Panathinaikos FC headed towards bankruptcy

A black page in the history of Panathinaikos is already being written. The FC is headed towards court administration and bankruptcy after yesterday’s dramatic developments in the club's BoD.

The resignation of three board members (Tzimas, Chatzinikolaou and Loumidis), who were part of the Vardinoyannis side, virtually destroyed the current management, led Dimitris Gontikas to resignation and Andreas Vgenopoulos with Adamantios Polemis to withdrawing the money they had decided to put in for the team, unwilling to shoulder the responsibilities of the major shareholder.

According to information Yiannis Alafouzos contacted Yiannis Vardinoyannis, who then prevented him from contributing funds to the team. "Do not trouble yourself with Panathinaikos, you will lose your money," he said, according to SportDay.

The general meeting is set for April 18 but due to the existing situation and the intolerance on all parts, none of the shareholders may appoint advisers to the administration. Even if the non-professional club decides to do so, it will be a court administration, but without shareholders contributing funds destruction is inevitable, and Panathinaikos will be found playing in amateur leagues. And of course there will be no avoiding the UEFA punishment since according to Dimitris Gontikas, 19 million euros will be needed in June for the final authorization.