Olympiacos presidents had promised to rebuilt Olympiacos squad and reduce the club’s budget by a significant percentage and the American forward will be another collateral damage of this new policy.

Olympiacos, like in the case of Yotam Halperin, have ordered Childress’ agent to start looking for a new team for his client for next season.

Although Josh Childress is much appreciated by both club management and fans and was one of their best players his contract is just too much to handle for the Greek and Euroleague powerhouse. Childress is earning around 4.2 million euros per year, which makes him the most well-paid players in Europe.

Olympiacos’ new policy dictates that such amounts will not be offered anymore and they will probably reduce Papaloukas’ contract too, who is the club’s (and Euroleague’s) second most well paid player with 3.5 million euros per year deal.