Panathinaikos’ Financial Debt Details Released

Panathinaikos’ Financial Debt Details Released

PAE Panathinaikos has released the details of its finances in a detailed announcement for all to see. 

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The figures show only a small decrease in the debt from late 2012 until now, something that is sure to worry all fans. Back then the total amount was 35.2 million Euro. It now currently sits at 34.7 million. Still a large figure, especially with all the uncertainty surrounding the club in terms of ownership and former players chasing money they are owed.

What has drastically changed is the composition of the debt. Back in 2012, tax liabilities only made up 20% of the total figure, whereas now that has significantly risen to a whopping 39%. Almost double in other words. It must be noted that the tax burden has almost tripled during that time due to the increased tax rates.

31% of the current figure is made up of commitments to the operations of the football club. It was previously 42%. This demonstrates that management has succeeded in lowering the expenses of the daily operations of the football club such as wages to players. However one would think it also plays a role in lowering the overall quality of the playing roster, and this can be evidenced by the on-field results over the years. The future commitments of the football club section sit in the region of 16.4 million Euro over a 2-3 year period.

The revenue over the 5 year period is reported as being 100.2 million Euro. This is in the form of 24.4m from television broadcast rights, 19.2m from sponsorship, 16.1m from UEFA prize money, 13m from player sales, 11.6m from ticket sales, 6.1m from commercial activities, 5.2m from revenue redistribution, and 4.6m from other operating activities. Conversely, the outgoings during the same time amounted to a reported 142.5 million Euro.

Furthermore, it has been reported that majority shareholder, Giannis Alafouzos, has contributed 41.5 million Euro during that time. 7.8 million Euro has been contributed by the Panathinaikos Alliance.

It is still up in the air whether Alafouzos will further contribute to the club, but it was previously thought he would contribute a further 20-25 million Euro, particularly in terms of tax obligations.
This comes at a hugely uncertain time where former players such as Stathis Tavlaridis, Michael Essien, Jens Wemmer and Rasmus Thelander, among others are attempting to recover money owed to them from their time at Panathinaikos.

by Nick Tsambouniaris
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