Panathinaikos Stand Firm Amid Relegation

Panathinaikos Stand Firm Amid Relegation

Time is ticking faster than ever and Giannis Alafouzos is flirting with disaster at unprecedented levels as Panathinaikos seeks to avoid the darkest day in its glorious 110 year history. As it stands, the Greens will fall short in settling all the debts required in order to obtain a license for next season’s Championship (they need 3 million Euro within the next 5 days). If this was to occur, the famous club would be relegated for the first time ever. However, the club has stood firm and there are reportedly new loopholes being considered.

WATCH Greek Sports and much more from any device with LIVE GREEK TV from AGONAsport! Details and purchase here!

As time has progressed, numerous open cases have been left which do not even directly relate to the license such as debts to past players. For instance, Jens Wemmer is reportedly owed 500,000 Euro. This impacts the possible points deductions hanging over the club’s head. In this case, it would result in a 3 point deduction. It has gotten to the point where the club no longer expects any further reduction in the debt as there are over 100 cases to be settled.

The estimated 3 million Euro required for survival in the top flight would need to be paid by Alafouzos himself by the 31st of March, but he has shown no indication he will do so. As one would imagine, if he was going to do this, he would have done so by now.

Amid all this, the club has issued a statement saying “Panathinaikos is the largest and most historic football club in Athens and Greece” and went on to say the club will not be relegated, as management will “take all necessary action” to avoid the drop.

Last Wednesday, a meeting was held at the offices of the EPO. In this meeting, the Super League requested an extension of 15 days so clubs facing financial trouble can have more time to handle all open cases so their files for lodging a license can be completed by the 15th of April. The current deadline is the 31st of March, so this would give Panathinaikos a bit more breathing space to sort everything out, however, the pressure is already on. Furthermore, this decision to grant any extension will be made by UEFA. The EPO can only request it. 

by Nick Tsambouniaris
Thank you for visiting AGONAsport.com, the only English based website for Greek sports fans across the world! Like us on Facebook, follow us on  Instagram, and Twitter for all the latest news in Greek Sports!