Giorgos Kintis, who took over as president of AEK late last year, informed the club's shareholders by email late on Monday that he is resigning.

In his message he argues that under the existing conditions it is impossible for him to remain at his post, as there are significant problems in the club's finances.

Kintis is reportedly disappointed with the shareholders' disagreement with his plan about considerable financial injections to the football club or sale of the majority stake to someone else.

Shareholders appear determined to continue supporting their investment by their own means, as they have done to date.

The deficit of this season is growing significantly as revenues are small and expenses are increasing.

In a radio interview, former president Demis Nikolaidis estimated the deficit from this season at 8 million euros.

The club's main shareholders are expected to state their intent during this week, with a joint press conference not being ruled out.

The likeliest candidate for the president's position is Nikos Thanopoulos, the club's chief executive officer.