New Change In Regulations That Concern Panathinaikos
Panathinaikos’ participation in next season’s Greek Super League took an interesting turn after lengthy discussions with the EPO which brought about a change in Article 52 of the Licensing Regulation. It means that the Greens can still be in a negative net position and still participate in the league, however, only if that position was improved relevant to last year.
This also applies to all clubs in Greece, not only Panathinaikos. Consequently, clubs now have to prove by the 31st of March 2018 that they improved their financial position relevant to last year and must also settle all outstanding debts to players, coaches, government, insurance and anyone else.
This will be achieved by submitting annual financial statements, including, but not limited to, balance sheets, income statements and cash flow statements. They would also have to provide interim financial statements in the form of quarterly cash flows which would be compared to ones from 12 months ago.
Any team that fails to do this places itself in an extremely precarious position and faces relegation to the Football League. These conditions had been included in licensing regulations in the past, but they were suspended last year as it was feared many teams would find themselves in dangerous positions.
This agreement is expected to be ratified by some stage this week, as early as Monday.