Decade Review: Panathinaikos FC, toughest chapter in illustrious history

AGONAsport’s “Decade in Review” series continues as Nick Tsambouniaris delves into the toughest and darkest decade in the history of Panathinaikos, where success was minimal, despite several highlights and great players featuring, and marred by financial mismanagement.

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This last decade has been the most turbulent yet in the illustrious history of Panathinaikos. One of Greece's grandest clubs with such a huge European pedigree, this decade started with so much promise when the team achieved the League-Cup double in the 2009-10 season, coupled with a good run in the UEFA Europa League. 

However, ever since then, it has been slim pickings for long-suffering fans, and the club can now almost be classified as a "fallen giant." Ownership issues, financial issues (especially under the reign of current majority shareholder Giannis Alafouzos), poor results, a decreasing budget, and crowd trouble have plagued the club. Matters significantly worsened in September 2017, when Alafouzos infamously announced that he would no longer be investing in the club at all.

Season by Season Review

2009-10

The nucleus of a strong team was already there in the form of Gilberto Silva, Giorgos Karagounis, Cleyton, Sotiris Ninis, Dimitris Salpingidis, Ante Rukavina, Lazaros Christodoulopoulos, Mario Galinovic, and Josu Sarriegi, to name a few. A significant investment was made to build a side capable of competing on all fronts. High-quality additions such as Djibril Cisse, Kostas Katsouranis, Cedric Kante, Sebastian Leto, and Giourkas Seitaridis entered.

The result - huge success. Nikos Nioplias took over as coach days before the beginning of the new decade, replacing Henk ten Cate. Djibril Cisse emerged as a 'cult hero' and is still adored by the fans to this day. The former France international finished the season as the leading goal scorer in the league with 23 goals to his name. Panathinaikos were crowned Champions as they finished six points ahead of Olympiacos. On top of this, the team won the Greek Cup by beating Aris 1-0 in the final, courtesy of a long-range goal from Leto, which sparked wild scenes in a tense match.

The team also enjoyed a solid season in Europe by finishing second on 12 points in their UEFA Europa League group. Perhaps the two most memorable matches of the season and the decade as a whole came in early 2010 when they beat Italian heavyweights AS Roma in the Last 32. Panathinaikos won both thrilling matches with a 3-2 scoreline to win 6-4 on aggregate. They lost 1-4 on aggregate to Standard Liege in the Last 16.

 Fans responded to these strong outings as the average crowd figure was just short of 30,000.

2010-11

The 2010/11 season is classed by many as the "beginning of the end." The club went on a spending spree and recruited the likes of Jean-Alain Boumsong, Luis Garcia, and Sidney Govou for the UEFA Champions League campaign. Unfortunately, that campaign ended in disaster with the Greens finishing last on two points in a group containing Barcelona, FC Copenhagen, and Rubin Kazan. The team lost to Barcelona over the two games with an aggregate score of 8-1.

Financial problems began to surface, and the club started to sell its best players. Cisse departed for Lazio in 2011, and starting goalkeeper Alexandros Tzorvas moved to Palermo. Earlier in the season, Cisse stole the show as the Trifylli beat Olympiacos 2-1 in a tense derby at the OAKA. This was the highlight of the season as the Frenchman ran the show with two goals. After this, he stated, "he is not only a player but a fan of the club." In the ensuing derby, the Greens controversially lost 2-1. Panathinaikos players were enraged by the dodgy officiating, and Cisse found himself in a clash with Vangelis Marinakis. This "Derby of shame" as it was infamously known also prompted Cisse to leave.

The team finished in second spot, 13 points behind Olympiacos and then topped the play-offs to obtain a UEFA Champions League qualifying spot.

2011-12

High-profile stars left, and lesser-known players arrived in the 2011/12 campaign. One of these players was Carlos Zeca, who signed from Vitoria Setubal. The midfielder would go on to become an icon of the club. His love of Greece was so big that he learned Greek and would go on to become a player for Greece’s national team.

The team completely missed out on any European football after being bundled out by Odense in UEFA Champions League qualifying and then Maccabi Tel Aviv in UEFA Europa League qualifying.

Leto, and new signing Toche, enjoyed a prolific season in front of goal as the duo scored a combined 29 league goals.

