The Turkish Süper Lig "Big Four" – Beşiktaş, Fenerbahçe, Galatasaray and Trabzonspor – have embarked on a daring and somewhat perplexing journey.

Despite collectively shouldering a staggering debt load of TL 23.34 billion ($864.15 million) and harboring negative equity worth TL16.09 billion, these giants of Turkish football have shown no reluctance in making high-value transfers.

According to Anadolu Agency (AA), Beşiktaş, Fenerbahçe, Galatasaray and Trabzonspor, all teetering on the edge of financial instability, inked deals with a whopping 56 players during the initial transfer window of the new season.

Over the past five seasons, these "Big Four" clubs, known for their fervent fan bases and storied histories, have collectively acquired 295 players through transfers.

In the buildup to the 2023-2024 season, Trabzonspor led the pack with 16 new signings, followed closely by Fenerbahçe with 15, Galatasaray with 14 and Beşiktaş with 11.

As a result, the total number of transfers made by these football titans in the past 5.5 seasons has now reached an astounding 351.

When delving into the financial health of these clubs, the figures paint a bleak picture.

The income-expenditure balance sheets over the last five seasons have revealed a combined loss of TL 11.176 billion.

Beşiktaş tops the list of loss-makers during this period, accumulating a staggering deficit of TL 3.329 billion, closely trailed by Fenerbahçe at TL 3.070 billion.

Galatasaray, with a loss of TL 2.893 billion, and Trabzonspor, with a loss of TL 1.884 billion, round out this group of financial underperformers.

Examining their financial records for the 2022-2023 season's conclusion, the "Big Four" clubs collectively carry a jaw-dropping debt burden of TL 23.34 billion Turkish lira, as reported to the Public Disclosure Platform (KAP).

Galatasaray find themselves at the top of the debt leaderboard with a staggering TL 7.53 billion, followed closely by Fenerbahçe at TL 6.16 billion and Beşiktaş at TL 5.89 billion.

Trabzonspor, while not far behind, bears a debt of TL 3.76 billion.

Remarkably, the total equity of these clubs stands at a negative TL 16.09 billion, an alarming financial quagmire.

Even with a combined debt of TL 23.34 billion, the total assets, excluding non-commercial receivables from related parties (associations or affiliated companies), amount to a mere TL 7.25 billion.

In simpler terms, the difference between the total assets and total debts for these clubs, as of May 31, 2023, stands at a daunting TL16.09 billion.

Leading the pack in terms of financial deficits is Beşiktaş, with 5.89 billion Turkish lira in debt, offset by assets valued at only 1.16 billion Turkish lira, resulting in negative equity of TL 4.73 billion.

Fenerbahçe, with a debt of TL 6.16 billion, possesses assets totaling TL 1.52 billion and negative equity of TL 4.64 billion.

Galatasaray, carrying a debt load of TL 7.53 billion and assets worth TL 3.14 billion, reports negative equity of TL 4.39 billion.

In the case of Trabzonspor, with a debt of TL 3.76 billion and assets valued at TL 1.43 billion, their negative equity stands at TL 2.33 billion.