Update: Greek football club president apologizes for invading & confronting referee with a gun on the pitch

Ivan Savvidis, the president of Greek club PAOK on Tuesday apologized after invading the pitch with a gun in his waistband, an incident that prompted the suspension of the championship indefinitely.

 “I am very sorry over what happened. I clearly had no right to enter the field of play in this fashion,” Ivan Savvidis said in a statement.

"I'd like to apologize to the fans of PAOK, to all Greek fans and to the international football community," he added. "Believe me, I had no plans to quarrel with the referee or the opponents, and I clearly did not threaten anyone."

Savvidis, a Greek-Russian billionaire who is both the president and owner of PAOK lost his cool and stormed the pitch with a Gun in his waistband to confront the referee after Fernando Varela late goal for PAOK was ruled as offside during Sunday's Super League game against rival club AEK Athens.

The chairman who reportedly told the referee: 'You're finished.' was held back by securities.

Meanwhile, the incident has been condemned by both football's European governing body, UEFA, and the world governing body, FIFA, which issued a statement threatening to impose sanctions if all sides fail to take "immediate steps" to end the "unacceptable situation in Greek football."