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Strictly Confidential · August 2026
Global
Fan
Equity.
Six years ago Galatasaray met its fans with $GAL. Now the cap table does — a negotiated tranche of GSRAY, tokenized and owned by fans worldwide, with the season utility signed into the same closing.
Instrument
Tokenized listed equity · RWA
Underlying
Galatasaray Sportif A.Ş. · BIST: GSRAY
Transaction
Negotiated tranche + season utility
Rails
Securitize · Chiliz Chain · Socios.com
Status
Strategic proposal — not an offer
Galatasaray × Chiliz — Global Fan EquityConfidential · 02 / 13
The partnership already works
The Fan Token™ era proved the fans. The equity era pays them back.
2020
$GAL launched on Socios.com — 4 Feb 2020, among the first Fan Tokens™ in football. Six seasons live and trading today
4 in a row
Süper Lig champions 2022-23 through 2025-26 — the 26th title, sealed 9 May 2026
€373M
Revenue, FY to May 2026 — with a €11M net profit: the only profitable club among Istanbul's big four
€50M
Net financial debt — the "debt crisis" headlines count total liabilities; the balance sheet is far stronger than its reputation
On the pitch
| 2025-26 | Champions again — four consecutive titles under Okan Buruk, sealed with a game to spare |
| 2000 | UEFA Cup & Super Cup — still the only Turkish club with major European silverware |
With Chiliz — six seasons deep
| Feb 2020 | $GAL Fan Token™ launches on Socios.com — polls, rewards, engagement, uninterrupted since |
| Today | $GAL trades on Socios.com and on-chain — the fan rail into Galatasaray is already built and busy |
Socios.com / Chiliz $GAL launch (4 Feb 2020) · TFF / Süper Lig 2025-26 · KAP FY to May 2026 (TAS 29 restated) · net financial debt = borrowings less cash, excl. transfer payables
Galatasaray × Chiliz — Global Fan EquityConfidential · 03 / 13
The gap
A champion, priced
like a problem.
A
The cap table never met the fanbase
Buying GSRAY takes a Borsa Istanbul brokerage and a lira account. The diaspora across Germany, the Netherlands and France holds scarves and $GAL — never a share.
B
Minorities see no path
No dividend culture, a control block above, and retail flow that spikes and mean-reverts. Exposure alone doesn't hold a price — structure and product do.
C
The fans already buy in
$GAL has traded for six seasons. The demand to own a piece of Galatasaray is proven — it has simply never been offered the real thing.
What the market pays for €1 of Galatasaray revenue
0.66×
The listed-football median
1.3×
Four straight titles. A profit. Small net debt. The discount is not performance — it is distribution and structure. Both are fixable, together.
Galatasaray × Chiliz — Global Fan EquityConfidential · 04 / 13
Who the reprice pays
The league table of listed football. Galatasaray is bottom of it — on price alone.
| Manchester United · NYSE | 4.5× | Control-contest scarcity on the only USD-listed mega-club — the premium follows the cap-table story |
| Juventus · Borsa Italiana | 2.0× | A loss-making club at three times Galatasaray's multiple |
| Listed-football median · 27 clubs | 1.3× | The middle of the table — where an in-form club should start, not finish |
| Galatasaray · Borsa Istanbul | 0.66× | Four straight titles, profitable, €50M net financial debt — and the cheapest revenue in the top division of listed football |
At the median, GSRAY is worth ≈€485M against ≈€248M today. The ≈€240M reprice accrues to today's shareholders — the club's side of the table, not ours.
Multiples = market cap / operating revenue excl. player trading · GSRAY at TRY 1.06, 19 Aug 2026 · illustrative, not a valuation opinion
Galatasaray × Chiliz — Global Fan EquityConfidential · 05 / 13
The thesis
Fan distribution reprices the equity —
when it arrives with the utility attached.
Not an open-market wrapper
No creeping accumulation, no orphan SPV trading at a discount. A tranche agreed with the club — an association block or a capital increase — with the utility contract in the same signature.
Not a fan token
$GAL stays the engagement layer. This is equity — real GSRAY shares, tokenized, held forever. The two products compound; neither cannibalizes the other.
