Pan Asia Takeover Imminent After Private Agreement is Signed
 

Pairoj Piempongsant and Pan Asia are closer than ever to acquiring Panathinaikos FC. Upon his latest visit to Greece, the Thai businessman met with Giannis Alafouzos again and this time a private agreement was signed between the pair on Friday afternoon. This private agreement pertains to the 10 million Euro share capital increase at the next Board of Directors meeting on the 21st of September.

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The meeting took place at a suite in OAKA and only hours before that, the current Board of Directors resigned, paving the way for Piempongsant to get his management team together as part of his due diligence process to mark a new era and changing of the guard at Panathinaikos.

The next step is now expected to be a joint statement from Piempongsant and Alafouzos outlining their cooperation. In the meantime, Avram Grant packed his bags and flew to Athens in order to take up a managerial role at the club.

There is no official date set for an announcement regarding the change of ownership, however, some reports have emerged that it could be made public no later than Monday afternoon. There are still many details that fans want to see for their own eyes such as how much exactly will be invested in the team, what the business plan will be and who will make up the new Board of Directors.

Piempongsant was present at OAKA to watch the Greens’ first hand in their impressive 3-1 win over Lamia and appeared to be very satisfied. He was with his son (Pete) and Grant, indicating the official announcement is closer than ever.

Finally, an important feature of the proposed takeover seems to be the role of BEC-TERO. The company will reportedly be a key player in funding the Pan Asia consortium. They are active in the entertainment industry in Africa and South-East Asia, dealing with concerts, TV productions and have shares in TV channels. It is a subsidiary of the BEC World Public Co Ltd, which is also the owner of Bangkok Entertainment Co Ltd. Beyond that, the company remarkably has a football team in Thailand called Police Tero FC (formerly called BEC Tero Sasana). They finished 14th in the top flight of Thailand last season. Furthermore, they were previously in talks to acquire English club Bolton Wanderers but it never eventuated.
 

by Nick Tsambouniaris

Image Source: to10.gr

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