Owner of the Panathinaikos basketball club, Dimitris Giannakopoulos has issued a bid to buy the Panathinaikos soccer club.

Confirmed on Thursday by Deputy Minister for Sports, Giorgos Vassiliadis, if approved the project will be made possible in cooperation with foreign funds, reports Kathimerini.

According to reports the purchase from the financially struggling Panathinaiki Alliance will only go through on the proviso that Giannakopoulos also takes over the Athens Olympic Park (OAKA) in its entirety, which is among the state assets the Greek government has lined up for privatisation.

The detailed proposal drafted by Giannakopoulos, includes plans to demolish the basketball court to construct a new one, along with the demolition of the Olympic Stadium of Athens that hosted the Games in 2004, with the roof designed by Spanish architect Santiago Calatrava to be kept intact, and a soccer ground to be constructed at the site.

Involved in the project are more than three foreign companies and funds, including a construction group, UK-based fund, and international hotel group, with the latter interested in constructing a hotel at OAKA.

According to reports, the deal could be complete by as early as Easter.