Alafouzos agrees to sell Panathinaikos to Pan Asia for just one euro

Panathinaikos owner Yiannis Alafouzos announced on Saturday he has accepted the proposal of the Pan Asia Investment fund for the acquisition of his controlling stake in the Athens soccer club.

In a statement that Alafouzos’s office has released, it is revealed that he has sent a letter to the investment fund accepting the proposal which according to press reports exceeds 45 million euros, including some 20 million euros to strengthen the club’s roster.

“As discussed at our latest meeting, I intend to transfer all the shares in Panathinaikos soccer club that I have in my possession, directly or indirectly for 1 euro in total, in return for the share capital increase by your investment entity of 27 million euros, according to your binding offer of April 16, 2018,” read the letter that Alafouzos has sent to the representative of the Pan Asia fund, Pairoj
Piempongsant, according to the statement.

Panathinaikos languishes in the 10th position of the Super League, having three points definitively deducted for debts to former player Jens Wemmer. It has also been slapped with a one-year ban from European competitions and a provisional international transfer ban by UEFA, all due to debts to former players, clubs and others.

This will make Panathinaikos the first major Greek club to become foreign-owned.