Panathinaikos looking to overturn UEFA ban, new cash injection incoming
Panathinaikos are aiming to overturn the UEFA ban ahead of the upcoming 2019/2020 season, while a new capital share increase has been confirmed
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In 2018, Panathinaikos were handed a one-year ban from UEFA competitions should they qualify for them within the next three years after the Athenians failed to pay a number of debts in the midst of a financial crisis. However, with the situation having stabilised, the Greens are now preparing a request to overturn the ban which could possibly allow them to play in 2020/2021 European tournaments in the event they qualify.
These are the main reasons why Panathinaikos think the European ban should be overturned by UEFA:
Debts have been reduced from 47 million to 20 million in 18 months;
Payments and debt settlements have been consistent;
Contrary to last season, a licence from the Hellenic Football Federation has been acquired this year for the 2019/2020 Super League;
The club has improved financially in the period since the ban was imposed in 2018.
Panathinaikos would like the ban to be cancelled by UEFA this summer in order to give the players more motivation for the 2019/2020 season. Nevertheless, the process isn’t an easy one, and it isn’t yet certain that Panathinaikos will even send an official request to UEFA for the matter to be analysed.
According to SDNA.gr, Panathinaikos must erase all outstanding debts before UEFA even consider reversing the ban. This equates to 22 million euros within the next six months, an amount of money that is unlikely to be injected into the club by current owner Giannis Alafouzos, an additional investor, or generated revenue from the club (ticket sales, TV contracts, sales, etc.)
CAPITAL SHARE INCREASE INCOMING
According to reports in the media, a new capital share increase amounting to five million euros will be injected into the organisation by major shareholder Giannis Alafouzos, with the club needing to pay the players’ wages for May on time. This will be approved at a meeting on June 3 at Panathinaikos’ offices in Vrilissia.
The money will also help for advanced payments when making transfers. As a result of obtaining a licence for the 2019/2020 Super League, Panathinaikos can sign whoever they like this summer without limitations, an opportunity which they didn’t have in 2018.
An additional capital share increase of 2,620,500, which had been announced in February, was approved on Thursday.
