the main shareholder representative of the club, Giannis Vardinogiannis, to announce at a press conference the family would reduce their financial stake in the club from 100 percent to 50 percent through an €80 million increase issue of the company's capital stock. Negotiations followed and the following were agreed: Nikos Pateras was selected to be the new president; the Vardinogiannis family would hold 56 percent of the club, the amateur club 10 percent (same as before) and a group of new shareholders 34 percent (Pavlos Giannakopoulos, Nikos Pateras, Adamantios Polemis and Andreas Vgenopoulos, plus other minor shareholders). In 2011, financial problems and management disagreements caused the club to reduce the budget and sell many players. In 2012, the owner of Skai TV, Giannis Alafouzos, devised a plan to take Vardinogiannis' shares (54.7%) and make them available to fans around Greece so that everyone could contribute, so that Panathinaikos could overcome the crisis. His intention was to create a new, for the Greek athletic standards, supporter-owned football club. On 2 July 2012, the Panathenaic Alliance finally opened to the public so that everyone could be a member and contribute a desired amount in return for privileges. A few days later, Giannis Vardinogiannis gave his shares—54.7% of Panathinaikos—to the Alliance, while the other shareholders maintained their percentage. The members of the Alliance elected a board of directors and club president. The first president elected was Giannis Alafouzos. In 2013, was decided the move of the team from the previous training center of Paiania to a new one, owned by the club. Located in the area of Koropi, Georgios Kalafatis Sports Center became the new training ground and academy base of Panathinaikos. For the 2014–15 season, the membership had risen up to 8,495 members contributing a total of €2,680,041. Panathinaikos currently is a partially supporter-owned football club. According to the latest accounts in 2016 Panathenaic Alliance shares have been reduced to (15%), Giannis Alafouzos through Sortivo International Ltd and his own shares is the largest shareholder at (74%). Giannis Alafouzos suddenly decided to quit the team in September 2017, announcing his departure in a written statement and inviting potential investors to express their interest in buying the team. With rapidly growing doubts about the commitment and the sporting progression of the club, Alafouzos eventually decided to re-invest in the playing and coaching staff around June 2021. Current sponsorships: Shirt sponsor: Stoiximan Sport clothing