The construction of a 40,000-capacity football stadium at Votanikos, Athens, which will belong to the Municipality of Athens and be conceded to  Panathinaikos FC for 99 years free of charge, is one of the key features of the memorandum of cooperation (MoC) signed today by all sides involved in the large scale urban redevelopment plan.

The stadium, which is estimated to cost 72 million euros, will be financed with resources by the Ministries of Finance and Development and Investment (it will be sought to be included in the Recovery Fund) while the revenues from any commercial operations of the stadium will be shared between the Greek State and the Municipality of Athens.

The agreement was signed at the Athens City Hall by the Mayor of Athens Kostas Bakoyannis, the Minister of Development Adonis Georgiadis, the representatives of PAE Panathinaikos Giannis Alafouzos and the Panathinaikos Amateur Club president Panagiotis Malakates and the CEO of Alpha Bank Vassilis Piraeus, (as a representative of Alpha Bank and Piraeus Bank).

The memorandum of cooperation lays down a clear time frame of works for the first time:

• Until June 30, 2021, all the necessary studies will be prepared for the sports facilities of the football field and the facilities of the Amateur.
• By September 30, 2021, all other studies will be completed.
• The issuance of environmental and building permits for sports facilities will be completed by November 30, 2021 (the presidential decree with which the Double Redevelopment was re-approved in 2013, also approved its strategic environmental impact study).
• The start of construction of the sports facilities of the Amateur Panathinaikos and the football field will be determined in the 4th quarter of the year 2021, except for any preparatory works, which may start earlier. The construction time of the facilities of Amateur Panathinaikos is estimated at twelve months. The announcement of the public tender, the announcement of the contractor and the construction of the football stadium are expected to be completed in 36 months.

“The people of Panathinaikos and the citizens of Athens have heard many times many promises for the double regeneration. This time the promises have come true”, Minister of Development Adonis Georgiadis said.

“The Government, following a decision by Prime Minister Kyriakos Mitsotakis and after hard work by the Ministry of Development & Investment and the relevant Ministries, is aiding the Municipality of Athens as the main contractor of the project to implement within the next 36 months the famous double redevelopment that will give to the citizens of Athens a new lung of green in the centre of the city and a new, well-built neighborhood at the Votanikos area, as well as decent and modern facilities for the amateur Panathinaikos as well as a stadium for the football team”, Georgiadis noted.

On his part, the Mayor of Athens said: “Athens, step by step, is tying the loose ends of the past. A breath of fresh air and development projects for the city, which has remained in the drawers for decades, are entering a trajectory of creation and completion. It was our strategic decision to make Double Regeneration a reality.”

“Today is a historic moment for Panathinaikos. A dream of decades, for the club to acquire its home, is entering a phase of realisation. Panathinaikos is changing levels with the stadium at Votanikos”, Giannis Alafouzos, the football club’s major shareholder said.

His sentiments were shared by the Amateur Club’s President Panagiotis Malakates who said: “Today is a big day for our Panathinaikos. Panathinaikos A.O. has the ability to acquire its own modern facilities and financial autonomy so that it can become a protagonist and champion in all sports.”

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