Ademola Lookman turned down a move to Fenerbahçe in favour of joining Atlético Madrid after complications emerged during negotiations with his former club Atalanta, according to the Turkish side’s president.

Fenerbahçe president Sadettin Saran said the deal collapsed after Atalanta requested financial guarantees before approving the transfer.

Speaking to the club’s television channel, Saran said negotiations for the Nigerian forward had progressed well before the Italian club raised concerns about payment assurances from Turkish teams.

“On December 19, as soon as my foreign ban was lifted, I went to Milan for Lookman and met his manager,” Saran said.

“We spoke with the club officials and everything went well. But later they asked for a letter of guarantee, saying they could not get their money from Turkish clubs.”

Saran said Fenerbahçe  rejected the request, insisting the club had no outstanding debts and would meet its financial obligations.
“We told them we owe no one and we will pay our debts. But they insisted on a letter of guarantee,” he added.

According to him, Lookman had held several discussions with the club’s coach and was open to joining the Turkish giants, with the transfer fee reportedly rising to around €35 million.

However, Atalanta eventually opted to negotiate with Atlético Madrid bringing the talks with Fenerbahçe to an end.
Lookman subsequently joined the Spanish club and has quickly made an impact under coach Diego Simeone.

The Nigerian international has scored four goals and provided two assists in his first 11 appearances for Atlético since completing the move to the Wanda Metropolitano earlier this year.

Lookman’s rise in European football has been remarkable in recent seasons. The forward, who previously played in England and Germany, became one of Atalanta’s key players before leaving the Italian side.

He also enjoyed an impressive international campaign with the Nigeria national football team during the 2025 Africa Cup of Nations, where he recorded three goals and four assists, the highest goal involvement of any player in the tournament.

His performances over the past year earned him the prestigious CAF African Player of the Year in 2024, cementing his reputation as one of Africa’s top forwards.