Panathinaikos’ financial outlook after share capital increase
Panathinaikos announce share capital increase of six million Euro, as a bullet is dodged with Pairoj Piempongsant.
Share Capital Increase
As rumoured, the share capital Increase has risen to six million euroa for Panathinaikos after the most recent Board of Directors’ meeting. This comes after it was unveiled that Giannis Alafouzos needed to come up with a figure in this region in order to satisfy the licensing requirements to be able to participate in next season’s Championship.
This new investment will go straight into the club’s special account and the remainder will go towards the bond loan that Alafouzos took out for the club. In turn, this will illustrate that the club can satisfy its financial obligations and can also settle its past debts. Ninety percent will go towards this, with approximately 10% to the Amateur Department of the club and a very small percentage towards the Panathinaikos Alliance.
Alafouzos did not attend this meeting and it is also worth noting that Manos Mavrokoukoulakis has resumed his role as President of the Club.
Worst Case Scenario Avoided
Panathinaikos seem to have avoided the worst possible outcome in terms of ownership after news emerged from Belgium that Pairoj Piempongsant’s accounts have been “frozen” by the courts following suggestions by the Attorney General. The Thai entrepreneur, hotly linked with a move to acquire the Greens, became embroiled in a money laundering scandal with his club Mouscron.
Piempongsant is under judicial supervision in Belgium and from Panathinaikos’ perspective a bullet has been dodged.
It is suspected that Mouscron is still in the hands of Pini Zahavi (another closely linked to Panathinaikos due to Piempongsant), since the transfer of shares to the Thai appears to be fictitious.
Belgian authorities have stated that they have “identified new suspicious transactions related to offshore companies, which have transferred money to other offshore companies: and this is deemed as ‘black money.’”
As announced, Panathinaikos’ debt for the period of 2017-18 (ending June 20, 2018) is 49.02 million euros. This is according to “Direction Business Reports” who compile financial data on businesses and the economy. The company compared balance sheets on Panathinaikos for the last two financial years on the website ‘businessnews.gr’.