Surprise bid for PAO by Arabs

A surprise proposal for the acquisition of a majority stake in Panathinaikos FC was tabled today during the board meeting by Vlassis Tsakas, representative of Saudi Sultan bin Farfan Al-Saud

The proposal is written and signed by the Saudi.

This is a 220-million-euro plan. 20 million will be provided for a capital increase, 50 for the upcoming summer and 150 for stadium construction, as stated by his representative.

“The proposal has just been put on the table. I represent the Saudi Sultan bin Farfan Al-Saud. I made several attempts to achieve this bid. I think it will go well”, said Vlassis Tsakas, who then went into detail.

The objective is to acquire John B. Vardinoyiannis’ majority stake.

“We are talking about acquiring the majority stake which is in Mr. Vardinoyiannis’ possession. We’re talking about an amount of 220 million euros. By the end of the month my client will arrive in Greece”, stated Mr. Tsakas, and continued:

“The Board of Directors’ response was good. You can contact me for information on the Sultan's business profile. He is the seventh in line to the throne. He is a young man with modern ideas who deals with a construction company”.

The interest of the Saudi prince originated from Mr. Tsakas himself.

“In the past, your name was involved with PAOK”, was the next question posed.

“Yes, that was business. This is love”, replied Vlassis Tsakas, and concluded that “Everything is available to the Board of Directors and the Football Club itself”.