Greece

Ownership and regulation

Greek clubs operate as PAE (Podosfairiki Anonymi Etaireia, a football-specific corporation). Owners must pass fit-and-proper tests. Greece has faced historical governance issues, and UEFA and FIFA have periodically intervened in Greek football governance.

No legal restrictions on foreign ownership. Several Super League clubs have foreign owners, including Evangelos Marinakis (Olympiacos/Nottingham Forest) and Ivan Savvidis (PAOK).

Governing body: Hellenic Football Federation (EPO), Super League

Tax and legal structure

Greek corporation tax at 22%. Greece's economic recovery since the debt crisis has stabilised the operating environment. Player registration and transfer fees are taxed under Greek corporate law.

Valuations

Super League (outside Olympiacos, PAOK, Panathinaikos, AEK): £2M-£20M. Super League 2: £500K-£5M.

Recent deals

Olympiacos won the 2024 UEFA Conference League, the first European trophy for a Greek club. AEK Athens built a new stadium (OPAP Arena) in 2022. Several mid-table clubs have attracted new investors.

Entry points

Clubs outside the traditional big four are accessible at £2M-£15M. Greece's geographic position and climate provide practical advantages for training and player development.

Our view

Greece is a volatile market. The talent is real, the passion is intense, and Olympiacos's 2024 Conference League win showed that Greek clubs can compete in Europe. But governance has been a persistent problem, with referee scandals and federation instability recurring over the past decade. Smaller clubs often depend heavily on a single owner's willingness to fund losses. Investors need to go in with open eyes about the regulatory environment. The clubs that have invested in infrastructure, like AEK's new stadium, stand out from the field.

For comparison, see our guides to England, Spain, and Italy.

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