PAOK BC sound alarm on Financial Troubles

In an unprecedented move, PAOK BC’s board has asked the club’s extended family to help raise a staggering €350.000 to help the Thessaloniki club steer away from financial ruin.

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PAOK BC’s brass sounded the alarm on the financial troubles the club have been facing since last season as the Thessaloniki side now looks for outside help to raise a whopping €350.000.

Speaking in front of reporters at an emergency press conference on Wednesday at the PAOK Sports Arena, PAOK BC Vice-President Nikos Konstantinidis admitted the club are near financial ruin unless funds are raised quickly.

"We need financial support,” Konstantinidis exclaimed. “The margins have narrowed dangerously! There has not been an away win that we were expecting against Panionios and Lavrio. The results have not come and there is concern about the team remaining in the division,” Konstantinidis said of a bleak situation both on and off the court.

PAOK currently own a 3-8 record in the Basket League and are flirting with relegation on the court, though after Wednesday’s press conference the club could be facing a demise from the top flight on the administrative front as well.

It’s been an ongoing theme for the club that started making headlines towards the end of last season as it was initially reported that PAOK FC owner Ivan Savvidis was expected to step-in to help cover the basketball team’s debts.

The club’s main problem stems from overdue debts to former players with FIBA placing a transfer ban on the club and hence impacting the club’s ability to properly invest in the squad — meaning subpar players are being asked to play at the highest level of Greek basketball and in the Champions League.

When asked about Savvidis’ involvement during the press conference, Konstantinidis made clear that Savvidis had not promised any funds. "He did not promise us anything and has no obligation whatsoever. We didn't meet with him,” Konstantinidis said of the basketball club’s involvement with Savvidis.

Konstantinidis went on to call on the entire PAOK family, from members of other athletic departments to former players, to help raise the funds as he further indicated that the club needs a minimum of €70.000 to operate each month.

Just last month it was revealed that PAOK FC players were in agreement that their matchday bonus for each win that kept the club at the top of the Super League table would be donated to the basketball club with Savvidis doubling the amount.

Konstantinidis was also asked about the club’s decision to compete in the Basketball Champions League in spite of the financial concerns, but he responded by saying that the club attracted many players on team-friendly deals. The club, however, remains rock bottom of their group with a 3-6 record — a drastic difference to consecutive campaigns into the knockout round of the competition in past seasons.

by Peter Katsiris

Image Source: sport24.gr

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