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Deal to buy PAOK FC withdrawn June 22, 2006

Posted by grhomeboy in Football.

According to Greek media, Greek shipowner Yiannis Kambanis has withdrawn his bid to buy out PAOK Salonika.

The deal fell through because Kambanis was unable to reach an agreement with PAOK’s amateur club about ownership of the Toumba ground where the club plays, Greek media reported.

In a letter explaining his withdrawal, Kambanis blamed the amateur club’s president Thanassis Katsaris for the failure of the deal.

“I felt they were taking back things that had been promised to me,” Kambanis was quoted as saying, referring to a takeover of the ground by the professional club. “I do not wish to be involved in these confused situations.”

At a press conference, Katsaris said he was surprised by Kambanis’s decision.

“At our initial meetings, Kambanis didn’t talk about the ground. That came to us late at night on a piece of paper,” he said.

“We told him that first he must take over the club, and then we could find a way to go forward with the ground. The conversation was held in a very good atmosphere.

“One day he was calling us honourable and the next day dishonourable. I think somebody close to Mr Kambanis was a bad influence.”

The failure of the accord leaves PAOK in a financial crisis with two leading players, Dimitris Salpingidis and Ifeani Udeze, taking legal action against the club for unpaid fees.

“The situation at this football club is more than tragic,” said Katsaris.

Last week UEFA decided to exclude PAOK from next season’s UEFA Cup for financial irregularities.

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