Another hugely controversial derby took place. Crowd violence inside and outside the OAKA led to the game being called off and Olympiacos winning 0-3 on paper. Following this, the entire Board quit, and Panathinaikos remained without an administration for several months.

The Greens finished second, seven points behind Olympiacos, and later finished first in the play-offs to book a UEFA Champions League qualifying spot.

2012-13

Before the season began, a huge turning point in the club's history took place. The Vardinogiannis era officially ended, and Alafouzos formed the PAO Alliance, in which fans could have control of the club after buying a stake. Some players bought shares at the time, and Alafouzos became the majority shareholder. It was a new era for the club, but the performances on the pitch were nothing short of horrendous. The team finished sixth and missed out on the chance to participate in any European competition for the first time in 16 years (for the following season).

High-profile players such as Loukas Vyntra, Ninis, Lazaros Christodoulopoulos, Sarriegi, Katsouranis, Karagounis, and Leto all left. 

However, the team did manage to qualify for the UEFA Europa League group stage by beating Motherwell and Malaga. In the group stage, the Greens finished in third spot on five points, way behind the front-runners Lazio and Tottenham. The only group stage win came against Maribor via a goal from Vitolo.

2013-14

Despite the team finishing the regular season in fourth spot on 66 points, this season can go down as the second-best of the decade - possibly indicating how terrible things have been over the last ten years. The team rebuilt from scratch and made an array of signings not known to many fans, but most turned out to be very successful. Marcus Berg joined from Hamburg on a free transfer in perhaps the club's best move of the decade. The Swedish international was a consistent goal scorer, with a strong all-round game and endeared himself to the fan base from the beginning. Other vital signings were Mehdi Abeid, Nano, Gordon Schildenfeld, Danijel Pranjic, Nikos Karelis, Viktor Klonaridis, Mladen Petric, Abdul Ajagun, and Mendes da Silva. Additionally, the club also focused on giving young Greeks a chance.

Yannis Anastasiou did an admirable job in his first full season at the club as head coach. The team embarked on a 10-game undefeated streak that included wins over PAOK, Olympiacos, and Aris and played some excellent football along the way. 

One of the highlights of the season came when the team beat Olympiacos 0-3 in a "smash and grab" win at a stunned Georgios Karaiskakis stadium. Goals from Berg, Abeid, and Pranjic shocked the Reds, who had just beaten Manchester United a few days earlier in the UEFA Champions League. This remained as the biggest win in the Derby of the Eternal Enemies last decade.

Undoubtedly, the highlight of the season came in May 2014 when the team hammered PAOK 4-1 in the Greek Cup final at the OAKA to send fans into delirium. Berg was pivotal in this big win by scoring a hat-trick. This remains as the last bit of silverware won by the club to this day.

2014-15

Anastasiou kept the core of this team intact as the club pursued further success. Luke Steele joined on a free transfer, and Sotiris Ninis returned in the winter to the club where he made his name at, as did Stathis Tavlaridis.

Panathinaikos were knocked out early in the UEFA Champions League qualifying rounds by Standard Liege and dropped down to the Europa League to hammer Midtjylland 6-2 on aggregate to qualify for the group stage. Disappointingly, the team slumped to last in a group containing Dynamo Moscow, PSV Eindhoven, and Estoril, with only two draws to their name (and zero wins).

The team made a slow start in the league but picked things up in the second half of the season. Once again, Anastasiou guided his troops to a 10-game undefeated run that culminated in a 2-1 win over Olympiacos. This was the highlight of the season, as the Greens played their rivals off the park at a rain-soaked Leoforos and were unlucky not to win by more. Panathinaikos got close to Olympiacos on the ladder and were in strong contention for the title at one stage, but were controversially stripped of that win against Olympiacos due to crowd trouble.

This wrecked the team psychologically and a poor loss to Atromitos followed to end any potential title aspirations. However, another great moment from that season came in March, 2015 when the Trifylli edged PAOK in a 4-3 nailbiter at Leoforos. The game was played behind closed doors as part of the punishment, but fans could be heard from outside the stadium supporting the team.

Panathinaikos then went on to dominate the play-offs to obtain a berth in the qualifying rounds of the UEFA Champions League.

