Panathinaikos have given interim head coach Fragkiskos Alvertis the job on a full-time basis.

The 39-year-old, who retired in 2009, will sign the new deal, which runs out at the end of the season.

Alvertis took over from Algiris Pedoulakis, who left the club on Saturday after the side’s loss at home to Laboral Kutxa in the Euroleague Top 16. Alvertis, who won five Euroleague crowns as a player for Panathinaikos took charge of the team for practice on Monday and was officially announced 24 hours later.

“Having served Panathinaikos for about 25 years, I am in a position to know first-hand about the pressure and the demands this team has,” Alvertis told Greek reporters.

“I didn’t arrive yesterday in Panathinaikos. It’s the team I have lived with more than half of the years I am on this planet. I have full knowledge of what I am about to do. Being from Panathinaikos, I have more than an obligation to contribute the maximum in order for this team to achieve its goals; goals we are doomed to chase.

“It’s a big challenge for me. I – and the rest of the coaching staff will do the best in order to accomplish our mission. We are well aware that it’s not going to be easy, but to fight is part of life, and we’ll fight to bring out the best.”

It’s a big week for Alvertis and for Panathinaikos as they look to get back to winning ways in the Top 16 of the Euroleague as they face Anadolu Efes in Istanbul before travelling back home to play Ilysiakos the next day.