OFFICIAL: Panathinaikos banned from Europe in one of next three years
In a blow to any European ambition Panathinaikos had for the next three years, the Greens have been hit with a UEFA ban after failing to pay debts.
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Back in December, Panathinaikos were found guilty of breaching UEFA Club Licensing and Financial Fair Play regulations after not paying overdue debts, but the struggling Athenian giants were given until March to pay up and avoid a punishment. However, the Greens missed the deadline, resulting in Panathinaikos receiving a ban from any European competition for which they would qualify in the three upcoming seasons (2018/2019, 2019/2020, 2020/2021).
UEFA released this following statement: “In connection with UEFA Club Licensing and Financial Fair Play Regulations, the Adjudicatory Chamber confirmed that Panathinaikos FC is excluded from participating in the next UEFA club competition for which it would otherwise qualify in the next three seasons. The Adjudicatory Chamber also ordered that the amount of 100,000 euros as a part of the total fine of 200,000 euros is no longer suspended and is due immediately.”
At this moment in time, Panathinaikos currently occupy 10th position of the Super League table and were recently docked a further three points from the standings for money owed to former player Jens Wemmer. Nevertheless, despite being in a dire financial state, Panathinaikos are in negotiations with the Pan Asia consortium in connection with a possible takeover.