During the 2012–2013 season, Panathinaikos' president, Giannis Alafouzos, announced that there will be a major reduce at the teams budget because of the financial problems they had been facing.

Finally, He announced, that the previous season's largest contract, which is the contract of Jean-Alain Boumsong will not exist at the team and that some lower, but still too high for the next year's standards contracts, such as the contracts of Toché or Vitolo, a renew will be offered, but with a major reduce, bigger the 50%.

Also, there are many players such as José Manuel Velázquez, Bruno Fornaroli and many others, who were informed by the team's head coach Giannis Anastasiou, that they were not in the coach's plans for the next season.

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