The Greek Super League match between PAOK and AEK Athens was stopped when Ivan Savvidis, one of Greece’s richest men, walked on to the field while wearing a holster that appeared to contain a gun.
Flanked by bodyguards, the owner of PAOK interrupted the match in protest after a goal from his team was disallowed and declared offside in the 90th minute.
Although he did not remove anything from the holster, the 58-year-old had to be restrained while confronting referee Giorgios Kominis.
Savvidis, who holds a gun licence, is now being investigated for illegal entry on to the football field and for possession of an object that could cause harm in a sporting venue.
The match was abandoned two hours later when AEK players refused to return to the field.
Greek soccer games are frequently marred by violence – and a derby between PAOK and Olympiakos Piraeus was called off last month after the Olympiakos coach was hit by a roll of paper thrown from the stands.
The country’s sports minister has vowed to take “bold decisions” following the latest fracas.