The latest on Panathinaikos Pan Asia transfer
Pan Asia’s acquisition of Panathinaikos FC has taken some time and after last week’s news of Pairoj Piempongsant not investing into the club for the first time as promised after the share capital increase, fear grew that the deal may have stalled yet again, or even worse, be off the table.
However, in circumstances such as these it is best to go off official statements from the club and the words of those involved. Consequently, a statement released by the club has shed some light as to why this investment did not happen. It states that old shareholders have the first right to do so for the one month after the Board of Directors’ meeting in relation to the share capital increase. This pertains to Giannis Alafouzos and any other minority shareholder in the “Panathinaikos Alliance”.
In other words, Piempongsant has to wait until this month ends to start investing. The date for this is the 22nd of October. This means the Thai businessman has time to put the finishing touches on his front office team to guide the club into a new era. All the necessary moves need to be made by then in order for him to make his first payment.
Even though it is not expected to happen in this case, this mechanism operates to enable the existing shareholders with the opportunity to capitalise on liabilities, that is money already part of the club’s funds. After the 21st of October, the old shareholders can no longer make any payments.
In summary, all hope is not lost and Piempongsant is tipped to be working behind the scenes to finalise his team and be in a position to make the first payment after the aforementioned date. However, the fact that nothing is ‘official’ means nothing is certain. The takeover has dragged on for months, but fans will need to remain patient once again.
by Nick Tsambouniaris
Image Source: to10.gr