British firm ENIC assumes control of AEK Athens

London-based ENIC acquired 71 percent ownership of AEK Athens and plans to quickly inject much-needed cash to the troubled Greek First Division club.

ENIC picked up an additional 38 percent from the Ippoventure firm owned by former AEK boss Makis Psomiadis, adding to the 33 percent it had owned previously.

The deal comes after Psomiadis was charged earlier this week with embezzlement of some 19.3 million euros (22.8 million dollars) following a probe by the finance ministry.

Psomiadis was handed a 12-year sentence last year on forgery and slander.

A general assembly meeting of AEK shareholders has been called for Monday at which time a new administration for the club will be approved.

AEK, which finished in third place in the league which concluded last week, has qualified to play in the qualifying round of the Champions League next season.