Panathinaikos continue clearing debts owed to former employees
In a bid to receive a licence to compete in future UEFA competitions, Panathinaikos have continued clearing their debts owed to former employees.
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According to information from Prasini, the Athenians have paid a large sum of money to Andrea Stramaccioni, who previously coached the organisation between November 2015 and December 2016. The Italian manager tallied a points per game average of 1.54 when in charge of Panathinaikos.
Former players, including Ezequiel Gonzalez, have also received monetary payments with Panathinaikos aiming to clear their debts once and for all. Panathinaikos, owned by the hugely unpopular Giannis Alafouzos, have been battling financial problems for several years while struggling to challenge for trophies in Greece.
Panathinaikos were also handed a European ban by UEFA as a consequence of their large debts.
However, with the club clearing its debts, Panathinaikos are hoping to be eligible to receive a licence to compete in continental tournaments without any problems in the future. Nevertheless, it’s still unlikely that Panathinaikos will be allowed to compete in UEFA competitions during the 2020/2021 season, with the existing ban being somewhat difficult to lift.
NEW SHARE CAPITAL INCREASE
At the same time, it’s been confirmed that Panathinaikos’ share capital is going to be increased, with a further five million euros being pumped into the Athens-based club. The cash injection will reportedly be approved during a Board of Directors meeting on May 22.
Panathinaikos finished in fourth place of the 2019/2020 Super League regular season with 44 points from 26 matches. The championship playoffs were indefinitely suspended in March as a result of the coronavirus pandemic.
