Tuesday, August 24, 2010

Panellinios going bust!

The flow of money is over for Panellinios.

Last season's Eurocup Final Four appearance might just be the swan song for Panellinios in the big leagues. According to, the major shareholder of Panellinios, tycoon Minos Kyriakou, has decided that it's time for a quick exit. The economic recession has affected the team of Panellinios as well and if he chooses to leave the team then they're luxurious budget(for Greek League standards) will be over.

This means that they could potentially lose all the players that currently have contracts for next season. Another website from Greece,, suggests that if Kyriakou withdraws from the team and it no longer operates as a Ltd company then the team could be relegated 2 leagues down. This is not really news in Greece but it has been coming for some time now. It's just that things might be made clear this week.

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