The Greens have decided to terminate the lucrative contracts of the two experienced players, whose performances during this season (especially Michael Essien's) were largely disappointing, in order to have more transfer budget available ahead of 2016-17 and the unofficial talks with them have already started.
The 33-year-old Ghanaian midfielder, whose current contract expires at summer of 2017, is having an annual salary of 800.000 euros and could possibly earn another 800.000 via bonus, something which will be a matter of negotiation with Gilberto Silva and Head of Panathinaikos' Legal Department Athina Balomenou.
The case of the 30-year-old Spanish central defender will be more difficult, since he signed a 4-year contract last summer with a total salary of at least 2.4 million euros and many reachable bonuses. For example, Sergio Sanchez earned another 100.000 euros this season for playing at the 25% of team's official matches, while he still holds a 20% of his rights in case of a transfer.
If the 40-year-old technical director and former captain of Brazil National Team, who is in constant talks with president Giannis Alafouzos and manager Andrea Stramaccioni about all the important issues of the club, manage to release the two well-paid underachievers, the officials of Panathinaikos will have about 3 million euros more at their transfer budget in order to strengthen the team ahead of next season.