Panathinaikos FC has been sold to PAN ASIA Fund, after current owner Giannis Alafouzos and Pairoj Piempongsant, the Thai businessman heading PAN ASIA Fund, reached an initial agreement following their meeting in Athens, Saturday.

Former Greek champions Panathinaikos have been excluded from European competition for three seasons after failing to meet financial requirements, European football governing body UEFA said on Tuesday.

Panathinaikos football will be turning a new leaf in its history, as the club will be changing hands after the current owner Giannis Alafouzos has reportedly agreed to the proposal submitted by Thai businessman Pairoj Piempongsant, founder and senior partner of Empire Asia Group for the sale of the club.