Iraklis face wait over top flight status
The Salonika club, founded in 1908, have contested a decision by the Greek football licensing committee to refuse them a licence for the 2010/11 Super League season due to financial problems.
The club owe a reported 6 million euros in taxes. The club's management dispute the figure, saying their debts amount to less than 3,000 euros in back pay.
A Hellenic Football Federation (EPO) appeals panel delayed announcing a decision on Friday, giving the club more time to organise the financial backing that would allow them to stay in the top flight.
One of the players owed money by the club, German midfielder Denis Epstein, withdrew legal action against Iraklis and was released to join Olympiakos, where he has signed a three-year contract.
Olympiakos have also signed Belgian striker Kevin Mirallas on a one-year loan deal from French side St Etienne, the club confirmed.