May 13, 2011, 2:20 pm
After about 24 years at the helms of Panathinaikos BC, the Giannakopoulos family have decided to call it a day and put the team up for sale.
During these 24 years the family has spent 350.000.000 euros on the team, winning 12 Greek A1 championships, 8 Greek Cups, 6 Euroleagues, 1 Intercontinental Championship and two Triple Crowns but most important of all not only putting Panathinaikos on the map of European basketball but turning them into one of its legends.
At the age of 82 Pavlos Giannakopoulos has repeatedly stated, after winning the 6th Euroleague title, that he wants to leave the team to get some rest and is looking for a buyer.
I am sure that the family won't just hand Panathinaikos BC out to anyone who knocks on their door but will carefully consider the future of Panathinaikos and the capabilities of the candidate buyers, but still people like the Giannakopoulos family come across very rarely and I don't think any new buyer will be able or willing to sustain a team with a 30.000.000 yearly budget and getting only about 10.000.000 per year in income.
At best with the new ownership Panathinaikos will become a "Maccabi" or similar level team, budget wise. Nevertheless the key to the future is keeping Zeljko Obradovic, who can do the same good job, even with less than 12-15.000.000 if he has to, as he had proven with Partizan and Joventut.
Another key element will be turning and investing more into youth academies and signing young promising, but ready to play, Greek players from A1 before their value goes up. I believe this process has already began and will continue steadily (Mantzaris almost done deal).
We must forget sustaining entire Euroleague clubs (like Partizan) purchasing players every year spending 800k-1m every summer and not seeing a healthy return of the investment.
I just hope that the family makes one final "present" to the team before leaving, especially if the NBA lock out occurs, by signing an NBA star this summer.
During these 24 years the family has spent 350.000.000 euros on the team, winning 12 Greek A1 championships, 8 Greek Cups, 6 Euroleagues, 1 Intercontinental Championship and two Triple Crowns but most important of all not only putting Panathinaikos on the map of European basketball but turning them into one of its legends.
At the age of 82 Pavlos Giannakopoulos has repeatedly stated, after winning the 6th Euroleague title, that he wants to leave the team to get some rest and is looking for a buyer.
I am sure that the family won't just hand Panathinaikos BC out to anyone who knocks on their door but will carefully consider the future of Panathinaikos and the capabilities of the candidate buyers, but still people like the Giannakopoulos family come across very rarely and I don't think any new buyer will be able or willing to sustain a team with a 30.000.000 yearly budget and getting only about 10.000.000 per year in income.
At best with the new ownership Panathinaikos will become a "Maccabi" or similar level team, budget wise. Nevertheless the key to the future is keeping Zeljko Obradovic, who can do the same good job, even with less than 12-15.000.000 if he has to, as he had proven with Partizan and Joventut.
Another key element will be turning and investing more into youth academies and signing young promising, but ready to play, Greek players from A1 before their value goes up. I believe this process has already began and will continue steadily (Mantzaris almost done deal).
We must forget sustaining entire Euroleague clubs (like Partizan) purchasing players every year spending 800k-1m every summer and not seeing a healthy return of the investment.
I just hope that the family makes one final "present" to the team before leaving, especially if the NBA lock out occurs, by signing an NBA star this summer.