Nearly 72 hours before the EuroLeague Final Four tipped off in Athens, Olympiacos BC released its financial statements for the 2024–25 season, offering a revealing look at the cost of competing at the highest level of European basketball.
The numbers tell a familiar story in modern elite sport: rising ambitions, rising investment and, ultimately, rising losses. Olympiacos, one of Europe’s most decorated basketball clubs and a perennial EuroLeague contender, posted revenue of €25.45 million for the fiscal year ending June 30, 2025, up nearly 40% from the €18.18 million recorded a year earlier. But the aggressive push to remain competitive both domestically and across Europe came with a steep price tag.
Operating expenses for the basketball division surged to €39.48 million, compared with €22.04 million the previous season, as spending on roster construction and competitive operations accelerated. The result was a gross loss of roughly €14 million, while net losses after tax ballooned to €16.6 million, almost triple the €5.8 million loss reported in the previous year.
The club’s financial position deteriorated further as shareholders’ equity slipped into negative territory, reaching –€1.95 million at the end of June 2025. Accumulated losses climbed to €16.64 million.
The concerns were echoed by auditing firm KPMG, whose report included a specific reference to a “material uncertainty” regarding the club’s ability to continue as a going concern. Auditors noted that short-term liabilities exceeded total assets by approximately €103,000, adding that the financial data could “raise significant doubt” over the continuation of operations.
Olympiacos’ ownership moved quickly to stabilize the situation. On July 1, 2025, shareholders approved a €16 million capital injection, made up of €11.75 million through the capitalization of deposits and €4.25 million in fresh funding. The process was completed in August, eliminating accumulated losses and restoring positive equity.
Yet beyond the headline losses, the filings reveal the scale of Olympiacos’ long-term commitment to staying among Europe’s elite.The club currently holds active contracts with players, coaches and agents stretching as far as 2030 in some cases, with the total value of those agreements estimated at €82.4 million. Some of the deals include buyout clauses totaling €665,000, attached to contracts worth approximately €19 million.
At the same time, Olympiacos has built significant future revenue visibility. The club holds a long-term agreement with Euroleague Properties SA running through the 2035–36 season, carrying an estimated guaranteed value of €75 million. The deal also includes performance-related and commercial upside worth up to an additional €25 million.
Further support comes from sponsorship contracts already in place, expected to generate another €5.5 million. For Olympiacos, the financial statements offer a snapshot of the financial reality facing Europe’s elite basketball clubs: aggressive investment, expanding payroll commitments and increasing dependence on long-term commercial agreements to sustain competitiveness at the top level.
The club’s strategy is clear — continue investing heavily to remain among the continent’s elite and challenge for major trophies, even at the expense of short-term profitability.
Whether that investment ultimately pays off will now be judged not on the balance sheet, but on the court, as Olympiacos heads into the EuroLeague Final Four with another opportunity to turn spending into silverware.
