A statement on the club's official website reads that Theodoros Zagorakis has stepped down as PAOK Saloniki chairman on Thursday for personal reasons. The 38-year-old Zagorakis took over the cash-strapped club in June 2007 and helped the club pay-off a large part of their debts.
His decision to resign as club president comes one day after a violent incident between fans of PAOK and rivals Aris Saloniki. A board member of Aris got stabbed during the incident and several fans sustained injuries.
The former PAOK, Leicester and Bologna midfielder was the Greece captain when the team surprisingly won the 2004 European Championship.
Meanwhile, PAOK have found a new chairman in Zisis Vryzas. The 35-year-old ended his professional career at PAOK on January 2008 and was appointed technical director at the Thessaloniki side shortly after.
Like Zagorakis, Vryzas was also a part of the Greece squad that surprised the world in 2004 by beating a number of illustrious teams to the European title.
PAOK currently sit seventh in the Greek league with nine points from their initial six matches.
Stefan Coerts, Goal.com