 Until 1979 Greek football was semi-professional and each football club was run by a board and a president appointed by its respective multi-sport club, of which it was considered a branch.In the 1979–80 season the football branch of Iraklis became an SA owned by local businessmen Tertilinis and Pertsinidis.In the 1983–84 season Iraklis was bought by Petros Theodorides who remained at the helm of the club for almost 18 years.