Panathinaikos football club to be sold to Thai fund

Mr Piempongsant has submitted a proposal on behalf of Pan Asia Fund and Mr Alafouzos has agreed in a letter to the terms of the offer.
The letter of acceptance by Mr Alafouzos:
“Dear Mr. Piempongsant,

Thank you for your letters dated March 28, 2018 and April 16, 2018.

As discussed in our last meeting, I intend to transfer all the shares of Panathinaikos FC that I own, directly or indirectly, for €1 (one Euro) in total, in exchange for a share capital increase from your investment fund directly to the club, amounting to €27 million (twenty seven million euros), in accordance with your binding offer of 16 April 2018.

We look forward to your immediate reaction to the implementation of our agreement.

Sincerely, Ioannis Alafouzos”

The Thai businessman is expected to arrive in Athens over the next days to close the deal. According to reports, the proposal by the Pan Asia Fund includes €13 million for pending debts to the tax department and the Greek state, €7 million for the training ground at Koropi, another €7 million for a closed TV contract, and finally, €20 million for the club for the new season.