Panathinaikos heading towards EuroLeague exit
The always fiery Panathinaikos president Dimitris Giannakopoulos has proclaimed his side won’t be taking part in next season’s EuroLeague…
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Panathinaikos’ future in the EuroLeague appears to be approaching its end after club president Dimitris Giannakopoulos stormed out of EuroLeague meetings in Madrid on Thursday.
According to reports, Giannakopoulos stormed out of a meeting involving EuroLeague executives and members from the competition’s 16 clubs after proposals from Panathinaikos were rejected.
Reports indicate that Giannakopoulos requested that the EuroLeague conduct elections for a new CEO as the Trifylli feel the finances of the competition are disproportional despite the EuroLeague estimating earnings around 40 million euros this season.
Giannakopoulos reportedly stressed that the EuroLeague’s financial management has been a failure and hence asked for the election process for a new CEO to begin – which doesn’t adhere to the competition’s rules.
After storming out from the meeting prematurely, Giannakopoulos took to Instagram and posted that Panathinaikos will not be continuing in the EuroLeague next season and instead look to compete in a FIBA competition next term.
Should Panathinaikos opt to exit the EuroLeague, the Trifylli will be obliged to pay a penalty of 10 million euros as the club is currently locked in a 10-year contract with the EuroLeague.
For now, Panathinaikos remain a EuroLeague club and will look to progress to the Final Four of the competition when their playoff series with Real Madrid tips-off on 17 April.