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PAOK owner resigns as club faces bankruptcy
Greece - 15 November, 2006
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A financial crisis has forced Greek PAOK owner Yiannis Goumenos to resign. The fallout could see the club relegated to the nation's second division.
With the club excluded from this season's UEFA Cup, Goumenos, who took control of PAOK in 2003, quit Monday. The club owes money to former coaches and players that resulted in the Cup ban.
Former coach Rolf Fringer said he is owed EUR 200,000. Media reports say the club also owes EUR 600,000 to two players who have complained to FIFA.
Argentina-based ship-owner Yiannis Kambanis and entrepreneur Ivan Savvidis tried to buy PAOK in June, but negotiations fell through. Greece's fourth largest club now is on the brink of bankruptcy.
PAOK currently is fourth in the 16-team Greek league standings with 18 points.
With the club excluded from this season's UEFA Cup, Goumenos, who took control of PAOK in 2003, quit Monday. The club owes money to former coaches and players that resulted in the Cup ban.
Former coach Rolf Fringer said he is owed EUR 200,000. Media reports say the club also owes EUR 600,000 to two players who have complained to FIFA.
Argentina-based ship-owner Yiannis Kambanis and entrepreneur Ivan Savvidis tried to buy PAOK in June, but negotiations fell through. Greece's fourth largest club now is on the brink of bankruptcy.
PAOK currently is fourth in the 16-team Greek league standings with 18 points.
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