Panathinaikos boss Giannis Alafouzos says the club faces collapse if much needed funds are not found.
Alafouzos told a press conference Thursday that Panathinaikos have debts of some 30 million euros, most owed to players and to state taxes.
“We managed to get some funds from businesses and from individuals but Panathinaikos is still in danger. The problem has not been solved, but serious efforts are being made,” Alafouzos said. “You can’t have miracles if you don’t have money.”
Alafouzos said he hoped investors would help help one of Greece’s most famous clubs.
“But we don’t have any official or unofficial offers up to now.”
When he took over the club this season, Alafouzos introduced a supporters’ fund with the goal of raising 15 million euros but only two million euros was collected as Greeks look to survive from the Athens government’s tough austerity measures.
“I believe in this model and I believe in the future this will be the solution so that the club will be independent and not owned by any one investor,” Alafouzos said.
Alafouzos announced that Panathinaikos would return to its old Apostolos Nikolaidis Stadium in downtown Athens in January in order to avoid paying the high rental charge at the much-bigger Athens Olympic Stadium.
He also confirmed a Wednesday report that Portuguese coach Jesualdo Ferreira had “resigned” and that Argentine former Panathinaikos player and coach Juan Ramon Rocha will coach the squad until the end of this season.
Ferreira, who guided Porto to three Portuguese championships and two cups, was under pressure following a poor start to the season.
Panathinaikos are currently in sixth place with just 13 points from 10 matches, 15 points behind leaders Olympiakos.
“We have to be realistic. The Greek Cup is one of our goals this season and to qualify for European play next season. To say that we are chasing the championship is utopian,” Alafouzos said.
Panathinaikos boss paints dismal picture for club
