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14 Jun 2020

Panathinaikos announced intention to leave Euroleague

On Friday, basketball club Panathinaikos formally asked to leave the Euroleague, in a week of big turmoil for the Greek champions. Just two days before the official request, club owner Dimitris Giannakopoulos said that he was selling the club for €25 million and that they would be leaving the Euroleague to join the FIBA Basketball Champions League. Giannakopoulos always expressed that he wants to change this construction the club involves and leave Euroleague.  Panathinaikos still holds a 10-year contract with Euroleague and according to this contract in case of an exit the club have to pay €10 million.

In another news; on Wednesday some hardcore Panathinaikos fans arrived at Giannakopoulos’ house in Athens and tried to crash into his house by using stones and wooden sticks. They were repelled by the private security staff of Giannakopoulos. While Euroleague’s return is not decided yet, you can bet on the hottest basketball league, NBA by registering the best betting software!

Panathinaikos’s statement to Euroleague is as it follows:

As you are well aware of, for the past two months, Panathinaikos BC has been timidly and yet explicitly communicating with you stating its will to terminate the “Licensed Club Contract” with Euroleague Properties S.A and asking for this crucial matter to be referred to the competent bodies the soonest possible. However, your reply that such news would seriously damage Euroleague Basketball’s negotiations with sponsors as well as the Euroleague product itself at that time when the pandemic crisis was evolving, led our Club to take into account your concern and choose to act in good faith with the utmost discretion. Neither did we send a formal notice nor did we try to put pressure on you respecting the momentum. 

Nevertheless, the time has passed and we have still no response on our reasonable and legitimate abovementioned demand.

As a consequence, in view of the fact that- indicatively- our Club’s presence in the competition has not been proven to be in any way beneficial for us, while at the same time, there has been neither useful exploitation  nor increase in the revenues of the Euroleague product, Panathinaikos BC hereby in written formally expresses its intention to transfer the Club’s license and shares. We officially request that the competent Euroleague bodies be promptly and duly convened to proceed with all necessary actions regarding this matter. “

The news of exit request being officialised of course brought a huge shock to the Euroleague teams. Even so they also released a counter statement signed by 10 Euroleague licensed clubs: Anadolu Efes Istanbul, AX Armani Exchange Milan, CSKA Moscow, FC Barcelona, Fenerbahce Beko Istanbul, KIROLBET Baskonia Vitoria-Gasteiz, Maccabi FOX Tel Aviv, Olympiacos Piraeus, Real Madrid and Žalgiris Kaunas. The statement starts with indicating how strong these teams are together and finishes with their desire for the club which has been a part of Euroleague over the past 19 years to continue this league.

We are all saddened by the news of Greek club’s request but also wondering how it all will be turned out. If you are also curious about the turn of events follow our exclusive news section for latest updates!

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