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Thursday, May 23, 2024

Anorthosis: Disagreement in the management agreement and everything on ice

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Reversal of data between union and company

Ανoρθωση: Διαφωνiα στη συμφω&nu α διαχελρισης κι oλα στον… «πàγο&raquo ?

An important development occurs in Anorthosis regarding the management agreement between union and company. As we informed you earlier (see here), last night the agreement proposal was sent from the union to the company.

Newer information indicates that the response of the Santi administration is negative and does not accept the union's proposal. Specifically, the company disagrees with two specific terms of the management agreement proposed by the union.

The first condition concerns personal guarantees that the union requests from the management of the company in case of deficit budgets. For example, if in one season the team presents income of 7 million and expenses of 9, then the union asks the management to guarantee the extra 2 million, so that the debt of the team always remains at manageable levels.

From there on, the second term in which a difference arises concerns television rights. The union stipulates that there can be no prepayment beyond the current year.

Now the management of the company and the union are invited to start a new round of contacts in order to reach an agreement.

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However the management agreement is the key for the next day. Essentially, it is necessary both for Andreas Santis to take over the reins of the administrative leadership and the shares, as well as for Christos Pullaidis to write off the debt of 5.5 million euros.

In conclusion, this development creates a a big question mark in the ownership-administrative regime but also in the planning issues for the new year which will de facto be frozen until a definitive management agreement is reached.

Source: www.kathimerini.com.cy

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