Turkish top football division Süper Lig team Galatasaray named Wednesday their youth team coach Jan Olde Riekerink their new manager, appointing their third manager in a disappointing season.

According to a statement on the club website, the executive board agreed on the 53-year-old Dutch manager to train the team until the end of the current season.

Before taking the reigns at the youth setup of the Yellow-Reds late last year, Riekerink managed the youth teams of the national team of China since 2011.

Reigning champions of the Turkish league title, Turkish Cup and Super Cup, Galatasaray recently received a one-year ban from UEFA's Club Financial Control Body (CFCB) and was excluded from European club competitions for not complying with financial fair play terms.

The ban came a day after the club announced on March 1 that manager Mustafa Denizli had resigned, who was appointed after Hamza Hamzaoğlu. Only managing to coach the team for three months, Denizli had replaced Hamza Hamzaoğlu, who managed to win three titles with the club in 2014 / 2016.

This year has proven to be nightmare for the club as after 25 matches in the Turkish Süper Lig, Galatasaray currently stand fifth on 39 points, 21 behind leaders and Istanbul rivals Beşiktaş.

Hamzaoğlu himself was also brought to duty in December 2014, after Italian coach Cesare Prandelli, who took over from his compatriot Roberto Mancini's six months long term, was fired after poor results in Europe.

The main reason behind Galatasaray's poor financial situation is often cited as expensive transfers made during the terms of this changing managers.

The hit transfers made during this period included global stars like Didier Drogba, Wesley Sneijder, Emmanuel Eboue and Lukas Podolski, in addition to various local players.

However, the club failed to meet the expected success level in European cups, which would contribute greatly to its ailing financial status.