2015-16

The 2015/26 season was Another campaign in which things fell apart. After two decent seasons on an upward trajectory, all the good work was undone, and matters were compounded by heavy investment, which would hurt the club in ensuing years. Alafouzos lured a huge name signing in the form of Michael Essien to the club. The former Chelsea man was on massive wages and ultimately failed to deliver.

Panathinaikos took a 2-1 lead to Belgium to face Standard Liege after dominating the first leg in Athens in UEFA Champions League qualifying; However, they slumped to a poor 3-0 loss in the return leg. Things hit rock bottom, and Anastasiou was in big trouble after the team lost to little known Qabala in Europa League qualifying (2-2 on aggregate, but the Azerbaijani outfit progressed on away goals). This remains the most embarrassing result for the club in the decade.

A home derby at Leoforos against Olympiacos did not go ahead, and the visitors were awarded a 0-3 win on paper due to alleged crowd trouble inside and outside the stadium.

No European football and a slow start to the season, after heavy spending, culminated in Anastasiou getting sacked. Andrea Stramaccioni slightly improved results initially and bought decent players in January 2017, such as Odisseas Vlachodimos, Rodrigo Moledo, Lucas Villafanez, and Sebastian Leto.

However, the reality is the team was off the pace and finished in second (for a third season running) a whopping 30 points behind Olympiacos. A rare highlight came in the final game of the season, where Berg scored five goals in a 6-1 rout of Panetolikos.

2016-17

Several players left in the 2016/17 season, such as Croatian duo Danijel Pranjic and Mladen Petric, plus Sergio Sanchez, Viktor Klonaridis, Mehdi Abeid, and Nano. Stramaccioni made several signings in the summer of 2016 - an array of older foreign players were signed on big money, but they flattered to deceive. Victor Ibarbo, Nuno Reis, Mubarak Wakaso, Cristian Ledesma, Ivan Ivanov, Niklas Hult, Lautaro Rinaldi, Ousmane Coulibaly, Christopher Samba, and Paul-Jose M’Poku all joined, but most were not a success.

The team was languishing in mid-table - their worst position in years. Despite qualifying for the UEFA Europa League group stage after beating AIK Stockholm and Brondby in qualifying, the team finished last in the group on a solitary point, below Ajax, Celta Vigo, and Standard Liege.

Management acted by sacking Stramaccioni. Marinos Ouzounidis was the replacement, and results instantly improved. As a former player, he understood the weight of the shirt and removed the older foreign players in a bid to create a young, Greek core. He made one of the best signings for the club in the decade when he signed Dimitris Kourbelis from Asteras Tripolis. The midfielder went on to become captain and a pillar of strength during the darkest chapter in the club’s history. He formed a strong combination with Zeca during the second half of this season.

The Greens enjoyed two great derby successes in the second half of the season by beating Olympiacos 1-0 at Leoforos via a Berg goal and beating AEK in one of the most thrilling matches of the season, 2-3 at OAKA. Again, Berg stole the show as he scored a brace, one of which was a 90th-minute winner against the run of play. The Swedish international also scored a hat trick against Panetolikos and an incredible four goals against Veria.

The Greens finished the regular season in third spot and went into the playoffs. They spoiled the party in the final match of the playoffs by preventing PAOK from claiming a UEFA Champions League berth. The Greens won 2-3 at Toumba in a pulsating encounter, with Guillermo Molins.

Off-field controversy was present in the home and away matches against PAOK late in the season in the playoffs and Greek Cup semi-finals.

2017-18

Rock-bottom - the worst season in the club’s history. Panathinaikos exacted revenge over Qabala in UEFA Europa League qualifying but then lost to Athletic Bilbao 4-2 on aggregate, after putting up a strong fight in the first leg at home.

Club icon Berg was allowed to move to the Middle East in the summer of 2017. Zeca, Leto, Steele, M’Poku, Villafanez, and Hult, among others, all left as the core of the team was ripped apart. In September 2017, Alafouzos infamously announced that he would no longer be contributing financially to the club, and as a result, the players that stayed went unpaid for months.

