Piempongsant out of the Picture as Alafouzos Makes Fresh Investment

Pairoj Piempongsant and his Pan Asia consortium are all but out of the running to acquire Panathinaikos as the share capital increase that paved the way for the takeover has officially expired, meaning he can no longer contribute to the club.

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The share capital increase was confirmed 4 months ago in September. This enabled Piempongsant to make his first notable investment into Panathinaikos. Initial reports demonstrated that the Thai businessman would contribute 10 million Euro in a bid to keep pace with the repayments and allow the club to increase its budget moving forward. However, as expected in recent times, no such investment was made and the window is officially shut on Pan Asia.

Alafouzos, knowing the deadline will pass, contributed with a new 4 million Euro investment in order not to upset the smooth process in which the club is meeting its obligations. He will retain 85% of the shares of Panathinaikos.

In the last few months, the club has remained up to date with its repayments and has also been paying its players on time. Alafouzos has repeatedly intimated this will remain that way.

Meanwhile, the issue of debt relating to the Paiania training facility has been settled, meaning that the all departments of the club will be able to train at the world class facility owned by the Vardinogiannis family.

by Nick Tsambouniaris

Image Source: sdna.gr

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