Excavation works started in Spring 2009 and ended just after first foundations were laid. Since then the project has been deadlocked with no funding source. But according to Prasinanea.gr, there seems to be a way out.
The halted project has already seen several possible breakthrough news, with hypothetical new owners coming in to save the day, but none of it came to fruition.
This time no new owner is on the agenda, but as Prasinanea.gr informs the municipality of Athens simply needs to secure funding to avoid compensations for both Panathinaikos and contractor Babis Vovos who started works a few years back.
That’s why Athens are working on a new financing plan, this time based on EU funding (within the JESSICA Initiative that supports developments in city areas) and private partnership. According to the website all framework for the plan is in place with details to be determined with Panathinaikos.
Before work restarts, a rent is to be established for the club who will come in only as a tenant for the venue. It is estimated that annual cost would be around €3-4 million.