Greek Superleague football club Panathinaikos has been hit with a three-season ban from European competition after falling foul of Uefa’s financial guidelines.
European football’s governing body has imposed the sanction on the Athens team, which will apply for any edition of the Champions League or Europa League it qualifies for over the next three seasons, with the club having faced severe financial difficulties in recent years amid several changes of ownership.
Uefa had handed Panathinaikos a deadline of March 1 to settle issues with creditors after Uefa in December ruled that it was in breach of the overdue payables requirement of club licensing and financial fair play regulations.
In a statement Uefa said: “The Adjudicatory Chamber confirmed that Panathinaikos FC is excluded from participating in the next Uefa club competition for which it would otherwise qualify in the next three seasons.
“The Adjudicatory Chamber also ordered that the amount of €100,000 ($122,000) as part of the total fine of €200,000 is no longer suspended and is due immediately.”
Panathinaikos finished third in the Superleague last season, but currently sits 10th with no chance of qualifying for European competition in 2018-19. One of Greek football’s most storied teams, the club last won the Superleague in 2009-10.