AEK new owner set a rescue plan

New AEK Athens club owner Themistoklis Nikolaidis has started a rescue plan for the club. The former striker owns 58% of the club, and will become president on 1 August when his playing registration expires. Until then Andreas Dimitrelos will act as president and chief executive officer while the board have also appointed another former player, Ilija Ivic, as technical manager. Ivic will be in charged with negotiating with players who have asked to be released from their contract and paid moneys owing to them. Nikolaidis's plan depends on an article of law that states that if 60% of creditors agree to waive their dues, then the remainders of the creditors are forced to follow suit. Although an initial petition to court was rejected as papers were not in order, Nikolaidis is set to launch another bid this week. He has also hinted that if there is no other way out of the €150m debt, he may declare the club bankrupt and accept relegation to the amateur fourth division. Greek Sports Minister Giorgis Orfanos believes the situation will be resolved with the passing of new legislation, due to take effect before the start of the season, that will give clubs more time to manage and restructure debts. However, FIFA have lifted an embargo on the signing of non-Greek players imposed on AEK on 29 January.

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