Giannakopoulos closer than ever to Panathinaikos FC Takeover
Dimitris Giannakopoulos and his consortium are closer than ever to buying Panathinaikos FC. Giannakopoulos and his team sent a letter to former owner Giannis Alafouzos outlining their proposal to save the fallen giants.
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The letter reinforced this plan has moved beyond a mere ‘interest’ and the group has given Alafouzos a set of conditions he must follow in order for them to acquire the Football Club. It must also be noted that Giannakopoulos’ representatives are in close contact with the Greek Government in relation to the “Athens Alive OAKA” project and by all reports it appears the Government is happy with the plan.
The aforementioned letter contained the following terms: the consortium will buy everything associated with Panathinaikos (from the name to majority stake), the new buyer will assume the financial obligations of the Football Club (minus certain contracted debts), the price will be agreed upon by the two parties, and along with all the conditions come a set of prerequisites. This includes: a check on the club’s finances, ensuring the data submitted by shareholders for review is accurate, the final proposal to move from the Board of Directors to buyers, have all relevant licenses for the OAKA project completed, the buyer will prepare a first indicative agreement two weeks after Giannis Alafouzos signs the acceptance of the terms of the letter.
Alafouzos himself is rumoured to be very happy with this offer and appears to be keen to get the process underway. It is said his eagerness has grown ever since Giannakopoulos’ plans became more formal. This can be evidenced by certain actions over the last few weeks. For instance, he has ordered club officials ‘freeze’ any talks relating to the sale of players, most notably for captain Dimitris Kourbelis. His agent and club officials begun negotiations but were since informed by Alafouzos to put any further talks on hold until there are more developments in Giannakopoulos’ takeover.
Giannakopoulos will fly to London tomorrow this week to talk with foreign investors he already has on his side for the OAKA project. His aim in these talks will be to persuade them to change their minds and proceed with the takeover of Panathinaikos before the green light is given by the Government for “Athens Alive OAKA”. Assurances have already been given by Government representatives for the project, and this is something Giannakopoulos will inform the investors of in London.
It is yet to be seen what impact this faster process will have on the future of Panathinaikos, but it is clear that the previously reported deadline of Easter is becoming more of a reality as time progresses.