Panathinaikos football club have been banned from European competitions for three years for failing to pay their debts to former players, UEFA announced on Tuesday.
The Athens club were given a suspended sentence by UEFA’s Club Financial Control Body (CFCB) in December and they were asked to settle their debts until March 1.
However, CFCB that oversees the financial fair play obligations of European clubs, concluded on March 19 that Panathinaikos had still not paid the debts, which meant the December punishment became active.
According to Prasini, the Panathinaikos-friendly sports daily, the total debts amount to €3,654,000 and they don’t have to be paid in full right away but they can be settled in installments after agreement with the former players.
Along with missing European club tournaments for three years, Panathinaikos have to pay a fine of €100,000 euros ($120,000) that was also ordered in December.