0131 a\u00e7\u0131klam\u0131\u015ft\u0131r. Ancak, \u00f6zkaynaklar eksi 200,6 milyon TL seviyesinde olup, k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fckler d\u00f6nen varl\u0131klar\u0131 (ili\u015fkili taraflardan alacaklar hari\u00e7) yakla\u015f\u0131k 10,73 milyar TL a\u015fmaktad\u0131r.<\/li>\n<li><b>Ba\u011f\u0131ms\u0131z Denet\u00e7i G\u00f6r\u00fc\u015f\u00fc:<\/b> BDO taraf\u0131ndan haz\u0131rlanan rapor, \u015eirket\u2019in s\u00fcreklili\u011fine dair &#8220;ciddi \u015f\u00fcphe&#8221; uyand\u0131ran belirsizliklere dikkat \u00e7ekmi\u015ftir. Ayr\u0131ca, ili\u015fkili taraflardan (Fenerbah\u00e7e Spor Kul\u00fcb\u00fc &#8211; FBSK) olan 4,64 milyar TL tutar\u0131ndaki alaca\u011f\u0131n tahsil edilebilirli\u011fi konusundaki belirsizlikler nedeniyle &#8220;\u015eartl\u0131 G\u00f6r\u00fc\u015f&#8221; verilmi\u015ftir.<\/li>\n<li><b>Y\u00f6netim De\u011fi\u015fimi:<\/b> 20-21 Eyl\u00fcl 2025 tarihlerinde yap\u0131lan Ola\u011fan\u00fcst\u00fc Genel Kurul sonucunda Y\u0131ld\u0131r\u0131m Ali Ko\u00e7\u2019un yerine Steven Sadettin Saran Y\u00f6netim Kurulu Ba\u015fkan\u0131 olarak se\u00e7ilmi\u015ftir.<\/li>\n<li><b>Sermaye Yap\u0131land\u0131rmas\u0131:<\/b> \u015eirket sermayesi %400 oran\u0131nda art\u0131r\u0131larak 250 milyon TL&#8217;den 1,25 milyar TL&#8217;ye y\u00fckseltilmi\u015f; ard\u0131ndan kay\u0131tl\u0131 sermaye tavan\u0131n\u0131n 6,25 milyar TL&#8217;ye \u00e7\u0131kar\u0131lmas\u0131 ve 5 milyar TL&#8217;lik yeni bir bedelli sermaye art\u0131r\u0131m\u0131 i\u00e7in onay s\u00fcre\u00e7leri tamamlanm\u0131\u015ft\u0131r.<\/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>2. Finansal Performans Analizi<\/h2>\n<h3>2.1. Kar veya Zarar Durumu<\/h3>\n<p>Grup\u2019un has\u0131lat\u0131 bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re art\u0131\u015f g\u00f6stererek 5,78 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r. Ancak sat\u0131\u015flar\u0131n maliyetindeki y\u00fckseli\u015f (6,38 milyar TL) br\u00fct zarara yol a\u00e7m\u0131\u015ft\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (TL)<\/td>\n<td>1 Haziran &#8211; 30 Kas\u0131m 2025<\/td>\n<td>1 Haziran &#8211; 30 Kas\u0131m 2024<\/td>\n<\/tr>\n<tr>\n<td>Has\u0131lat<\/td>\n<td>5.787.856.362<\/td>\n<td>4.744.136.871<\/td>\n<\/tr>\n<tr>\n<td>Sat\u0131\u015flar\u0131n Maliyeti (-)<\/td>\n<td>(6.387.382.651)<\/td>\n<td>(5.159.461.703)<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct Zarar<\/b><\/td>\n<td><b>(599.526.289)<\/b><\/td>\n<td><b>(415.324.832)<\/b><\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyet Zarar\u0131<\/td>\n<td>(2.170.352.600)<\/td>\n<td>(1.185.444.970)<\/td>\n<\/tr>\n<tr>\n<td>Yat\u0131r\u0131m Faaliyetlerinden Gelirler<\/td>\n<td>1.180.242.337<\/td>\n<td>1.708.962.592<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem K\u00e2r\u0131 (Ana Ortakl\u0131k)<\/b><\/td>\n<td><b>9.356.087<\/b><\/td>\n<td><b>775.475.775<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>2.2. Finansal Durum ve Bor\u00e7luluk<\/h3>\n<p>\u015eirket&#8217;in toplam varl\u0131klar\u0131 19,02 milyar TL&#8217;ye y\u00fckselmi\u015f olsa da, bor\u00e7luluk yap\u0131s\u0131 k\u0131r\u0131lganl\u0131\u011f\u0131n\u0131 korumaktad\u0131r.