The deal grants the club full use, management, and commercial exploitation of the indoor arena and its surrounding facilities, marking a pivotal moment in the club’s modern history.
This move effectively gives Olympiacos its own dedicated basketball home for the first time, anchoring its presence in the city of Piraeus alongside its existing football stadium and aquatic facilities. The agreement was finalized on July 21, 2025, and is seen as a historic step forward by the club, led by co-presidents Panagiotis and Giorgos Angelopoulos. Since taking control of the basketball operations in 2009, the Angelopoulos brothers have overseen a golden era for Olympiacos, delivering 17 major titles, including two EuroLeague championships and a FIBA Intercontinental Cup. Still, even amid these accomplishments, the acquisition of a permanent arena is being hailed as the most significant achievement of their tenure.
The Greek government’s announcement frames this agreement as part of a broader effort to promote the long-term development of Greek basketball. It mirrors a 2022 deal that gave Olympiacos’ archrival, Panathinaikos, similar control over the OAKA indoor stadium in Athens. Officials emphasized that both clubs—two of the most prominent in European basketball—are being treated with parity, enabling them to better represent Greek sport at the highest levels of competition.
As part of the agreement, Olympiacos will take on the financial burden of converting SEF from its original design as a track and field arena into a basketball-specific venue. The club has already completed a detailed redevelopment plan. In return, it will share 30 percent of net revenues generated from leasing and other commercial use of the facility’s buildings and surrounding open spaces with the SEF authority.
The state will remain responsible for core maintenance and energy efficiency upgrades to the structure, ensuring its sustainability over the coming decades. Olympiacos, meanwhile, will be obligated to maintain all facilities under its control, covering both regular upkeep and emergency repairs, and assumes full legal responsibility for any incidents during its use of the premises.
Crucially, the agreement preserves access to the stadium for national and international events. SEF will continue to host world and European championships, matches involving national teams, and up to five cultural events annually. The rights and employment terms of existing SEF staff will not be affected.
This agreement excludes other SEF-managed facilities already designated for separate uses, such as swimming pools currently under construction for Olympiacos’ amateur sports divisions. Additionally, the Ministry of Education, Religious Affairs, and Sports has committed to relocating national sports federations that previously used SEF to alternative training venues.
The government considered multiple factors in finalizing this deal, including the physical condition and original purpose of SEF, its smaller seating capacity (12,000) compared to OAKA’s 18,000, and the extensive investments required by Olympiacos to modernize the venue. Input from local authorities in Piraeus and SEF’s administrative board also played a role.
