Former Greece captain
Theodoros Zagorakis, who lifted the Euro 2004 trophy, resigned
as president of PAOK Salonika on Thursday after fans protested
against the sale of its best player to balance the indebted
PAOK fans broke up seats in the stand and invaded the pitch
after an unexpected 2-1 home defeat by Atromitos Athens on
"I step down at a difficult time so that love and unity
return to the club," said Zagorakis.
PAOK sold Portuguese midfielder Vieirinha to German club Vfl
Wolfsburg earlier this month.
Selling off assets to service debts is an unpopular concept
in Greece. Fearing a popular backlash, the country's
cash-strapped government has been reluctant to privatise state
companies as it is supposed to under the terms of an EU/IMF
Not unlike Greece, PAOK is under pressure to reduce its debt
or have its licence revoked, under new "financial fair play"
rules by European football's governing body UEFA.
Earlier this month UEFA fined PAOK and threatened them with
a ban from European competition for breaching licencing
UEFA fined PAOK, who have reached the last 32 of the Europa
League, 250,000 euros, of which 200,000 euros is
suspended for a probationary period of three years.
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