SPORTS

Saudi prince reportedly interested in Panathinaikos

Panathinaikos president Dimitris Gontikas confirmed this week there is an official proposal for the acquisition of the club?s majority stake, with reports suggesting the interest comes from a Saudi prince who is a construction magnate.

Prince Sultan bin Naser Al-Farhan Al-Saud, owner of one of the biggest construction firms in Saudi Arabia, has according to reports tabled on offer to buy the controlling stake in the Greek football giant that has been up for grabs for over a week.

His proposal, as expressed by his representative Vlassis Tsakas at the club?s board meeting on Monday, provides for an immediate 20-million-euro share capital increase, some 50 million euros next summer for the club?s operation and transfers, and a 150-million-euro project for the construction of a new 48,000-seat stadium for the club, to be completed by the Prince?s own company.

Tsakas stated that the 26-year-old Prince, a friend of his, will likely come to Athens by end-October.

The deal for the 54.7-percent stake in Panathinaikos is likely to stir the waters in the local game as this would be the first time a foreign magnate has invested in it.