Five football companies in Cyprus—APOEL, Anorthosis, Apollon, AEL, and Ethnikos Achna—are in a race against time to settle at least 50% of their outstanding debts to the Tax Department in order to avoid severe consequences.

According to information obtained by Brief, four of the five clubs, excluding APOEL, have recently made significant payments toward their tax liabilities. APOEL, meanwhile, has committed through its newly restructured board to pay up to €1 million in the coming weeks.

If the five clubs fulfill their financial commitments and settle at least half of their old debts within April, they are expected to overcome the hurdle of not receiving certification from the Ministry of Finance and the Cyprus Football Association (CFA). Without this certification, they risk facing penalties under UEFA’s financial regulations.

According to Brief, Anorthosis has already paid an initial installment of approximately €375,000 to the Tax Department, accompanied by a structured proposal for further payments. This proposal includes an additional payment expected in April, likely to include the €75,000 pledged by the President of the Republic during a February 1st event celebrating the club’s 114th anniversary.

This state support also relates to the maintenance and improvement of the Antonis Papadopoulos Stadium and the renovation of the indoor Themistokleio facility, where the club’s basketball and volleyball teams play.

Apollon’s administration has reportedly made several payments and plans to make another soon, bringing its total contribution close to €500,000. Both Anorthosis and Apollon owe a combined total of around €2 million and have each pledged to pay at least 50% of that amount by the end of April.

As for AEL, its board has committed to paying 50% of the club’s approximately €2 million debt before the end of April. To achieve this, the club is securing loans from financial institutions, offering substantial collateral.

It is important to note that AEL’s football company is now separate from the parent club. The debts owed to state funds will be pursued from the former management or managing authority of the company.

Regarding Ethnikos Achna, the refugee club has comparatively limited tax obligations, amounting to around €100,000. This sum is expected to be settled shortly.

At APOEL, recent developments have led to a rapid overhaul of the club’s management, as reported last Saturday by Brief. The restructuring ended the tenure of former president Prodromos Petrides and ushered in a new board consisting of Christoforou, Zampa, Panayiotou, and Panayides. Alexis Andreou is also expected to join and assume the leadership of the club.

The new board's mandate includes the establishment of a Special Purpose Vehicle (SPV), into which funds will be channeled to meet the club’s obligations to the Tax Department and the Social Insurance Fund.

Brief has learned that both the outgoing and incoming boards have assured the Tax Department that an amount potentially reaching €1 million will be paid within the next few weeks.

The looming threat for the five clubs is disqualification under UEFA’s financial fair play criteria. However, this risk appears manageable from a procedural standpoint. A source familiar with the matter told Brief that the Ministry of Finance typically sends the relevant documentation to the CFA around April 15–20.

The CFA, in cooperation with auditing firms, then conducts a thorough review of the files before submitting them to UEFA, as required by the organization’s regulations.