Money Owed By Panathinaikos And Plan For Safety
Panathinaikos’ plan for safety until the end of the current season has been finalised, with the main aim being to avoid bankruptcy. This plan will be achieved through the following processes.
Firstly, the club hopes to raise 5 million Euro by the end of January through the sales of certain players. The inflow of 5 million Euro will put the club on the frontfoot in achieving the proposed plan. Players that are expected to be sold next month include Moledo, Hult, Lod, Kourbelis, Villafanez and Coulibaly, as it is believed they can generate the most amount of funds. The spots of these players is expected to be covered by a few signings on the cheap (loan options are also being explored). According to recent rumours, Vangelis Oikonomou will be the first signing.
The next phase in the plan for salvation is to put into immediate effect the new cutbacks of the budget which have been discussed by the club. This would mean further attempts to cut out certain expenses and also reduce the already low budget manager Marinos Ouzounidis would have at his disposal.
In addition to the player sales and budget cuts, there are also numerous outstanding contracts that need to be settled with certain players of this current season’s playing group that are no longer wanted by Ouzounidis. These players are Koutroubis, Reis and probably Hiljemark. This would assist in lowering the budget from 11 million Euro to 5 million Euro by the end of January. The termination of Andres Chavez’s contract has already reduced the budget down to 9.5 million Euro as does not have to be payed.
Furthermore, in order to avoid punishment from UEFA the Greens need to repay or settle a figure of 5,631,000 Euro by the 1st of March 2018. An extension for the due date has already been granted. Possible punishments include relegation and a transfer ban. The decision also states the club would be banned from participating in any UEFA competition until the end of the 2020-21 season if the due debt is not settled by the new agreed date in the new year.