The Giannakopoulos family is determined to sell its controlling stake in Panathinaikos basketball club to foreign investors, given it is unlikely in this financial conjunction to find a Greek investor, Dimitris Giannakopoulos said in a radio interview on Friday.
He also suggested that in case of an NBA expansion to Europe, Panathinaikos, the reigning Euroleague champions, bear the biggest brand name on the continent and that will certainly attract American investors.
In his first radio interview ever, Dimitris, the son of owner Pavlos Giannaikopoulos, told Sentra FM that his family is not changing its mind on selling the club and that he is too busy with his professional commitments to run it.
"Our family has taken a unanimous decision since last summer to pull out of the club. Our love never stops, but we must find someone who will continue to run the Panathinaikos empire," said Dimitris Giannakopoulos.
"Throughout last season and in full secrecy I exhausted all possibilities to find a Greek buyer for the club. Unfortunately we could not find anyone who would commit himself."
Asked about the reported contacts with GSO, a deal-brokering firm in New York run by Salvatore Galatioto, Giannakopoulos said "I have spoken with him on the phone. He has taken it upon himself to find a buyer but told me this would be hard. Panathinaikos's brand name is the biggest in Europe. An American investor will only emerge if the NBA expands to Europe. I have contacted certain investment firms, but I would not like to talk about it," he stated.
"But I am certain a buyer will be found, who will maintain the club on high level. I cannot believe we will not find anyone," he added.
Pavlos Giannakopoulos and his brother Thanasis have stated the time has come for them to sell the club after serving it for four decades, citing biological reasons.
