Turkish billionaire Ali Koc on September 21 lost the position of president of Istanbul sports club Fenerbahce that he had held for seven years, when he was beaten in a ballot by Sadettin Saran, according to the official voting outcome.

The club presidency vote took place during a September 20-21 extraordinary congress held by Fenerbahce at its Chobani Stadium in Kadikoy district on Istanbul’s Anatolian side. Saran received 12,325 votes, while Koc attracted 12,068.

Saran’s wealth not in same ballpark

Ali Koc, one of Turkey’s billionaire set, is a member of the Koc family that owns the country’s largest conglomerate. The combined turnover of Koc Holding (KCHOL) is equivalent to around 5% of Turkey’s GDP.

Saran is also a businessman. However, his wealth and the financial standing of Saran Holding come nowhere near the figures associated with Ali Koc and Koc Holding. Saran does not feature in the ranking of the richest Turks.

In fact, a big discussion among Fenerbahce fans right now is whether Saran has enough wealth to fund the club.

Video: Scenes of wild jubilation greeted the victory of Sadettin Saran (middle, wearing a black jacket and tie).

Big loser

Throughout his time as president, Ali Koc found himself under heavy pressure from fans due to the wretched performances of the men’s football team, one of the “Big Four” in Turkey, which last won the country’s top football league, the Super Lig, in 2014.

After each game, fans called for Ali Koc’s resignation with heavy effing and blinding. One moment, the speculation was that Ali Koc had quit, the next moment, word came through that he had not.

Suffering from the team’s record losing streak, Fenerbahce fans became irritated by Ali Koc’s close relationship with the Turkish government. Of course, if Fenerbahce under him had won some silverware, such a matter would never have become an issue. As a loser, however, he was more exposed to jibes, such as the “rich kid” insults from opponents.

As things turned out, Ali Koc fought to the last minute of added-on time to cling on to his post, but Saran emerged the winner after a tense and tight match.