Not a control change
2–5%, sized for fans. The association's control block is untouched. Galatasaray remains Galatasaray's — the register just finally includes the people in it.
The share is forever. The season is sold again every year.
Model: negotiated listed-equity tranche + season utility, signed together · benefits ride on membership, never on the security
Galatasaray × Chiliz — Global Fan EquityConfidential · 06 / 13
The transaction
One negotiation. One closing. Both layers.
The capital rail — underwritten end to end
Negotiated tranche
2–5% of GSRAY agreed with the club — block or capital increase
Institutional SPV
Funded by Chiliz Group's institutional network
Securitize tokenization
Official partner — the NYSE-listed issuance rail
Retail distribution
Tier-1 fintech partners + Socios.com, worldwide
Underwritten sell-out
Institutional partners backstop the raise — the round closes
Why negotiated, not open-market
The utility agreement signs at the same closing — so the retail product exists on day one, the token never trades as a naked wrapper, and the club authors its own story instead of reading it in a filing.
The utility layer
Season benefits run on Socios.com in direct partnership with the club — and accrue to wallets that hold through the season snapshot. Loyalty is rewarded; churn is not.
Founder's canonical structure · negotiated variant: utility term sheet executed as a condition of the equity closing
Galatasaray × Chiliz — Global Fan EquityConfidential · 07 / 13
The stack
The issuance rail
is signed.
NYSE: SECZ
Listed 2 Jul 2026 — a public-markets-grade tokenization platform
$295M
Of its own shares tokenized on listing day — the first US company to do so
$4B+
Assets under management — the largest RWA issuance platform
SEC
Registered transfer agent, broker-dealer and ATS
One group owns the whole stack
Issuance
Securitize — official partner of Socios.com; the rail behind the largest tokenized funds on the market
Distribution
Socios.com — the first MiCA-licensed CASP in sports (MFSA, Oct 2025) + tier-1 fintech partners for the global lane
Settlement
Chiliz Chain — ERC-3643 permissioned-securities standard + the Assetera regulated venue (Nov 2025)
Engagement
$GAL on Socios.com — six seasons of live fan rails into this exact fanbase. No other issuer starts here
Securitize NYSE listing (2 Jul 2026, Cantor Equity Partners II) · Socios Europe MiCA CASP (MFSA, Oct 2025) · Assetera alliance (Nov 2025) · ERC-3643 on Chiliz Chain
Galatasaray × Chiliz — Global Fan EquityConfidential · 08 / 13
The retail bundle — business model
Fans buy the pack. The premium is the business.
One retail product: GSRAY shares forever, a season of benefits on top — premium-to-share, re-charged every season. Illustrative shelf:
Taraftar€99
Members' content · club ballots · digital badge · store discounts
Aslan€499
RAMS Park ticket priority · kit drop · open trainings · derby ballot
Efsane€2,499
Hospitality · signed shirts · squad access · European-away priority
The recharge cycle
27-28
Recharge the season €25
28-29
Recharge — or upgrade the tier +shares
€11M / season
100,000 packs × ~€110 blended premium — repeating every season, split club × Chiliz. Illustrative.
Galatasaray × Chiliz — Global Fan EquityConfidential · 09 / 13
Composability
The premium is composable. Complement, don't compete.
İstanbul
The home crowd
Matchday priority at RAMS Park
Kit drops, store credit & museum experiences
Local sponsor perks — dining, retail, mobility
Diaspora
Europe's Turkish heartlands
Airline, telco & banking partner perks — non-seat value
Watch-party takeovers & streaming for Berlin, Rotterdam, Paris
Governance ballots wherever a fan lives
Efsane
Platinum tier
Squad access, boardroom hospitality, European aways
Gamified voting menus offered to no one else
Concierge across the full sponsor stack
Club inventory
Sponsor inventory
Digital & governance
Sponsors pay for placement — a new revenue side, not a cost. And nothing on these shelves competes with $GAL: Fan Token™ utility stays on Socios.com; the pack composes above it.
