By Eurohoops team / info@eurohoops.net
EuroLeague Basketball announced that the Euroleague Basketball Management Control Commission has taken steps regarding financial fair play for Olympiacos and Panathinaikos.
According to the announcement, Olympiacos has been prohibited from any transfers until the overdue payables are resolved, while Panathinaikos will be investigated to ensure the club fulfilling its Financial Stability and Fair Play Regulations (FSFPR) obligations.
The Euroleague Basketball Management Control Commission has referred Olympiacos Piraeus to the Finance Panel for further monitoring of the club’s compliance status with the Financial Stability and Fair Play Regulations (FSFPR).
The proceeding has been opened on the basis of an alleged infringement of overdue payables, omitting to provide information, and unfulfillment of agreed Compliance Plans, under Articles 32.a), d) and e) of the Euroleague Basketball Disciplinary Code. The decision from the Finance Panel is expected within 30 days, once the exchange of all communications is complete.
A transitory measure has been imposed by the Finance Panel banning Olympiacos from registering new players or head coaches until their decision is issued.
The Management Control Commission has received the externally audited accounts of Panathinaikos OPAP Athens. In order to ensure that the club is fulfilling its FSFPR obligations, the investigation initiated in April 2019 will continue with further steps taken.