Saudi prince eyes Panathinaikos takeover

The Athens club finished second in the Greek Super League last season, but has been enduring financial difficulties. A representative of the prince, Vlassis Tsakas, told radio station NovaSport FM that he will travel to Greece next week to close the deal.

Tsakas on Tuesday released a letter from the 26-year-old prince, owner of one of the largest construction firms in Saudi Arabia, stating his interest in a 54.7% stake in Panathinaikos. According to the proposal, the prince would invest Eur220 million in the club, Eur150 million of which would be dedicated to developing a new 48,000-seat stadium – a project which will be undertaken by the prince’s own company.

“I ask for the understanding of all people involved and especially of the millions of Panathinaikos fans for probable delays in this process caused by issues unrelated to our programme,” the prince was quoted as saying in the letter by AFP. “We come with the best intentions for Panathinaikos and Greece in general.”