Nikolaidis buys AEK Athens

After the deal was looked in doubt when the players rejected Nikolaidis’s offer to give-up 70% of the amounts owed them, the group lead by the former club’s striker has paid the amount of € 1.18m to buy 58% of the club’s shares. This amount will be used to pay debt to former players, what will guarantee the club A license to participate in the UEFA competitions. The cash flow injected by Nikolaidis’s group only covers a minor part of the club’s debts amounting € 150m. In the short term the club needs an additional € 6m to cover other expenses, which will be financed through changes in the playing staff. The new management hopes to reach an agreement whereby 60% of the creditors will agree to forego payments owed them, and by Greek law the other 40% will have to follow the same arrangements.

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