Olympiacos waiting for EuroLeague transfer ban to be lifted

Olympiacos are reportedly close to completing the acquisition of Shaquielle McKissic but a transfer ban imposed by the EuroLeague is currently tying up the club’s plans. Meanwhile, an investigation into Panathinaikos’ finances continues.

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The overhaul at Olympiacos appears to be continuing in spite of a transfer ban ordered by the EuroLeague last week.

The Erythrolefki are planning to complete the acquisition of Shaquielle McKissic in the coming days but will first need to clear up a transfer ban imposed by the EuroLeague as a result of overdue payables.

“The Euroleague Basketball Management Control Commission has referred Olympiacos Piraeus to the Finance Panel for further monitoring of the club’s compliance status with the Financial Stability and Fair Play Regulations (FSFPR),” read the statement released on the EuroLeague’s official website.

“The proceeding has been opened on the basis of an alleged infringement of overdue payables, omitting to provide information, and unfulfillment of agreed Compliance Plans, under Articles 32.a), d) and e) of the Euroleague Basketball Disciplinary Code. The decision from the Finance Panel is expected within 30 days, once the exchange of all communications is complete. A transitory measure has been imposed by the Finance Panel banning Olympiacos from registering new players or head coaches until their decision is issued.”

Olympiacos remain confident that it will be able to take the actions necessary to have the ban lifted though the club insisted it doesn’t have any financial loose ends in an open letter to EuroLeague officials. Olympiacos also called for better communication from EuroLeague officials to avoid such issues in the future.

Olympiacos, who bolstered their ranks with the acquisition of Octavius Ellis just last week, are looking to seal the signing of McKissic on a contract through to the end of the 2020/2021 season with the inclusion of a team option beyond this summer.

McKissic began the season in Turkey with Besiktas, helping the club reach the Basketball Champions League playoffs before taking advantage of an opt-out option in his contract. In 13 Champions League games with Besiktas, McKissic averaged 16.6 points, 4 rebounds, and 2.8 assists.

Injuries to Vassilis Spanoulis and Taylor Rochestie have forced Olympiacos to be more active in the transfer market with the club expected to also pursue another guard once McKissic’s signing is confirmed.

PANATHINAIKOS FACING INVESTIGATION

While the EuroLeague imposed a transfer ban on Olympiacos, the league also confirmed that the investigation into Panathinaikos’ finances initiated last April remains ongoing.

 “The Management Control Commission has received the externally audited accounts of Panathinaikos OPAP Athens. In order to ensure that the club is fulfilling its FSFPR obligations, the investigation initiated in April 2019 will continue with further steps taken.”

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