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NICOSIA, Dec 4 (Reuters) - A senior official of Champions League side Anorthosis Famagusta held in an embezzlement probe was released by police on Thursday.
Authorities said they would continue inquiries into the alleged embezzlement of about 418,000 euros ($528,600) from the club and an attempt to extract an additional 500,000 euros.
"He was released this afternoon," a police spokesman said referring to the club official, Andreas Panteli, who denies allegations of wrongdoing.
The spokesman did not say if Panteli had been charged.
Panteli, 48, was arrested by police on Nov. 28 after complaints of financial discrepancies by other members of the club's board. He announced on Dec. 1 his intention to step down as chairman of the club.
Anorthosis, the first Cypriot team to play in the Champions League, drew 2-2 at home to Werder Bremen last week. They are third in Group B, and must beat Panathinaikos in Athens on Dec. 9 to reach the last 16 in the knockout phase of the competition.
