Giannis Granitsas, President of AEK at the time, decided to demolish the stadium in June 2003, to build a new stadium at Nea Filadelfeia, as he claimed that the stadium was seriously damaged from the 1999 Athens earthquake. His plan was to build a new stadium at the same site, which would include also a basketball indoor hall and a mall. The goal was for the stadium to be ready until the 2004 Summer Olympics.