Russian tobacco magnate Ivan Savvidi is preparing to mount a takeover bid for Greek Superleague side PAOK Salonika, a source close to the businessman told RIA Novosti on Thursday.
"Ivan Savvidi is planning to negotiate about the possibility of buying PAOK," the source said.
"The expected value of the deal is 10 to 12 million euros ($12.7 million to $15.2 million). In the near future the businessman may give the club a loan of more than 1.5 million euros ($1.9 million)."
Ivan Savvidi's lawyer Georgy Gurovanidis refused to confirm or deny whether his client was interested in bidding when contacted by RIA Novosti.
A club official, who asked not to be named because of the sensitivity of the talks, confirmed that PAOK believed Savvidi was interested in bidding. The club regarded Savvidi's intentions "only positively", the official told RIA Novosti.
"The businessman has yet to start negotiations," the official added.
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.
