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Duel between Yannis Vardinoyanis and Mr MIG Continues

25 June 2010 / 10:06:00  GRReporter
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Yannis Vardinoyanis and Mr MIG continue to cross swords. The two men of the football club of the greens did not reached an agreement on the issue of acquisition of the shares of Panathinaikos and once again convinced everyone that the summer in the headquarters of the team will be long and hot ...

Beginning of the duel put a letter from Andreas Vgenopulos to Vardinoyanis. In his letter Mr MIG made the bold proposal to personally purchase the shares of Vardinoyanis family. According to him this proposal comes to prevent the situation from taking a bad turn. In return, he said he would increase the capital of the club with € 23 million and will assign the president position to Nicolas Pateras for two years. Here are snippets from the letter:  

"Jani,

Although I had no intention to buy your shares of the Panathinaikos football club, your choice to put an end to a large number of shareholders in the club and the bad twist which I'm afraid things for my favorite team could take, make me do the following proposal:

I agree to buy your shares after the economic and legal review of the club, in agreement with the legal accountants of both sides. Price to be determined will increase with the assessment of the training center in Peania, which will necessarily have to be bought because it is directly related to the functioning of the team... Once the deal is completed I will increase the capital by € 23 million –  an amount I think Panathinaikos needs to to be able to go on the road, which it took two years ago. I inform you that if you accept my proposal, Mr. Nicolas Pateras will assume the presidential position at least two years... If my proposal is accepted I am willing to implement it immediately .... My proposal is valid till 23.07.”
In his letter Mr MIG said he intends to introduce the established system for participation of a large number of shareholders in the club based on the rules adopted in 2008. “I assure all friends of Panathinaikos that if my proposal is accepted I will immediately proceed to the implementation of the real system involving a large number of shareholders in accordance with all rules and applications that the club established two years ago.” – explains Vgenopulos throwing the gauntlet. If his proposal is not accepted, he will leave. Vgenopulos stated that for the interests of the team he will not organize opposition and will rejoice and grieve together with the fans.  

The reaction of Yannis Vardinoyanis was immediate. He did not hesitate to take the thrown gauntlet and enter into a duel ...for two days because the shareholder gave two days to Mr MIG to present his formal proposal for the purchase of the shares. “A clear and responsible position is needed in this decisive moment.” he said. Concerning the assessment of the club the shareholder reminded Vgenopulos that it is known to all that it was done recently and there is no need to be made again. It was determined by the Governing Board, in which Vgenopulos had his representative.

Obstacle to the general agreement became not only the evaluation but also the sports facilities in Peania. Vardinoyanis cleared that it can not be sold as Mr MIG insists and in case both parties make an agreement, it will be provided for free use within two years.

Hoops are tightened and the swords remained crossed... Mr MIG considered the period of 48 hours, which Vardinoyanis gave him an ultimatum, which can not be accepted. “To the serious and comprehensive proposal, which I made, indicating regular procedures that accompany the exchange of tens of millions of euros, you answer is an ultimatum of 48 hours, which, of course, can not be accepted.” Mr MIG stresses that he does not intend to compromise with the evaluation of the club since last assessment made by Deloitte was not accepted. Moreover, it has become one of the reasons for disagreement in the management. The core of the problem is the Peania center too, although Vgenopulos finds possible solution to the problem through a rent. At the end he emphasized that his proposal to buy the club will always be in force as long as Vardinoyanis wants it. “However, the aid and the possible purchase of the team can be realized only within the generally accepted conditions” – concluded Mr MIG.

Tags: SportSoccer
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