Panathinaikos, the most successful Greek basketball team ever, has been put up for sale by its owner, businessman Dimitris Giannakopoulos.
Speaking at a press conference on Tuesday, Giannakopoulos revealed that he will sell Panathinaikos for 25 million euros ($28.4 million), expressing his desire for the organization to leave the EuroLeague in favor of the Basketball Champions League.
According to estimates he cited, the “value of the commercial brand alone reaches 75 million euros. I’m not changing a single word, though. I will accept 25 million.”
Giannokopoulos added that until a buyer is found, the club will function without his involvement.
“So far, I have spent my entire life with Panathinaikos; this is difficult for me and it’s an emotional day. However, I am still Panathinaikos, and I will go to the stadium. Panathinaikos will continue to exist. I hope that the next buyer can make the club more profitable. Since my family took over the club in 1987, we have spent over 450 million on Panathinaikos,” Giannakopoulos added.
Panathinaikos has developed into the most successful basketball club in the history of Greek basketball, and one of the most successful in all of European basketball, creating its own dynasty.
They have won six EuroLeague Championships, thirty-seven Greek Basket League Championships, nineteen Greek Cups, one Intercontinental Cup and two Triple Crowns.
They also hold the record for most consecutive Greek League titles, as they are the only team to have won nine consecutive championships (2003–2011), as well as for the most consecutive Greek Basketball Cup titles, winning six from 2012 to 2017.