Pan Asia set to announce Panathinaikos takeover
In welcome news to Panathinaikos fans, owner Giannis Alafouzos and Thai businessman Pairoj Piempongsant have reached an agreement for the sale of the club.
Ever since 60-year old Giannis Alafouzos announced his impending resignation from Panathinaikos in late 2017, the Greens found themselves plunged into the worst financial crisis the club’s faithful fans have witnessed in their lifetimes. During a disastrous 2017/2018 campaign, Panathinaikos were forced into selling their leading lights due to the lack of funds, resulting in the Athenian giants falling to a lowly 10th position of the Super League with only 32 points from 27 fixtures. Recently, the Hellenic Football Federation docked three points from Panathinaikos for the failure to pay off debts owed to former player Jens Wemmer and the Prasini have struggled to keep up with their wage commitments.
For a long time, it appeared as though Panathinaikos were doomed, but salvation has arrived. In the Greek media, reports arose suggesting that Alafouzos agreed to sell Panathinaikos to Thai businessman Pairoj Piempongsant, who is the representative of the Pan Asia organisation.
In a letter of acceptance, Alafouzos revealed that he is willing to go through with Piempongsant’s proposal for Panathinaikos’ takeover:
“Dear Mr. Piempongsant,
Thank you for your letters dated March 28, 2018 and April 16, 2018.
As discussed in our last meeting, I intend to transfer all the shares of Panathinaikos FC that I own, directly or indirectly, against €1 (one Euro) in total, in exchange for a share capital increase from your investment fund directly to the club, amounting to €27 million (twenty seven million euros), in accordance with your binding offer of 16 April 2018.
We look forward to your immediate reaction to the implementation of our agreement.
Sincerely, Giannis Alafouzos.”
This is the reported layout of Piempongsant’s proposal to become the major shareholder of Panathinaikos:
- 13 million will be used for the payment of debts and money owed to third parties;
- 7 million is put aside for the Koropi training centre;
- 7 million for a closed television contract;
- 20 million for strengthening of the club’s roster for the 2018/2019 season.
Following the letter, Piempongsant confirmed that his sole aims are to help Panathinaikos and the Thai entrepreneur is expected to travel to Athens on Wednesday in order to complete the move. A few matters surrounding debt also need to be cleared up between the two parties.
However, the developments have angered fiery Panathinaikos BC owner Dimitris Giannakopoulos. Originally, Giannakopoulos wanted to include Panathinaikos FC in the Athens Alive project and purchase the club from Alafouzos, but the potential deal is off. Giannakopoulos stated that Alafouzos has showed himself to be deceitful in this issue, with the 43-year old now feeling highly resentful towards Greece’s ‘Mr Skai.’