The bad economy is hurting soccer clubs around Europe. But for Greece’s storied but troubled AEK, the fall has been especially steep. Ignominiously ousted from the country’s Super League in April, the beloved club slid into bankruptcy – -the result of years of what fans roundly criticized as bad management and excessive spending, compounded by the country’s deep recession. Now as the government in Athens hangs on with an international bailout, AEK has found what it hopes to be a local savior: oil and shipping magnate Dimitris Melissanidis. “We are starting from scratch and we are fated to succeed,” the billionaire said at a July news conference where he introduced his new managers and the start of ticket sales for next season. He also predicted the club would be back in the Super League after two years.
AEK Athens downfall
