What Happened to Olympiacos F.C.?

Olympiacos F.C., officially recognized on March 10, 1925, in Piraeus, Greece, quickly established itself as 'Thrylos' (The Legend) of Greek football. The club's foundational aim was to promote the ideals of the ancient Olympic Games through athletic competition and sportsmanship. Throughout its history, Olympiacos has maintained an unparalleled dominance in Greek football, holding records for 48 league titles, 29 Greek Cups, and 5 Super Cups.

A significant turning point for the club came in 2010 when Greek businessman Evangelos Marinakis acquired a majority stake, becoming its president. Under his leadership, Olympiacos continued its domestic supremacy, winning seven consecutive league titles from 2010-11 to 2016-17, and again in 2020, 2021, and 2022. Marinakis's tenure has been marked by ambition, extending his football ownership to include Nottingham Forest in England and Rio Ave in Portugal, creating a multi-club network.

The club achieved a historic milestone in 2024, becoming the first Greek football club to win a major European trophy by clinching the UEFA Europa Conference League title. This triumph, secured against Fiorentina, also followed their U-19 team winning the UEFA Youth League in the same year, significantly boosting their international profile and UEFA ranking.

However, this pursuit of European glory has come with financial pressures. The football club reported losses of €29 million for both the 2022/23 and 2023/24 seasons, which were subsequently covered by increases in equity. Similarly, the basketball division recorded a gross loss of €14 million and net losses of €16.6 million for the fiscal year ending June 30, 2025, although a €16 million capital injection in July 2025 helped stabilize its financial position.

As of September 2, 2026, Olympiacos remains a formidable force. In the 2025-26 season, they finished 2nd in the Super League Greece and won the Greek Super Cup. They also participated in the UEFA Champions League, reaching the knockout phase play-offs. For the current 2026-27 season, after being eliminated from the UEFA Champions League third qualifying round by NEC Nijmegen on August 11, 2026, Olympiacos will now compete in the UEFA Europa League League Phase. The club has been active in the summer 2026 transfer window, bringing in players like goalkeeper Stefan Ortega (July 30, 2026), midfielder Gustavo Sá (July 30, 2026), and striker Armando González (August 22, 2026). Antonio Miguel Cardoso was appointed General Director of Football Business and International Club Strategy on June 30, 2026. There are also ongoing discussions regarding the potential transfer of Leon Bailey from Aston Villa, which could influence other squad movements. Olympiacos has started the 2026-27 Super League Greece season with wins, demonstrating their continued ambition for domestic and European success.