The countdown for Panathinaikos FC to change ownership has entered its final stage, with Pairoj Piempongsant soon set to become the majority stakeholder in the historic Athenian club.
According to Live Sport, June 27 had been set as the final date for the club to officially change hands but it is estimated that until then the financial and legal audit will have been completed and the necessary documents will have been drafted to formalise the deal.
The transfer of the club’s shares to the new owner will be completed later in the summer, as the share capital increase, a formality, will have to first be completed, a process that expires on 7 July. Initially, Giannis Alafouzos, the outgoing majority stakeholder in the club, will give the Thai head of PAN Asia Fund and his associates the percentage of the agreed shares so that they can take full control of the decision-making process. After that and following the share capital increase the exact shareholding stakes will be certified.
The ultimate stage before the deal is completed includes its approval by the Professional Sports Committee.