The share price of Turkey’s Fenerbahce football club leapt on June 4 after it elected businessman Ali Koc as chairman for the next three years.
Koc, 51, a member of Turkey’s wealthiest family which runs the giant conglomerate Koc Holding, won a vote to end chairman Aziz Yildirim’s two-decade leadership.
The club is officially called Fenerbahce Sports Club as it is the parent behind a number of Istanbul-based competitive teams in sports including football, basketball, volleyball, table tennis, athletics, swimming, sailing, boxing, rowing and eSport.
Fenerbahce’s shares gained to Turkish lira (TRY) 44.36 ($9.62) as the market opened and quickly moved up 8.7% after news broke of the change of chairman.
Fenerbahce is Turkey’s second most successful football club. It has won 19 league titles. The club will compete in the playoff rounds for the 2018/19 Champions League.
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