Bill Papas: Xanthi FC withdraws from Greek Super League 2, Sydney Olympic saved from crippling debt

Bill Papas Xanthi FC

Unfortunately, no solution was found to the problems that Xanthi FC are facing, which led to its relegation to the Greek Super League 2.

The club sent the organising authority a document stating that it will not participate in the second tier of Greece's football league structure, which in turn was also sent it to Hellenic Football Federation (EPO).

The cited reason is because of financial and administrative problems.

The resignation of Xanthi FC from the professional leagues also means its automatic elimination from the Greek Cup.

Now Ilioupoli is the first runner-up to be promoted and will be sent an invitation to participate in the Super League 2. It remains to be seen if the club will accept the offer.

It is recalled that the Greek-Australian alleged fraudster, Bill Papas, had his shares Xanthi FC frozen, in June.

The President of Greece’s Money Laundering Authority, Charalambos Vourliotis, confirmed Papas’ shares had been seized as a result of an ongoing investigation into potential money laundering in Greek football.

Papas is still the President and CEO of Xanthi FC, according to the Club’s website. He stands accused in Australia of forging signatures to fraudulently obtain almost $500 million in loans from Westpac and other banks.

Bill Papas

Elsewhere, Sydney Olympic FC have reached an agreement with the liquidators of Papas’ now-collapsed business, Forum Group, to settle claims of millions owed by the football club.

According to The Australian Financial Review (AFR), Forum Group put $3.34 million into Sydney Olympic, recorded in the soccer club’s books as related-party payables.

This news raised doubts earlier this year about the future of the club, which was formed in 1957 by Greek immigrants. Papas resigned as president of Sydney Olympic on July 2, 2021 after Westpac alleged Forum Finance had defrauded the bank of nearly $285 million.

But liquidators McGrathNicol and Sydney Olympic have now come to resolution.

The club said it had received a letter from McGrathNicol wanting to seek clarity over funds “previously classified as related party loans provided by the company’s previous director.”

According to new accounts for the 2021 financial year filed with the corporate regulator and obtained by the AFR, the liquidators “formed the opinion that the company is not liable for these amounts.”

“On May 9 2022 an agreement was entered into with the liquidators to settle all previous claims against the company for an immaterial amount,” the new accounts said.

The deal means the club’s future is now secure and it will continue to operate. This news comes as Sydney Olympic won the National Premier League NSW Men’s premiership in August.

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