Panathinaikos has said it will move into the “most modern stadium in Greece” after a contract was signed to build a new home for the Athens-based football club.
The Super League club expects to move into the stadium within the next three years. In a brief statement issued on Friday, Panathinaikos said the signing of the final construction contract for the stadium is one of the most important moments in the history of the club.
The stadium will be located in the Votanikos area of Athens and will replace Leoforos Alexandras Stadium as the home of Panathinaikos.
In November 2020, a Memorandum of Understanding was signed for a regeneration project in Athens that would deliver a new 40,000-seat stadium for Panathinaikos. The project was budgeted at €163.5m (£142m/$177m), with the price of the stadium itself set at around €72m.
The stadium formed part of a proposed multi-purpose complex that would also feature a 12,500-seat basketball arena, a 1,500-capacity volleyball venue, an Olympic-sized swimming pool, other facilities and at least 80 acres of green spaces.
A meeting was held on Friday between the Mayor of Athens Kostas Bakoyannis and GEK Terna, Aktor and Mytilineos, which will oversee the construction of the stadium. The terms of the contract state that the stadium will be built within three years.
“We would like to thank all those involved who contributed in order to reach this point, and especially the Prime Minister Kyriakos Mitsotakis, the ministers Adonis Georgiadis, Kostas Skrekas and Theodoros Skylakakis, and of course the Mayor of Athens Kostas Bakoyannis,” Panathinaikos said.