Former Greece captain Theodoros Zagorakis, who lifted the Euro 2004 trophy, resigned as president of PAOK Salonika on Thursday after fans protested against the sale of its best player to balance the indebted team’s books.

PAOK fans broke up seats in the stand and invaded the pitch after an unexpected 2-1 home defeat by Atromitos Athens on Wednesday.

“I step down at a difficult time so that love and unity return to the club,” said Zagorakis. PAOK sold Portuguese midfielder Vieirinha to German club VFL Wolfsburg earlier this month.

PAOK is under pressure to reduce its debt, or have its licence revoked, under new “financial fair play” rules instigated by European soccer’s governing body, the UEFA.

Earlier this month UEFA fined PAOK and threatened them with a ban from European competition for breaching licensing regulations.

UEFA fined PAOK, who have reached the last 32 of the Europa League, 250,000 euros, of which 200,000 euros is suspended for a probationary period of three years.