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Olympiakos: Tycoon takes charge of club

The uncertainty surrounding Olympiakos football club recently appears to have been settled as shipping tycoon Vangelis Marinakis has agreed to take over.
At a meeting with club president Sokratis Kokkalis, it was agreed that Marinakis would buy 67 percent of the club for 50 million euros.
This leaves Kokkalis, who bought the club 17 years ago, with a 13 percent stake in Olympiakos. However, the millionaire businessman, will remain as club chairman.
“Olympiakos FC has been strengthened considerably and will challenge for all the things it has been challenging in recent years,” said Kokkalis. “It is a decision that is based on securing the progress and strengthening of Olympiakos.”
“This agreement will lead to many good things for Olympiakos in the next few years,” said Marinakis.
The Reds suffered one of their worst seasons in recent memory after finishing second to Panthinaikos during the regular period and then coming last in the play-offs and having to settle for a place in the Europa League.
Olympiakos had three managers during the season and the instability was exacerbated by rumors that Kokkalis was looking to sell the club.
Former Panionios manager Ewald Lienen agreed in principle this week to take over as coach at the Piraeus team.
(source: sport in greece)

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