Greek government agrees to hand over OAKA arena to Panathinaikos / News - Basketnews.com

The Greek government and Panathinaikos Athens reached an agreement to hand over the OAKA arena to the club.

Credit: BasketNews.lt/V.Mikaitis Credit BasketNews.lt/V.Mikaitis

The dispute between Panathinaikos Athens and the Greek government regarding the rights to the OAKA arena has finally ended.

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As reported by gazzetta.gr, the Greek government agreed to hand over OAKA to Panathinaikos.

The initial agreement was reached in February, but then both sides couldn't agree on the parking spaces near the arena. Several changes have been made so Panathinaikos wouldn't get additional revenue from incoming spectators and their cars.

However, in the latest agreement, Panathinaikos and the Greek government that parking rights will also be given to the club.

The agreement should become official after the Easter weekend after all signatures are put on the paper.

The specifics of the latest deal remain unknown. When a verbal agreement was reached in February, Panathinaikos should have received OAKA for the next 49 years and will gain full control of the complex.

The club is currently renting the venue for all its matches. The initial agreement between the club and the government was that the club would get 70% of commercial uses and general revenues and 100% of tickets.

On top of that, Panathinaikos would save the rent money, which had been between €500,000 and €1 million.

The Olympic complex has been owned by the government since the day it was built. It would mean a big shift in the Panathinaikos organization and Greek basketball as a whole.

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