By Andrew Warshaw
January 9 – Saudi investors have pulled out of a plan to take a majority stake in Panathinaikos following opposition from shareholders of the stricken Greek giants.
Greek league champions 20 times and a prominent name in Europe, Panathinaikos have been plunged into financial disarray in recent months but had the chance to become the latest European club to fall into the hands of Middle East backers.
But Saudi Prince Faisal bin Abdulaziz Nasser bin Abdulaziz says he is abandoning the idea after “a very comprehensive and totally guaranteed buyout proposal” was rejected by those opposed to foreign ownership.
It is understood that current Panathinaikos boss, media and shipping magnate Giannis Alafouzos, who has formed a fan ownership structure for the team, is completely against outside interests taking over the club.
In a statement released in Riyadh and issued to the Greek media, Prince Faisal said: “We tried until the very last day with a barrage of sincere attempts from our part to accomplish the deal, unfortunately the club, revealing its real mood, rejected this request.”
He claimed he was ready to immediately invest €28 million into Panathinaikos if allowed to gain a minimum 67.5 per cent of the team’s shares and to replace the current board of directors of the club.
Further investment would come in the shape of a new 48,000-seater stadium at a cost of €150m with another €40m earmarked for new player signings.
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