Russian tobacco magnate Ivan Savvidi has made a €1.8 million loan to Greek Superleague side PAOK Salonika, paving the way for a possible takeover, a source close to him told RIA Novosti.
The source told RIA Novosti earlier this month that Savvidi was planning to make the loan payment of that order before forging ahead with a €10 million buyout bid.
"The amount of loan was about 1.8 million euros," the source said Tuesday, asking for anonymity because he was not authorized to give details.
PAOK shareholders are to meet in the near future to discuss the possible takeover, he said.
A club official who asked not to be named because of the sensitivity of the situation said last week that PAOK regarded Savvidi's intentions "only positively."
PAOK finished third in the Greek league in the 2011-12 season, during which the team beat Tottenham Hotspur 2-1 in London in the Europa League group stage before a 3-0 aggregate defeat to Udinese in the first knockout round.
Savvidi, who has Greek origins, was president of Russian Premier League side FC Rostov in 2002-2005 and currently occupies the same post at third-tier SKA Rostov.
