 Two years later, despite successfully retaining superleague status once again by finishing 12th the team was again relegated to gamma ethniki (third tier) while the financial situation of the club was again under severe deterioration.This urged Papathanasakis, on September 7, 2017, to declare Iraklis' inability to satisfy financial obligations, causing the club to be disbanded for the second time in five years.Papathanasakis stepped down as owner and chairman of Iraklis FC.