The team has also reportedly been docked three points and picked up a hefty fine for the shocking moment of madness by the 59-year-old businessman.
PAOK Thessaloniki president Ivan Savvidis has been suspended from all football activity for three years, after bringing a handgun onto the pitch during his side's Greek Superleague match AEK Athens earlier in the month.
As reported by Sky Sports News, the team have also been docked three points, and picked up a hefty fine for the shocking moment of madness by the 59-year-old businessman.
Following the shocking incident, the wealthy Russian apologized profusely, via the Sun, for his actions, stating: "I am deeply sorry for what happened. I had absolutely no right to enter the pitch the way I did. My only aim was to protect tens of thousands of PAOK fans from provocation, riots and casualties.
"Please believe I had no intention to engage in a brawl with our opponents or the referees. And I obviously did not threaten anybody.”
The bizarre event made headlines across the footballing world, as Savvidis burst onto the pitch on two occasions during the game after his side had a last-minute goal disallowed. On the second occasion, the owner removed his jacket to show he had a firearm in his waistband. The match was eventually abandoned, with spectators evacuated from the stadium for their safety.