Panathinaikos BC to be sold for 25 million euros

·

Dimitris Giannakopoulos revealed on Tuesday that Panathinaikos BC is up for sale for 25 million euros, while also stepping down from the club’s board.

As part of the announcement, Giannakopoulos expressed his desire for the club’s new management to leave the EuroLeague in favour of the FIBA Basketball Champions League.

“From this moment and onward, Panathinaikos is for sale for 25 million euros, like I wrongly committed last year,” Giannakopoulos said.

“We hadn’t taken into account the value of this brand. According to estimators, just the value of the commercial brand reached 75 million euros. I’m not changing a single word. 25 million.” 

Giannakopoulos solemnly began the press conference by stating that his family has spent almost $373 million euros from 1987 to 2012 for Panathinaikos.

“EuroLeague is a black box. Teams don’t know what will happen with their money. They learn their revenues 15 days before the launch for the season without knowing the ‘from where’ and ‘why,’” Giannakopoulos added.

“In 2002 we threatened to not play in the Final in Bologna because Bertomeu wasn’t telling us the sums. Since 2009 everyone was talking about the revenues of the competition. But we suffered more than anyone else in fines and ‘slaughters’. Maccabi, Panathinaikos and Olympiacos sustain EuroLeague with half of their television rights money going to the League”.

Greek basketball team Panathinaikos, one of the most important representatives of Europe, was put up for sale for 25 million euros. Photo: Twitter

While Giannakopoulos is leaving the club, he added that he hopes to see the Basketball Champions League evolve into a dominant competition in Europe.

“I see that FIBA works with a plan. In the last couple of years, they have made some joint ventures with NBA, Oceania, Asia. Watching the plan and the money they intend to invest and the longterm plan about basketball, I believe that very soon they will be the sole powerful competition in Europe.”

Advertisement

Share:

KEEP UP TO DATE WITH TGH

By subscribing you accept our Terms of Service and Privacy Policy.

Advertisement

Latest News

The man for all jobs: How a Greek migrant turned setbacks into 7-figure success

When Christof Mantzanas stepped off the plane in Melbourne on 10 March 2015, he had just $1,000 in his pocket.

Jimmy’s Kitchen brings authentic Greek hospitality to The Rocks

Sydney diners can now experience the warmth, flavour, and soul of a traditional Greek taverna without the flight to Greece.

Greek Community of Melbourne enhances safety with defibrillator training seminar

The Greek Community of Melbourne (GCM) took a notable step towards enhancing community safety by organising a defibrillator training seminar.

Wills without the Trojan War

After nearly 15 years in the legal industry, I’ve lost track of how many matters I’ve worked on involving family disputes over estates.

From tech to health: Greek Australians driving innovation in 2025

Australia’s Top 100 Innovators celebrate those who turn setbacks into breakthroughs. This year, three Greek Australians are among them.

You May Also Like

Constantine Costi to direct play for Musica Viva Australia’s first national tour in 2024

The national tour will start in Newcastle on Tuesday 20 February, and conclude in Perth on Sunday 10 March.

Christos Tsiolkas behind new opera on murder of George Duncan

Writer Christos Tsiolkas has co-written the libretto for a new oratorio on the murder of lecturer George Duncan.

‘Our bonds are closely tied’: Greek Culture Minister sends message to Australia’s Greek community

Greece’s Minister of Culture, Dr Lina Mendoni, attended a reception hosted by the Consul General of Greece in Sydney, Christos Karras.