Composability model — three shelves: club inventory · sponsor inventory · digital & governance · recipes per segment: local / diaspora / platinum
Galatasaray × Chiliz — Global Fan EquityConfidential · 10 / 13
Proof
The rails are live. The demand is proven.
| $GAL — Feb 2020 | Among the first Fan Tokens™ in football; six seasons live on Socios.com | Galatasaray fans buy in — and stay |
| $PORTO — Binance, 2021 | A club token offering oversubscribed 1,280 times | Fan demand for club assets is oceanic |
| Watford × Republic — 2024 | ~£4M committed by 2,245 retail investors against a £17.5M target, without institutional rails | Distribution failed, not demand — this proposal signs the rails first |
| Securitize @ NYSE — Jul 2026 | Tokenized $295M of its own shares on the day it listed | The issuance rail is public-markets grade |
| Ondo × Broadridge — Jul 2026 | On-chain shares carrying full shareholder rights | Tokenized equity is ownership, not a token |
| xStocks | $25B+ traded in tokenized listed equities | Deep secondary liquidity already exists |
Socios.com (2020) · Binance $PORTO FTO (2021) · Republic / Watford (2024, offering later withdrawn) · Securitize NYSE listing (Jul 2026) · Ondo × Broadridge (Jul 2026) · xStocks volume data 2026
Galatasaray × Chiliz — Global Fan EquityConfidential · 11 / 13
Two lanes by design
Launch global.
Pilot Türkiye in parallel.
The offering launches offshore under EU rails — Reg S / MiFID II via Securitize, distributed by tier-1 fintechs and Socios.com — with Türkiye geo-fenced at launch.
In parallel, club and Chiliz jointly approach the SPK: Law 7518 already gives the board authority to treat tokenized instruments as capital-markets instruments. Galatasaray would define the domestic lane rather than wait for it.
Designed in, not around
| Reg S / MiFID II | Cross-border wrapper for the global retail lane | Standard |
| MiCA CASP · MFSA | Socios Europe — the first licensed CASP in sports (Oct 2025) | Live |
| EU DLT Pilot Regime | Regulated tokenized-securities trading & settlement | Live |
| ERC-3643 · Chiliz Chain | Permissioned-securities standard; KYC-gated transfers | Live |
| Law 7518 · Türkiye | SPK authority over tokenized capital-markets instruments — the pilot lane | In parallel |
| Türkiye geo-fence | Domestic retail excluded until the SPK lane opens | At launch |
The architecture separates the security from the perks — benefits ride on the membership, never inside the instrument. The token stays clean in every jurisdiction it touches.
EU Reg S / MiFID II · Socios Europe MiCA CASP (MFSA, Oct 2025) · EU Reg 2022/858 (DLT Pilot) · Law 7518 (Türkiye, 2024) · structure subject to counsel
Global Fan Equity Programme · What the club gets
This certifies that the Lions are owned by the pride.
I
Capital without control
A 2–5% negotiated tranche — block or capital increase — while the association's command of the club is untouched.
IV
A global, KYC-verified register
The diaspora becomes a shareholder CRM — ticketing, retail and sponsorship value compound on top of it.
II
The reprice accrues to the club
From 0.66× toward the 1.3× median, the ≈€240M of value unlocked lands on today's shareholders — not on the SPV.
V
First listed club to do it
From Fan Token™ pioneer in 2020 to fan-equity pioneer in 2026 — the same club, the same partner, the next era.
III
A recurring premium engine
Season memberships re-charged every year, split club × Chiliz — retail revenue that repeats on top of the capital.
VI
Fans as partners
The people who filled RAMS Park for four straight titles co-invest in the decade that follows them.
Issued in concept · İstanbul · Malta · August 2026Subject to legal, tax & regulatory structuring
Galatasaray × Chiliz — Global Fan EquityConfidential · 13 / 13
The runway
30 days
Align the tranche — block vs capital increase, size, price reference, and the utility term sheet. One negotiation, one closing.
60–90 days
Securitize workstream, SPV and underwriting stood up; distribution partners lined up; the joint SPK dialogue opens.
Launch season
Packs on sale worldwide. The register opens, the recharge cycle begins — and the multiple starts to move.
Fans have carried Galatasaray since 1905.
Now the cap table carries them back.
This is SportFi. This is Chiliz 2030.