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. The two sides released a joint statement confirming their agreement and detailed the time scheduled for the developments with June 30 expected to be the final date when the club passes into the hands of the Asian Fund.

According to the statement, an audit of the club’s finances will start soon, which is estimated to be complete by June 30, at which time the shares of the current owner will be transferred to the new owners. Any decisions concerning the club will be reached jointly effective immediately, as the statement makes clear.