<\/p>\n<ul>\n<li><b>Toplam Bor\u00e7:<\/b> Toplam finansal bor\u00e7lar 3,43 milyar TL seviyesindedir. Bor\u00e7lar\u0131n tamam\u0131 TL cinsinden olup 31 May\u0131s 2030&#8217;a kadar yap\u0131land\u0131r\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> 15,32 milyar TL ile toplam kaynaklar\u0131n b\u00fcy\u00fck bir k\u0131sm\u0131n\u0131 olu\u015fturmaktad\u0131r.<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> Ge\u00e7mi\u015f y\u0131llar zararlar\u0131n\u0131n etkisiyle (9,28 milyar TL) toplam \u00f6zkaynaklar negatif 200,6 milyon TL&#8217;dir.<\/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. Ba\u011f\u0131ms\u0131z Denetim ve &#8220;\u015eartl\u0131 Sonu\u00e7&#8221; Dayanaklar\u0131<\/h2>\n<p>Ba\u011f\u0131ms\u0131z denet\u00e7i BDO, finansal tablolar \u00fczerinde iki temel konuda \u00e7ekince bildirmi\u015ftir:<\/p>\n<ol>\n<li><b>\u0130li\u015fkili Taraflardan Di\u011fer Alacaklar:<\/b> 30 Kas\u0131m 2025 itibar\u0131yla FBSK&#8217;dan olan 4,64 milyar TL tutar\u0131ndaki ticari olmayan alaca\u011f\u0131n belirli bir vadesi bulunmamaktad\u0131r. \u015eirket bu alacaklar i\u00e7in beklenen kredi zarar analizi yapmam\u0131\u015f ve kar\u015f\u0131l\u0131k ay\u0131rmam\u0131\u015ft\u0131r. Denet\u00e7i, bu tutar\u0131n geri kazan\u0131labilirli\u011fi ve vadesine ili\u015fkin belirsizlikler nedeniyle s\u0131n\u0131rl\u0131 denetim g\u00f6r\u00fc\u015f\u00fc olu\u015fturamad\u0131\u011f\u0131n\u0131 belirtmi\u015ftir.<\/li>\n<li><b>\u0130\u015fletmenin S\u00fcreklili\u011fi:<\/b> Negatif \u00f6zkaynaklar ve k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerin d\u00f6nen varl\u0131klar\u0131 a\u015fmas\u0131, T\u00fcrk Ticaret Kanunu (TTK) 376. Madde kapsam\u0131nda &#8220;borca bat\u0131kl\u0131k&#8221; olarak de\u011ferlendirilmektedir. Ancak \u015eirket, futbolcu bonservisleri ve lisans s\u00f6zle\u015fmelerinin de\u011ferlemesini i\u00e7eren &#8220;TTK 376 Bilan\u00e7osu&#8221; haz\u0131rlam\u0131\u015f ve bu bilan\u00e7oda \u00f6zkaynaklar\u0131n pozitif oldu\u011funu tespit etmi\u015ftir.<\/li>\n<\/ol>\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. Kurumsal Geli\u015fmeler ve Y\u00f6netim Yap\u0131s\u0131<\/h2>\n<h3>4.1. Yeni Y\u00f6netim Kurulu<\/h3>\n<p>Eyl\u00fcl 2025&#8217;teki se\u00e7imlerin ard\u0131ndan y\u00f6netim kadrosu \u00f6nemli \u00f6l\u00e7\u00fcde yenilenmi\u015ftir. 30 Kas\u0131m 2025 itibar\u0131yla kilit isimler \u015f\u00f6yledir:<\/p>\n<ul>\n<li><b>Ba\u015fkan:<\/b> Steven Sadettin Saran<\/li>\n<li><b>Ba\u015fkan Yard\u0131mc\u0131s\u0131:<\/b> Recep Uzelli<\/li>\n<li><b>\u0130crac\u0131 \u00dcyeler:<\/b> S. Sadettin Saran, Recep Uzelli, Bur\u00e7in G\u00f6zl\u00fckl\u00fc, Adem K\u00f6z.<\/li>\n<li><b>Genel M\u00fcd\u00fcr:<\/b> \u00c7a\u011fda\u015f Ko\u00e7ak<\/li>\n<\/ul>\n<h3>4.2. Personel Yap\u0131s\u0131<\/h3>\n<p>Grup\u2019un personel say\u0131s\u0131 bir \u00f6nceki d\u00f6neme (578) g\u00f6re artarak 650\u2019ye ula\u015fm\u0131\u015ft\u0131r. Bu kadronun 83\u2019\u00fc lisansl\u0131 futbolcu, 117\u2019si teknik kadrodur.