CNN.com - Greek giants rescued at the brink

	The future of one of Greece's top clubs was in jeopardy before the ruling.

ATHENS, Greece -- Greek football giants AEK Athens have been saved from bankruptcy and possible relegation after a court decision Thursday to wipe out a majority of their 140 million euro ($181 million) debt.

Judges at the Court of Appeal voted to grant AEK, one of Greece's 'big three' clubs, an exemption under Article 44 of the companies law.

AEK, who are second in the standings, will have 95 percent of the debt written off.

The reclassification reduces the club's liabilities to about 16 million euros ($20.87 million).

The decision in favor of AEK, who were founded in 1924 and won the last of their 11 championships in 1994, follows the success last week of a similar bid by bottom club Aris Salonika.

If it had gone bankrupt AEK, who have reached the group stage of this season's UEFA Cup, would have been forced to become an amateur club and drop into the third division.

AEK's creditors, who are also their major shareholders, had previously agreed to forgive AEK's debt of around 60 million euros -- almost all the money that the club owed them.

"Apart from my personal life, this is the happiest day of my life," AEK president and former star player Demis Nikolaidis told reporters.

"This opens the way for us to take out a loan, find sponsors, build a new stadium," said Nikolaidis, who formed part of Greece's national squad that sensationally won Euro 2004 in Portugal.

The bulk of Greece's national squad is made up of AEK players who left the team after it fell into financial trouble, mired by mismanagement and scandal under past administrations.

AEK's forgiving creditors include Netmed, a South African owned subscription television operator and Greek football broadcast rights holder, as well as Enic, a London-based sports, media and entertainment holding with stakes in several other European clubs, including the Glasgow Rangers and Slavia Prague.