Fan group cleared to buy out Panathinaikos

Panathinaiki Alliance 2012, the fan group that aims to acquire the majority stake in Panathinaikos soccer club currently held by the Vardinoyiannis family, received approval for its planned move by the professional sports regulator on Friday, effectively confirming a historic transition for the Athens sports giant.

The Professional Sports Commission (EEA) issued the group with a license to acquire Yiannis Vardinoyiannis’s 54.72 percent stake, thereby making Panathinaiki Alliance 2012 the major shareholder of Panathinaikos.

The fan group -- “Panathinaiki Symmachia” in Greek -- which was set up on May 3, is led by Yiannis Alafouzos, owner of the Skai media group, who has also been elected a member of the soccer club’s new board.

As of July 2, any Panathinaikos fan will be able to become a member of the club, by investing as little as 20 euros. Members will acquire a number of shares corresponding to the amount of money invested, but each will have just one vote in the group's decision-making procedures.

Fans can become e-members on the Internet, again by paying 20 euros or more, at, the Panathinaiki Alliance group’s website.

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