According to reports aired on Star TV and Alpha TV, Christos Kalogritsas, one of the businessmen who acquired a TV license in the recent tender lacks the necessary funds to pass the second phase of the process, which provides the down payment of one third of the total license cost. The reports claim Kalogritsas attempted to cover the required money for the second phase by requesting a bank loan by placing a 5,000 hectare farm plot in the island of Ithaca, which belongs to a friend of his, as collateral. The land has a 100-million-Euros value based on 2011 property market prices.