ATHENS: Panathinaikos began a new chapter under fan ownership after the transfer of the Vardinoyiannis family’s majority shareholding to the new ‘Panathinaikos Alliance’ was completed yesterday.
““From now on Panathinaikos belongs to its people,” said fans’ coalition group leader Yiannis Alafouzos, who also owns the Skai media group.
““I thank all supporters and stakeholders who have made this possible. The alliance represents the fans.
“We must learn from the losses incurred last year and start to build a new Panathinaikos.
“We also thank the players and the coach who agreed to delay their payments to make this a reality,” he added.
Panathinaikos won eight league titles and 11 Greek Cups under the control of the Vardinoyiannis family since 1979 before the transfer of their 54.75 percent stake to the alliance.
Oil tycoon Yiannis Vardinoyiannis, who took full control of the club in 2000 after buying out his uncle Yiorgos, had come under fierce criticism from fans in recent years.
The team have repeatedly finished second best to arch rivals Olympiakos Pireaus in the domestic championship.
After the completion of the share transfer, the coalition group announced that another of the club’s major shareholders, Andreas Vgenopoulos, had also pledged to become a member.
Vgenopoulos, who was at loggerheads with Vardinoyiannis, has owned a 20 percent stake in the club since 2008 and pledged to offer his ““full support and business expertise” to the alliance.
The fans group — Panathinaiki Symmachia (Panathinaikos Alliance) — was set up on May 3 and since July 2 fans have been able to become members of the club.
Members are allocated shares based on the amount of money invested but each of those supporters will be given just one vote in the group’s decision-making procedures.
Panathinaikos begins new era under fan ownership
