Cyprus Times

Savvidis Outpaces Melissanidis-Alafouzos in Funding for New Toumba Stadium

Published January 18, 2026, 14:05
Savvidis Outpaces Melissanidis-Alafouzos in Funding for New Toumba Stadium

Ivan Savvidis appears to have secured funding for the New Toumba Stadium, surpassing the contributions of Dimitris Melissanidis and Yannis Alafouzos for the stadiums of AEK and Panathinaikos respectively. Information suggests that the funding comes from Russian sources. The PAOK administration has already prepared a file with potential funding sources, considering the possibility of funding from the Recovery Fund or the Region, as was the case with AEK and Panathinaikos. The PAE's participation in the total budget is expected to be limited. The establishment of a special purpose company and the signing of a memorandum of understanding with AS PAOK are expected this week. The project is scheduled to be completed by January 2026, but the administration acknowledges that the data may have changed by then.