A decades-old plan to build an international-standard racetrack near Patras has advanced significantly, with a proposal to acquire 85% of the project company's shares for €4.14 million now moving through approval, three months after businessman Marios Iliopoulos first announced his intent to develop the site.
Mr. Iliopoulos, owner of AEK football club and shipping company Seajets, signed initial agreements in June to develop the Chalandritsa Motorsport Circuit, a roughly 1,200-acre site long earmarked for international-caliber racing but never built due to decades of financial, administrative and bureaucratic obstacles.
The Western Greece Regional Council has approved a valuation report for the project company, Autokinitodromio Patras S.A., clearing the way to sell its 8,921 shares at €23.45 each.
The Erymanthos Municipal Council unanimously approved transferring its own shares on Sept. 16, moving the deal closer to the 85% ownership threshold required to finalize the sale. The Municipality of Patras, the Regional Union of Municipalities, the Achaia Chamber of Commerce and other institutional shareholders remain involved in ongoing negotiations.
Local officials say they are seeking assurances that the share transfer will be tied to actual construction of the facility rather than merely a change in ownership.
Mr. Iliopoulos's business plan reportedly envisions total investment approaching €100 million, with construction aimed at completion by spring 2029.
Earlier designs for the site called for a 4.8-kilometer track capable of hosting Formula 1-level events, though officials caution the new plans may not follow identical specifications.
If completed, the facility would join existing circuits in Serres and Megara as one of Greece's premier motorsport venues.