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Panathinaikos have parted ways with head coach Argiris Pedoulakis after the side’s 68-61 loss to Laboral Kutxa in the Euroleague Top 16.

40-year-old Fragiskos Alvertis will take charge of the team on Monday morning, though it is unclear whether he will coach the team, full-time.

The coaching move comes courtesy of the Greens dropping five of their last six Top 16 encounters; Pedoulakis led Panathinaikos to a 5-5 record in the Euroleague regular season, which was just about good enough. Panathinaikos are currently 19-1 and top of the table in the Greek A1 league.

Pedoulakis took over from Zeljko Obradovic last season, and brought the Greens to the brink of the Euroleague Final Four in London – but unfortunately they lost in the deciding Game 5 to Barcelona in the last eight.

“Taking over the team in a tough period and managed to lead it to three titles.,” said Panathinaikos club president Dimitris Giannakopoulos. “He will always be a distinguished member of the Panathinaikos family.”

Panathinaikos return to action on Friday in a vital Top 16 clash against Anadolu Efes in Istanbul before travelling back home the next day to play Ilysiakos in domestic league action at the OAKA.