Panathinaikos expresses its intention to leave EuroLeague

Panathinaikos sent a letter to EuroLeague Basketball CEO Jordi Bertomeu to express its intention to leave the competition.

“Dear Mr. Bertomeu,
As you are well aware of, for the past two months, Panathinaikos BC has been timidly and yet explicitly communicating with you, stating its will to terminate the “Licensed  Club contract with EuroLeague Properties S.A and asking for this crucial matter to be referred to the competent bodies the soonest possible. However, your reply that such news would seriously damage EuroLeague Basketball’s negotiations with sponsors as well as the EuroLeague product itself at that time when the pandemic crisis was evolving, led our Club to take into account your concern and choose to act in good faith with the utmost discretion. Neither did we send a formal notice nor did we try to put pressure on you respecting the momentum.

Nevertheless, the time has passed and we have still no response on our reasonable and legitimate abovementioned demand.
As a consequence, in view of the fact that – indicatively – our Club’s presence in the competition has not been proven to be in any way beneficial for us, while at the same time, there has been neither useful exploitation, nor increase in the revenues of the EuroLeague product, Panathinaikos BC hereby in written formally expresses its intention to transfer the Club’s license and shares. We officially request that the competent EuroLeague bodies be promptly and duly convened to proceed with all necessary actions regarding this matter.
Thank you in advance.

We remain at your disposal for any clarification
Sincerely,
For Panathinaikos BC OPAP
Manos Papadopoulos, President”
(Eurohoops source for translation)