 Shortly afterwards the ownership of the club was passed to businessman Giorgos Spanoudakis for 1 euro and until 2006 the club had accumulated a debt of 8 million euros, partly because Mytilineos did not pay the taxes for the players' contracts and partly due to Spanoudakis handling of the club's affairs.After a takeover of the club, in 2005, by businessman Dimitris Khoulis failed, Spanoudakis continued having the ownership of Iraklis.In 2007 Spanoudakis declared the club's inability to repay its debts to the players and tried to hand Iraklis' stocks to Cypriot businessman Pheevos Morides.