Vasilis Spanoulis led the scoring for the Greek champions with 19 points. Sarunas Jasikevicius scored 8 points against his former club.
The final score 100:96 for Panathinaikos.
The other semi-final involved home team CSKA Moscow. Star stunned Euroleague champions played without captain Matjaz Smodis and Ramunas Siskauskas. Meanwhile their opponents Zalgiris brought only 9 players. Mantas Kalnietis was out due to injury and Eurelijus Zukauskas is training individually.
It was a close game from the start with both teams exchanging small leads from time to time. In the end it was Zalgiris that celebrated the victory.
Jonas Maciulis and Paulius Jankunas both scored 18 points for Lithuanian champions.
Terence Morris was the top scorer for CSKA Moscow with 15 points. He will face his former club Maccabi tomorrow in third place game.
Zalgiris will meet Panathinaikos in the Gomelsky Cup Final.