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Fan collective can't stop Panathinaikos' spiral
Reuters, September 17th, 2012 1:20AM

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TAGS:  greece

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If fans hoped their beloved Panathinaikos would see better days when they took control of the famous Greek club, they were mistaken as a 1-0 loss at Panthrakikos left it with only two points in three games, seven behind behind archrival Olympiakos in first place.

"Through tears but also joy, we will continue to build a new team," Panathenaic Alliance said in a statement after the loss at Panthrakikos. "With patience and perseverance we will rebuild the great club that is Panathinaikos. We remain calm and committed to our plan, convinced that in the end we will come out winners."

Panathinaikos, is the first and only Greek club to play in the European Cup final, but it has struggled in recent years to keep up with Olympiakos. The Vardinogiannis finally transferred its majority interest in the club to the Panathenaic Alliance, which took operating control of the cash-strapped club with fans and even players buying up shares. A minimum donation of $25 was enough for anyone to acquire a voting share in the club.

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