Papaloukas wins arbitration vs. Olympiacos

Papaloukas

Recently retired Greek basketball legend Theodoros Papaloukas (200 cm) has won an arbitration case he filed against former team Olympiacos S.F.P. Pireus at the Basketball Arbitral Tribunal. As the claimant, Papaloukas sought for that the club be ordered to pay him a total of €1,610,364.87 which was allegedly owed to him based on a contract entered into by him and the team. Aside from that he is also requested they be ordered to  pay an interest rate of 5% payable upon the respective due date of each payment, or upon the expiry of the Contract on July 30, 2011 and to pay all expenses, costs and legal fees incurred by the Claimant in these proceedings.

The Greek team responded to the request for arbitration citing financial difficulties experienced due to the poor global economy. The difficulties also had an effect on the team’s ability to meet its financial obligations.

The BAT has ruled in favor of Papaloukas and have assigned the award as follows:

1. Olympiacos KAE Basketball Club shall pay Mr. Theodoros Papaloukas, in respect of contractual amounts due and unpaid, EUR 1,594,394.31.

2. Olympiacos KAE Basketball Club shall pay Mr. Theodoros Papaloukas interest at 5% per annum on the amount of EUR 1,594,394.31 from 1 July 2011 until the date that payment is made.

3. Olympiacos KAE Basketball Club shall pay Mr. Theodoros Papaloukas EUR 7,000.00 as reimbursement for his arbitration costs.

4. Olympiacos KAE Basketball Club shall pay Mr. Theodoros Papaloukas EUR 14,000.00 as reimbursement for his legal fees and expenses.

5. Any other or further-reaching requests for relief are dismissed.

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