<\/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>5. Operasyonel Faaliyetler ve Stratejik Ad\u0131mlar<\/h2>\n<h3>5.1. Transfer Faaliyetleri<\/h3>\n<p>D\u00f6nem i\u00e7inde sportif ba\u015far\u0131y\u0131 art\u0131rmak amac\u0131yla \u00f6nemli transferler ger\u00e7ekle\u015ftirilmi\u015ftir:<\/p>\n<ul>\n<li><b>Gelenler:<\/b> Milan Skriniar (PSG&#8217;den 4 sezonluk), Domenico Tedesco (Teknik Direkt\u00f6r), Ederson (Man. City), M. Kerem Akt\u00fcrko\u011flu (Benfica), Marco Asensio (PSG), Edson Alvarez (West Ham &#8211; Kiral\u0131k), Jhon Duran (Al Nassr &#8211; Kiral\u0131k).<\/li>\n<li><b>Gidenler\/Fesihler:<\/b> Jose Mourinho (S\u00f6zle\u015fme feshi), Filip Kostic, Edin Dzeko, Dusan Tadic, Allan Saint Maximin (S\u00f6zle\u015fme sonu).<\/li>\n<\/ul>\n<h3>5.2. Tesis Kiralama S\u00f6zle\u015fmesi<\/h3>\n<p>Faaliyet d\u00f6nemi sonras\u0131nda (19.12.2025) FBSK ile 21 y\u0131l s\u00fcreli (2046&#8217;ya kadar) yeni bir &#8220;Uzun S\u00fcreli Tesis Kiralama S\u00f6zle\u015fmesi&#8221; imzalanm\u0131\u015ft\u0131r. Bu kapsamda \u015e\u00fckr\u00fc Sara\u00e7o\u011flu ve Derea\u011fz\u0131 tesisleri i\u00e7in toplam 6,46 milyar TL pe\u015fin \u00f6deme yap\u0131lmas\u0131na karar verilmi\u015ftir.<\/p>\n<h3>5.3. B\u00f6l\u00fcmlere G\u00f6re Raporlama<\/h3>\n<ul>\n<li><b>Futbol Faaliyeti:<\/b> 4,29 milyar TL has\u0131lat yarat\u0131rken, 124 milyon TL d\u00f6nem zarar\u0131 kaydetmi\u015ftir.<\/li>\n<li><b>Ma\u011fazac\u0131l\u0131k (Fenerium):<\/b> 2,17 milyar TL has\u0131lat ve 161,7 milyon TL d\u00f6nem k\u00e2r\u0131 ile finansal performansa pozitif katk\u0131 sa\u011flam\u0131\u015ft\u0131r. Fenerium&#8217;un 71 ma\u011fazas\u0131 bulunmaktad\u0131r.<\/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>6. Risk Y\u00f6netimi ve Gelecek Projeksiyonu<\/h2>\n<h3>6.1. Finansal Riskler<\/h3>\n<ul>\n<li><b>Kur Riski:<\/b> Grup&#8217;un 30 Kas\u0131m 2025 itibar\u0131yla 7,37 milyar TL net yabanc\u0131 para y\u00fck\u00fcml\u00fcl\u00fck pozisyonu bulunmaktad\u0131r. \u00d6zellikle Avro cinsinden ticari bor\u00e7lar (170 milyon Avro) kur dalgalanmalar\u0131na kar\u015f\u0131 hassasiyet yaratmaktad\u0131r.<\/li>\n<li><b>Likidite Riski:<\/b> Yay\u0131n gelirlerindeki olas\u0131 gecikmeler ve y\u00fcksek transfer bedelleri nakit ak\u0131\u015f\u0131n\u0131 zorlayabilecek unsurlar olarak tan\u0131mlanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>6.2. \u0130yile\u015ftirme Tedbirleri<\/h3>\n<p>\u015eirket y\u00f6netimi finansal yap\u0131y\u0131 g\u00fc\u00e7lendirmek i\u00e7in \u015fu ad\u0131mlar\u0131 planlamaktad\u0131r:<\/p>\n<ul>\n<li>7405 say\u0131l\u0131 Spor Kul\u00fcpleri Kanunu ve UEFA Finansal S\u00fcrd\u00fcr\u00fclebilirlik kurallar\u0131na tam uyum.<\/li>\n<li>Y\u00fcksek bonservis bedelli futbolcu sat\u0131\u015flar\u0131n\u0131n devam ettirilmesi.<\/li>\n<li>Yeni sponsorluk projeleri ile ek reklam geliri yarat\u0131lmas\u0131.<\/li>\n<li>Sermaye art\u0131r\u0131mlar\u0131 yoluyla \u00f6zkaynaklar\u0131n g\u00fc\u00e7lendirilmesi.<\/li>\n<\/ul>\n<h3>6.3. S\u00fcrd\u00fcr\u00fclebilirlik<\/h3>\n<p>UEFA&#8217;n\u0131n 2030 stratejisi do\u011frultusunda &#8220;S\u00fcrd\u00fcr\u00fclebilirlik Komitesi&#8221; kurulmu\u015f ve TSRS uyumlu raporlama i\u00e7in RSM Turkey ba\u011f\u0131ms\u0131z denet\u00e7i olarak se\u00e7ilmi\u015ftir. \u015eirket; \u00e7ocuk koruma, cinsiyet e\u015fitli\u011fi (HeForShe) ve \u00e7evre bilinci gibi alanlarda faaliyetlerini s\u00fcrd\u00fcrmektedir.