The Greek government has announced a landmark deal in principle for the concession of the Peace and Friendship Stadium (SEF) to Olympiacos BC for a period of 49 years.

The agreement concerns the covered hall together with all the covered accompanying spaces, the parking lots and part of the surrounding area connecting the above facilities, without any change to the terms of use provided for by the legislation in force.

The Greek State will ensure the implementation of energy upgrade works and necessary maintenance of the building.

The agreement between the Greek State and Olympiacos, which will comply with EU law on state aid, does not include the conversion of the stadium from an athletics stadium to a basketball court.

That will be the sole responsibility of the Piraeus club, which has prepared a comprehensive study for this purpose.

On the model of the corresponding agreement with Panathinaikos BC:

  •  Olympiacos will pay SEF 30 per cent of the net revenues resulting from the lease and general commercial use of the leased buildings, facilities and outdoor areas.
  •  Olympiacos is committed to making minimum mandatory investments.
  •  The concession does not cover the holding of world, European or national team matches and championships competitions at SEF, as well as five cultural events per year.
  •  Olympiacos is obliged to carry out regular and emergency maintenance of the buildings, facilities and outdoor areas provided, as well as to repair any damage.
  •  Olympiacos bears exclusive civil and criminal liability for culpable acts and omissions originating from its bodies during the use and management of the leased buildings, facilities and outdoor areas.
  •  The employment status and salary regime of all types of regular and temporary staff of SEF are not affected in any way.

The historic agreement contributes further to the development of Greek basketball, following in the footsteps of a similar deal struck for the concession of the Olympic Stadium (OAKA) to Panathinaikos BC in 2022.

In this way, the two leading clubs of Greek basketball, which are clearly treated equally by the Greek State, will be able to elevate our country even higher.

The following factors were taken into account:

  •  the age and general condition of SEF compared to OAKA
  •  the technological differences in their infrastructure
  •  the difference in the starting date of the concession
  •  the difference in their athletic orientation, as SEF is designed as an indoor athletics stadium compared to OAKA (which has been a basketball court from the beginning) and so requires significant investments from Olympiacos to convert it into a basketball stadium.
  •  the difference in their capacity, as SEF is a stadium with a capacity of 12,000 seats compared to OAKA’s 18,000 seats.
  •  the views of the Municipality of Piraeus and the administration of the SEF Legal Entity.

The agreement does not affect the other facilities belonging to the SEF Legal Entity which have already been allocated for other uses, including the under-construction swimming pools of the amateur Olympiacos swimming club, while provisions have been made by the Ministry of Education, Religious Affairs and Sport for the hosting of the Federations that train in the SEF facilities in other sports facilities.

“The basketball team has its own… harbour!”

The presidents of Olympiacos BC, Panagiotis and Giorgos Angelopoulos, expressed their sincere pleasure with the deal that has made their initial dream for the club a reality.

At the same time, the duo thanked “from the bottom of their hearts all the members of the government who contributed to the completion of this agreement.”

Their statement in detail:

“From the day we took over the demanding helm of Olympiacos, we set sail for the longest voyages on the seas of basketball. We sought adventures in uncharted waters and glorious destinations, but we never stopped dreaming of our… port. A port worthy of the most beautiful ship in the world.

Today is a bright day, as bright as the 100 years of glory of the Association!

The dream of generations and generations is coming true: the basketball team gets its own… port!

The Peace and Friendship Stadium, the home of Olympiacos since the late 1980s, will be our home for the next 49 years.

The most effective way to create history is through actions, and today, with the acquisition of SEF, an act is being made that writes history in a landmark year for the Association itself.

The stadium that hosted some of the greatest moments of Olympiacos and Greek basketball is finally passing into red and white hands. As we had envisioned, as its millions of loyal fans expected.

Here we will experience new legendary nights, we will lift even more trophies and we will applaud other great athletes who will wear the honoured jersey with the laurel-crowned teenager on the chest.

In our meeting today with Prime Minister Kyriakos Mitsotakis, we saw his sincere desire to find a fair solution. We would like to thank him from the bottom of our hearts, as well as all the members of the government who contributed to the completion of this agreement.

With responsibility, a serious plan and respect for its heavy legacy, we continue to build the future of Olympiacos on solid foundations. SEF is now our home!”