Interview: “It's embarrassing the amount of money I put into Panathinaikos”

Since becoming owner-president in 2012, Giannis Alafouzos has invested €120 million in Panathinaikos. Now he believes the Greek giants are finally at a turning point in their journey towards sustainability.
In an exclusive interview Alafouzos makes startling allegations about a culture of violence and corruption which he claims engulfs the Greek game.
Why it matters: In a nation where football is undermined by scandal and endemic financial losses, Alafouzos has waged a lonely battle for better governance, transparency and management.
The perspective: Panathinaikos is a case study in how the good intentions of supporters are difficult to monetise. Fans wanted to make the club member owned, but very few were ready to hand over money.

We are discussing the finances of the historic Greek club, Panathinaikos, when the club’s president, Giannis Alafouzos, goes into confessional mode.

Every year, he says, the club has revenues of around €16-18 million and he breaks the individual streams: €3-4 million from tickets, €9 million in TV rights, another €2-3 million in sponsorship, then there is €1.5 million from a government levy on betting companies.

But this is never enough to stop a deficit. Some years it can

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