Green light to Panathinaikos plan

Historic document
The club's major shareholder Ioannis Vardinoyannis, president Pavlos Giannakopoulos, amateur division president Athanassios Giannakopoulos and Athens mayor Dora Bakoyannis signed a memorandum of co-operation concerning the building of the complex at Votanikos, 2km from the centre of the Greek capital.

Planned complex
The arena will have a 40,000 capacity and will be a four-star stadium by the standards of FIFA and UEFA. The plan is to begin construction work on 1 October with a view to the project being completed in time for Panathinaikos's centenary celebrations in 2008.

Long lease
Under the terms of the memorandum, the Athens authorities have leased the area covered by the new complex to the club for the next 49 years for an overall fee of €66m. Panathinaikos's existing Apostolos Nikolaidis stadium will be redeveloped as a municipal park which will house a club museum.

Mayor pleased
"The club of the city of Athens will finally have a home within the municipal boundaries," said mayor Bakoyannis. "A summer of hard work is over and we are proud to say that Panathinaikos can turn a page in their history. At the same time, an underdeveloped location of Athens will be regenerated with the construction of the new sports complex."

Club grateful
Vardinoyannis added: "This deal is the fruit of the hard work carried out by the mayor and her associates, who managed to provide a viable long-term solution to a very complicated problem. This project will mean that Panathinaikos get the stadium they always dreamt of and that Votanikos and Leoforos [where the Apostolos Nikolaidis stands] will be regenerated."

Home from home
This season and next, Panathinaikos will play their home games, both in Europe and in the Alpha Ethniki, at the Spyros Louis stadium which is home to AEK Athens FC.