Olympiakos are running a deficit of at least 70 million euros, according to Greek media reports.

The huge sums of money Olympiakos have paid over the years bringing in such stars as Christian Karembeu, Giovanni and Rivaldo as well as the compensation paid to a number of coaches sacked have contributed in opening a black hole in the champions’ finances.

There was a time when 3 million euros was spent on the annual salary of one player, Karembeu.

Olympiakos’ elimination before the Champions League group stage last season did not help the reds’ financial situation. In June 2008 the black hole in Olympiakos’s finances was estimated at 63 million euros, but staying out of the Champions League has made that bigger.

As a result last May Olympiakos president Sokratis Kokkalis announced that Olympiakos would be increasing their share capital by up to 40 per cent, with a deadline for the expression of interest until June 22. This was later extended until July 15.

Shipowner Vangelis Marinakis, who runs Olympiakos’s volleyball division, tabled an offer to buy the whole 40 percent. After two meetings with Kokkalis, though, the Olympiakos president rejected the offer.

Lavrentis Lavrentiadis and Giorgos Glou have offered to buy stakes between 10 and 15 percent each and they much more look likely to get their hands on Olympiakos shares.

Olympiakos is likely to make the Champions League in season 2009/10 due to the changing system and a favorable draw which will see them face a champion from one of Europe’s lower ranked leagues.