Greek players hit by cash crisis

TV crisis
The EPAE has proposed a 20 per cent wage reduction for players as a way of covering club's losses following the bankruptcy of the top division's main TV broadcaster Alpha Digital Synthesis SA and the government's refusal to subsidise teams accordingly.

Cry for help
EPAE officials yesterday attended a meeting of the professional footballers union, the PSAP, and told the players "you must also help to overcome the crisis". And while PSAP president Antonis Antoniadis said any forced measure would lead to strike action, the players did not rule out renegotiating their bonuses and other private financial agreements with the clubs.

Union action
However, Antoniadis warned the governing body that "the players reject and will not negotiate any cut in their existing contract terms and their wages".

Bankrupty claim
The EPAE, who made the recommendation last Friday, accept that a wage cut is not legally binding. But as one of their representatives, Petros Kokkalis, said: "If the situation continues, all the clubs will go bankrupt. In 2000, 162 per cent of Olympiakos's profits went on player wages."

Month off
Matches in the Hellenic National League resume this weekend after a four-week break caused by the EPAE's two-week suspension last month and the subsequent EURO 2004™ qualifiers and Greek municipal elections.