Giannakopoulos Hits Stumbling Block

Giannakopoulos Hits Stumbling Block
 

Sunday’s meeting between Dimitris Giannakopoulos and Giannis Alafouzos ended without the two men reaching an agreement for Panathinaikos FC.

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The future of Panathinaikos is back up in the air with a wave of uncertainty surrounding the club following Sunday’s 1-0 win over newly promoted Apollon Smyrni. Prior to kick off, talks between Dimitris Giannakopoulos and Giannis Alafouzos continued in relation to the latter giving control of PAO FC to the former. The latest meeting lasted for one hour, however this time no positive outcome was reached. This could also have major ramifications for the struggling club.

Giannakopoulos was originally under the assumption that the debt totalled 25 million Euro, however due to the failures of Alafouzos and his group, the figure has exceeded 50 million Euro. Consequently, the owner of PAO BC presented Alafouzos with a new offer on the condition that Alafouzos increased the amount of debt he was willing to cover from the previously agreed figure of 25-27 million Euro to over 30 million Euro. Alafouzos did not accept this and the meeting concluded without a positive conclusion.

Panathinaikos fans have every reason to be worried for what lies ahead as the Greens have 3 million Euro due to UEFA by the end of September. Failure to do so would place the club at risk of being excluded from European competitions for 1-3 years. This of course would then have flow-on effects such as making it even more difficult to lure quality signings without the lure of Europe on offer, among other things. Furthermore, by the end of October, the installments to teams such as Boca Juniors, in which Panathinaikos conducted summer transfers will be due.

It is also believed that Alafouzos was very negative during the course of the latest negotiations, in terms of both raising more funds to cover the debt, and in his failure to give a definitive solution to the future of the club. As a result, the future all of a sudden looks bleaker and long-suffering fans can begin asking where to from here?
 

 
By Nick Tsambouniaris
Image Source: SDNA.gr
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