Panathinaikos to remain in EuroLeague

Despite the club having declared its desire to leave the competition, it has been confirmed that Panathinaikos will remain in the EuroLeague for the 2020/2021 season.

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Another season in the EuroLeague awaits. Earlier in the month, Panathinaikos revealed that they were preparing to leave the EuroLeague, with fiery owner Dimitris Giannakopoulos expressing his overwhelming desire for the Athenians to quit the project in favour of the FIBA-run Basketball Champions League. However, during a key meeting on Monday, the EuroLeague Shareholders Executive Board rejected Panathinaikos’ request to transfer their shares.

This following statement was released by the EuroLeague:

“The Euroleague Commercial Assets Shareholders Executive Board met remotely on Monday, June 22, to discuss proposals to be presented at the upcoming ECA Shareholders Meeting in July.

The Executive Board proceeded to:

“- Approve the 2019-20 Euroleague Basketball financial closing, with economic club distribution being reduced by 14% compared to the pre-season forecast, despite total revenues being reduced by 30% following the season cancellation due to the COVID-19 global pandemic. The amount distributed to EuroLeague and EuroCup clubs corresponds to 100% of the forecasted market pool distribution as well as 100% of the forecasted sports pool distribution for the games played until March 12

“- Review progress of the conversations with the EuroLeague Players Association and the EuroLeague Head Coaches Board, with the goal of reaching short form European Framework Agreements with both collectives

“- Review improved Financial Stability & Fair Play Regulations to be applied from the 2021-22 season onwards, with the objective of increasing clubs’ sustainability as well as competitive balance. Previously approved regulations apply for the 2020-21 season. The main proposals include establishing player salaries based on Net Basketball-Related Market Revenues. The proposals will be further discussed at the next Executive Board meeting that will take place in early July 2020

“- Reject Panathinaikos Athens’ request to transfer its EuroLeague Club License, due to the fact that no guarantee has been provided by the club that it will fulfill all associated commitments towards the other ten licensed clubs and Euroleague Basketball. Clubs also reiterated the statement previously issued on June 12

“- Approve the 2020-21 7DAYS EuroCup Team List, selecting Dolomiti Energia Trento to replace Fraport Skyliners Frankfurt who have withdrawn from the competition

“All decisions taken by the Executive Board will be presented at the ECA Shareholders Meeting for formal approval, to be held on July 9, 2020.”

In order to proceed with their intent of leaving the EuroLeague, Panathinaikos must pay the organisation a minimum of 10 million euros, something which the club is not willing to do. Panathinaikos’ 10-year contract with the EuroLeague is due to expire in 2026.

Panathinaikos are currently searching for a buyer after Giannakopoulos put the club on sale for 25 million. Giannakopoulos will not play any further part in the team’s operation.

During the 2019/2020 EuroLeague campaign, Panathinaikos tallied 14 wins and 14 defeats, occupying sixth place of the regular season. The season was subsequently cancelled as a consequence of the coronavirus pandemic.

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