Troubled Greek football club AEK Athens is planning to declare bankruptcy and seek voluntary relegation to the country's third division.
The club, hit by debts and Greece's financial crisis, held an emergency shareholders meeting Tuesday and announced plans to formally launch liquidation procedures after its new board meets on June 7.
AEK, traditionally the country's third largest club, was relegated from the top league this season, but announced Tuesday it would not play in the second division - apparently needing more time to repair its finances.
Greek clubs have been hit by the country's financial crisis that resulted in poor crowd attendance and tight credit.
Olympiakos won the 16-team championship with 77 points from 30 matches, while AEK ended second-to-last with 30 points.
