In modern recession-era Greece, nobody, not even historic sports club are immune to financial hardships. Iraklis, one of the oldest and most historic Thessaloniki football clubs has declared bankruptcy, and is withdrawing from the Football League’s second division championship.
After weeks of speculation and desperate attempts for the troubled club to be saved, owner and president Spyros Papathanasakis formally presented a document which confirmed the sad development.
The Salonica team, one of Greece’s oldest clubs also known as the “Old Man (Giraios)”, has been declared bankrupt and will now start again from scratch in Greece’s semi-professional third tier, taking the name of the amateur division of the club, Iraklis Ampelokipon.
It is a miserable end for the popular club, which only a few months ago was celebrating one of the greatest escapes in Super League history, after being rooted at the foot of the Super League (premier division) table.
The club has been put to administration, pending any potential financial support which would keep it afloat.