From Lukaku to Vlahovic, and from Salah to Osimhen, a growing number of top players are moving to Turkey without necessarily being at the end of their careers.
Romelu Lukaku has joined Fenerbahce from Serie A on a €7 million-a-season salary, while Dusan Vlahovic has moved to Besiktas for €10 million per season. Mohamed Salah has joined Trabzonspor from the Premier League on a two-year deal worth €17 million per season. In 2024, Victor Osimhen moved from Napoli to Galatasaray for €75 million, with a record salary of €15 million plus bonuses.
The Turkish Süper Lig is now signing players from Europe’s biggest leagues and spending amounts that would have been unimaginable just a few years ago. The transfer market is confirming the growth of a league that, in the past, had mainly attracted players toward the final stages of their careers.
That was the case with Roberto Carlos, who joined Fenerbahce at the age of 34 after his spell at Real Madrid, as well as Didier Drogba, Wesley Sneijder and Robin van Persie. More recently, Milan Skriniar, Mauro Icardi and Mason Greenwood have also made the move.
Now, however, Turkish clubs are making the only offers capable of meeting the financial demands of some of the most sought-after forwards. Airports are packed with supporters and excitement is at an all-time high. It is clear that the Turkish top flight is trying to reinvent itself and enhance its reputation in the European football market. But how can it afford all this financially?
For players, one of the biggest sporting advantages, unlike Qatar, the United States and Saudi Arabia, is the opportunity to compete in UEFA competitions, including the hugely lucrative Champions League. Former Chelsea midfielder N’Golo Kanté moved from Al-Ittihad to Fenerbahce last February precisely for this reason.
On the other hand, signing so many stars would be impossible without expensive salaries and significant transfer offers, which are made possible by a combination of factors.
First and foremost are the tax advantages. In Turkey, as in some other countries, salaries are agreed on a net basis, with the club assuming the tax burden. However, the tax rate does not exceed 20%, considerably lower than in several other European countries, including Italy, which has been hit by the end of the benefits provided by the Growth Decree. Juventus knows this well. No longer having Vlahovic’s costly salary on its books, including the associated tax burden, has allowed the Italian club to spend more in the transfer market.
Then there are property investments. In Turkey, real estate remains one of the most important tools for generating liquidity. All the major clubs own land and sports facilities that can either be sold or commercially developed. The proceeds help reduce debt — Galatasaray, Fenerbahce, Besiktas and Trabzonspor had combined liabilities of more than €1.13 billion in 2025 — while also providing new resources for the transfer market.
Galatasaray is a particularly notable example. The development of the Florya area, the club’s historic training base, generated a real estate deal worth almost €500 million, part of which was financed by the state.
Then there is government support. President Recep Tayyip Erdogan understands the social importance of football and supports an extensive programme to build and modernise stadiums. In recent years, the government has financed 30 new facilities, with Erdogan personally attending the inauguration of 21 of them.
Another advantage comes from the exchange rate between the weak Turkish lira and revenues earned in euros, at least as long as transfers abroad are paid in the European currency while costs remain tied to the local currency. The exchange rate between the two currencies stood at six to one in 2019; today, it is around 50 to one.
There is, however, a warning sign. The depreciation of the lira also conceals significant difficulties in managing club finances, due to broader financial uncertainty. Sponsors are therefore playing a particularly important role in providing additional liquidity to a league that would struggle to sustain itself on television rights alone.
Salah’s signing, for example, was supported by agreements with Turkish Airlines and electric vehicle manufacturer Togg. International companies such as Coca-Cola, McDonald’s and Gillette must also be considered among the league’s official commercial partners.
Despite what appears to be an almost ideal situation, a major problem looms in the future: the uncertain long-term sustainability of such spending and debt levels.
Once again, much will depend on the performances and results of Turkish clubs, particularly in European competitions. In 2021, the four biggest clubs — Galatasaray, Fenerbahce, Besiktas and Trabzonspor — reached an initial €800 million debt restructuring agreement, including an initial moratorium followed by a 10-year repayment period.
There have since been repeated capital increases aimed at reducing their exposure to the Bankalar Birligi, the association of Turkish banks.
The hoped-for increase in revenues will therefore have to offset the approximately €1 billion in debt currently weighing on Turkish football. Euro 2032, which Turkey will co-host with Italy, could prove decisive.
It could help consolidate the league’s sporting and economic growth — or expose the enormous cost of a long development race that could ultimately prove unsustainable.
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