There are reports that Greek football club Panserraikos might be getting new investors from Germany. The team suffering from financial problems has been on the brink of administration and hope that the new investors will be able to inject fresh capital to save the club.
Discussions are still going on between the German group as well as the club management, and each party will want to complete the transaction soon enough so that the team can have sufficient time to prepare for the next season.
Panserraikos has constantly been hit with financial problems ever since the death of its chairman PetrosTheodoridis. They have suffered successive relegation and find themselves in the amateur 3rd Greek division. There has been attempt by the chairman son to sell the club to a Russian investor, Konstantin Vostrikov, but the deal has not been really successful. Poor day-to-day management and poor knowledge of Greek football by the Russian business tycoon has caused the club to decline.
Panserraikos fans hope that the German investors will be able to not only bring money to the table but also bring new ideas to a club that has long been suffering from poor management.
Panserraikos has been founded in 1964 with the merging of two local clubs, Iraklis and Appolon. It is one of the most important team in Northern Green and has the backing of a vibrant and large fan base. Their glory days were during the 1960-1975 period where they were constantly present in the first division. They won the BetaEthnik 3 times in 1965, 1972 and 1980 and won the Gamma Ethnik in 1994 and last year. Fans will be hoping that the German investors will help revive the glory days of the club and make them proud again for supporting Panserraikos.