Panathinaikos. The downfall of a Greek Giant

Panathinaikos. The downfall of a Greek Giant

By Antonis Theodosis

The name Panathinaikos used to be associated with prestige, success, and glory. A club full of rich history both domestically and in Europe having pulled off spectacular results against some of Europe’s elite clubs. In the glory days of Panathinaikos, the club became the only Greek team to reach a European Cup final, coming up against an Ajax team that was spearheaded by the legendary Johan Cruyff in 1971.

The Greens have managed to reach the semi-finals of the European big stage twice, in 1985 and 1996, they also managed to reach the quarter-finals three times in 1988, 2002, and 2003 respectively. 


Domestically Panathinaikos are also associated with success, having won the domestic league title twenty times, the Greek cup eighteen times, and the Greek Super Cup four times. 

In recent years however the prestige and success of the Panathinaikos brand in the world of football has declined. In the last ten years, the Greens have won the league title only once and the Greek cup twice along with poor outings on the European stage.

Naturally the question of why the Greens declined so dramatically emerges. I propose that there were varying factors that played into the decline of this once successful club, the biggest ones being the departure of the Vardinogiannis family in 2012 leaving the club in a financial mess, and the club's inability to find consistency under the Alafouzos regime. These factors along with the economic crisis in Greece spelled a recipe for disaster for the once-great club. 

In hindsight, the year 2008 signifies the eventual decline of Panathinaikos, the Vardinogiannis family announced that they would reduce their share of the club to fifty percent, allowing other investors like Nicolas Pateras to invest in the club and become president.

The reduction of shares and big spending to bring in quality players would eventually lead to the club’s demise, but not without reaching immediate success first. In 2009 Panathinaikos went all-in on the roster in order to challenge Olympiakos, AEK, and PAOK domestically and to put on strong performances in Europe as well. To achieve this goal the club spent over thirty million euros by bringing in former Liverpool star Djibril Cisse, Greek national team legend Kostas Katsouranis, and Argentine ace Sebastian Leto from Liverpool. The big money signings worked well at first, Panathinaikos would go on to win the domestic double and eliminated Claudio Ranieri’s Roma in a thrilling tie.
The 2009-2010 season would end on a high note for the greens, but the following season would lead to the eventual end of the glory days for Panathinaikos. After disputes and financial instability club star and fan-favorite Djibril Cisse requested a transfer and was sold to Lazio for around six million euros. The club would reduce the budget and attempt to rebuild, however, the circumstances within the club only became worse and Vardinogiannis would eventually give his fifty percent of shares over to Skai TV owner Giannis Alafouzos bringing an end to the Vardinogiannis era which lasted over thirty years. 

The post Vardinogiannis era would soon become the worst stint in club history. With Giannis Alafouzos now at the helm the multi-millionaire would be bringing the club into unchartered territory. Alafouzos had the idea of allowing fans across Greece to pay for shares of the club with his plan deemed “PAO Alliance.”

This plan gave many fans hope that they would have a new voice and a stronger grip on the decision making that would go on at Panathinaikos. The first year of the alliance was one that did not end well for the club. The European campaign was a disappointment and the domestic woes were even worse. The club changed managers four times in one season and brought in players that were head-scratchers foreshadowing the revolving door that the club would become. Panathinaikos fans were certain that the team would be relegated the next season though the club would find some semblance of hope by winning the league cup in 2014 and defeating arch-rivals Olympiakos 0-3 in their own home.

Despite the optimism, the inconsistency of the Alafouzos regime would see itself come out in the seasons following. The initial plan for the club was to build around young talent and compete for European football, but Alafouzos would go back on his word and begin to sign players that were older and did not benefit the squad. Spending money on the wrong players such as Christos Bourbos, Jens Wemmer, and Sergio Sanchez would lead to further failures and embarrassments in Europe.

The club became a revolving door yet again when head coach Yiannis Anastasiou was sacked and replaced by Andrea Stramaccioni whose tenure is not well received by Panathinaikos fans, and with good merit. In 2017 Alafouzos announced that he would no longer be putting funds into the club and head coach Marinos Ouzounidis alluded to the fact that he along with the players were not being paid.

Under the Alafouzos regime players have also voiced their frustrations with the president, club star and fan-favorite Sebastian Leto claimed that Panathinaikos was a “Big club in the wrong hands.” It is apparent that Alafouzos’ inconsistencies and lack of knowledge in the sport have led to the most trying times for supporters of the trifylli. The club has had a long stretch of poor outings in Europe, poor domestic success, and uncertainty.

Under a tight and uncompromising financial regime headed by Alafouzos, the club has managed to almost eliminate all debt and under the current coaching structures that have been put in place, it seems they have steadied the ship. As fans of this once proud club, we can only hope that this reset is the beginning of something great again. 

Hellas Football

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