Panathinaikos major shareholder Yiannis Alafouzos announced Saturday that he has accepted a proposal by the Pan Asia Investments fund and Thai Entrepreneur Pairoj Piempongsant for the acquisition of his stake in the financially-troubled Athens side. Alafouzos has said he sent a letter to the investment fund agreeing to the proposal which calls for an investment of more than 45 million euros.
"As discussed at our latest meeting, I intend to transfer all the shares in Panathinaikos soccer club that I have in my possession, directly or indirectly, for one euro in total, in return for the share capital increase by your investment entity of 27 million euros, according to your binding offer of April 16, 2018," Alafouzos said in his letter. According to Alafouzos, the fund expects to spend some 20 million euros on boosting the club's squad alone.
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