<\/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>7. Kritik Al\u0131nt\u0131lar<\/h2>\n<p><b>Ba\u011f\u0131ms\u0131z Denet\u00e7i Notu:<\/b> <i>&#8220;Bu durum, Grup\u2019un s\u00fcreklili\u011fini devam ettirme kabiliyetine ili\u015fkin ciddi \u015f\u00fcphe olu\u015fturabilecek bir belirsizli\u011fin varl\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.&#8221;<\/i><\/p>\n<p><b>\u015eartl\u0131 Sonu\u00e7 Dayana\u011f\u0131:<\/b> <i>&#8220;Grup, s\u00f6z konusu alacaklar i\u00e7in 30 Kas\u0131m 2025 tarihinde sona eren alt\u0131 ayl\u0131k ara hesap d\u00f6neminde 956.016.095 TL tutar\u0131nda faiz geliri tahakkuk ettirmi\u015ftir. S\u00f6z konusu alacak tutar\u0131n\u0131n geri kazan\u0131labilirli\u011fine ili\u015fkin belirsizlikler nedeniyle taraf\u0131m\u0131zca bu alacaklar\u0131n tahsil edilebilirli\u011fine ve vadesine ili\u015fkin bir s\u0131n\u0131rl\u0131 denetim sonucu olu\u015fturulamam\u0131\u015ft\u0131r.&#8221;<\/i><\/p>\n<p><b>Y\u00f6netim Kurulu Stratejisi:<\/b> <i>&#8220;\u015eirket; mali disiplin anlam\u0131nda \u00e7ok daha sa\u011flam bir yap\u0131ya ula\u015fmay\u0131 hedeflemektedir&#8230; y\u00fcksek bonservisli futbolcu sat\u0131\u015flar\u0131n\u0131n \u00f6n\u00fcm\u00fczdeki d\u00f6nemlerde de devam etmesi hedeflenmektedir.&#8221;<\/i><\/p>\n<button class=\"simplefavorite-button\" data-postid=\"872\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Fenerbah\u00e7e Futbol A.\u015e. 2025 Ara D\u00f6nem Finansal Sonu\u00e7lar\u0131n\u0131 A\u00e7\u0131klad\u0131: Kar ve Yeni Yap\u0131lanma<br \/>\nFenerbah\u00e7e Futbol A.\u015e., 30 Kas\u0131m 2025 itibar\u0131yla mali tablolar\u0131n\u0131 kamuoyuyla payla\u015ft\u0131. \u015eirket, 37,6 milyon TL net kar elde ederken, has\u0131lat\u0131n\u0131 5,7 milyar TL&#8217;nin \u00fczerine ta\u015f\u0131d\u0131. Sadettin Saran ba\u015fkanl\u0131\u011f\u0131ndaki yeni y\u00f6netimle birlikte dev transfer hamlelerine imza atan kul\u00fcp, \u00f6zkaynaklar\u0131n\u0131 g\u00fc\u00e7lendirmek i\u00e7in bedelli sermaye art\u0131r\u0131m\u0131 s\u00fcre\u00e7lerini h\u0131zland\u0131r\u0131yor. Finansal disiplin ve sportif ba\u015far\u0131 hedefiyle girilen bu yeni d\u00f6nemde, kul\u00fcb\u00fcn bor\u00e7 yap\u0131land\u0131rma ve s\u00fcrd\u00fcr\u00fclebilirlik projeleri de dikkat \u00e7ekiyor.<\/p>\n","protected":false},"author":1,"featured_media":873,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[194],"class_list":["post-872","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-fener"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/872","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=872"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/872\/revisions"}],"predecessor-version":[{"id":875,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/872\/revisions\/875"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/873"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=872"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=872"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=872"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}