Votanikos revamp and soccer stadium deal signed

A long-delayed agreement for a radical overhaul of the downtown Athens district of Votanikos, with the addition of a park and a 40,000-seat soccer stadium, was signed in Athens on Friday.

The 72-million-euro stadium project will be bankrolled by the ministries of Finance and Development & Investments - efforts will also be made to induct it into the EU Recovery Fund - while proceeds from its operation will be distributed between the Greek state and the City of Athens. The stadium will be leased for 99 years to the capital's Panathinaikos soccer club.

The agreement was signed at Athens City Hall by Mayor Kostas Bakoyannis, Development Minister Adonis Georgiadis, Panathinaikos club representatives Yiannis Alafouzos and Panagiotis Malakates for the amateur club, Attica Regional Governor Giorgos Patoulis and Alpha Bank CEO Vassilis Psaltis on behalf of the two banks that...