ROME, ITALY - FEBRUARY 25: Galatasaray team poses during the UEFA Europa League Round of 32 second leg match between Lazio and Galatasaray on February 25, 2016 in Rome, Italy. (Photo by Paolo Bruno/Getty Images)

Turkish giants Galatasaray have been banned from all European competitions for one year after breaching financial fair play rules, should they qualify in either of the next next two seasons.

UEFA stated in January that the club had broken the regulations surrounding the permitted level of financial losses, paving the way for a potential ban.

"The Adjudicatory Chamber of the UEFA Club Financial Control Body (CFCB) today announced that Galatasaray AS will be excluded from participating in the next UEFA club competition for which they would otherwise qualify in the next two (2) seasons (the 2016-17 and 2017-18 seasons)," UEFA said in a statement.

"This decision was taken after Galatasaray failed to comply with the terms of the settlement agreement that it entered with the CFCB Chief Investigator in May 2014 under Article 15 of the Procedural rules governing the UEFA CFCB.

"The Turkish club has also been ordered to limit the overall aggregate cost of the employee benefits expenses of all its players in each of the next two reporting periods (i.e. the reporting period ending in 2016 and the reporting period ending in 2017)."