AEL football club faces investor dispute and demand for proof of funds

The management of Greek football club PA E AEL (Novibet) announced that the amateur side’s administration has exceeded its institutional role and failed to provide required financial guarantees for a prospective investor. The club cited the 2022 sale of AEL to Achilleas Davelis, which included clear financial commitments, as a contrast to the current situation where shares were transferred free of charge on 15 June with no evidence of the buyer’s ability to meet obligations.

Lazarian shipowner Stylianos Zisis, who is being considered as a new investor, said he will supply evidence of his solvency despite not being legally required to do so. The club’s administration issued a confidentiality agreement (NDA) and began a rapid financial, legal and tax audit, then demanded that Zisis provide proof of €3 million in guaranteed funds within six days. Zisis expressed surprise at the “arbitrary” request but affirmed his commitment to the club’s history and interests.