The club was flirting with relegation for the first time in its history due to the shocking off-field financial situation. Ouzounidis kept the club standing on its feet with astute management. Kourbelis was a proper leader on the field in the face of adversity and enjoyed an excellent season. He also rejected a move to PAOK in January.

Marquee summer signing, Andres Chavez, was a massive flop and failed to replicate Berg’s success, however, Anthony Mounier, Emanuel Insua, and Sokratis Dioudis were consistent.

Beating Olympiacos 1-0 at home courtesy of a Villafanez goal was the highlight of the season, and this illustrated there was still fight in the team, despite what was occurring off the pitch.

The team ended the season in eleventh place - the worst in its history. This was compounded by an embarrassing exit to Lamia in the Greek Cup, losing 4-2 on aggregate.

2018-19

Panathinaikos started the season on -6 points and were among the favourites for relegation - a stark contrast to the start of the decade. This stemmed from failing to obtain a licence to participate in the league. A three-year European ban from UEFA was also implemented this season.

Ouzounidis departed, and another former player in Giorgos Donis succeeded him as coach. There were considerable doubts in the summer as there were also transfer restrictions placed on the club. Federico Macheda signed on as the only foreigner over 23 years old. Furthermore, the budget had significantly decreased by now to a few million.

What followed next was simply incredible. Donis mainly used young Greek players, and the team shocked the league by winning its opening six matches in a breathtaking manner. The attacking football on show was a joy to see, and young guns such as Tasos Chatzigiovanis and Giannis Bouzoukis emerged.

The Trifylli ended the season in eighth spot on 36 points (a total of 11 points were deducted). An inevitable slump in form occurred as the young talents were mostly in their first full season of men’s football.

The club also returned to OAKA this season to host its home fixtures.

2019-20

More was expected of the team coming into the 2019/20 season, especially after strong outings in friendlies against Dutch heavyweights. However, it was a slow start, and the team was stranded after its opening three matches. Only one point was obtained, and eight goals were conceded.

The Greens dug in and battled hard against Olympiacos to claim a 1-1 draw at the OAKA. The strong form in derbies continued as the Greens earned a solid 2-2 draw at Toumba and then a dramatic 3-2 win over AEK. The latter will go down as one of the most thrilling derbies in Greek football for the decade. Panathinaikos were reeling at the interval trailing 0-2, however, the fightback resulted in a big win with goals from Macheda, Juan Jose Perea (who is enjoying a good form in his first season of men’s football), and Dimitris Kolovetsios.

The team ended the season (and the decade) with draws against OFI and Aris. The Greens are locked in a battle with these teams, and others, to finish in the top-six. They sat in seventh spot heading into the new year and now claim fourth place in the league.

Highlights

Winning the 2009-10 Championship

The 2009/10 team was by far the strongest team of the decade for Panathinaikos. This team boasted quality foreign superstars in the form of Gilberto Silva (captain), Djibril Cisse, Cedric Kante, Sebastian Leto, and Simao. This, coupled with regulars in the Greek national team set up at the time, such as Giorgos Karagounis, Sotiris Ninis, Dimitris Salpingidis, Loukas Vyntra, Kostas Katsouranis, and Alexandros Tzorvas, catapulted the team to the summit of the Super League. They only lost twice at home all season (against Olympiacos and Kavala) and only lost twice away (against Olympiacos and PAOK).

They finished on a total of 70 points from 30 matches (22 wins, four draws, four losses, 54 goals for, 17 goals against). The consistency of the team played a vital role in capturing the Championship, which was the club's 20th overall. They did not win by heaps of goals every week, only one or two, but got the job done. On top of this, Djibril Cisse emerged as a 'cult hero' among all fans. The Frenchman is still adored by Panathinaikos fans and attends matches when he gets the chance. He was prolific and ended the season with a whopping 23 goals. The next best goal scorer that season in the League finished with 11 goals.

The club also replaced Henk ten Cate with Nikos Nioplias just before the turn of the year, and this paid dividends. As a former player of the club, he understood the weight of the shirt and made the team solid at the back. The Championship was clinched after an away win in Thessaloniki over Iraklis.

Winning the 2009-10 Greek Cup

Panathinaikos defeated Eordaikos 2007, Pierikos, Kallithea, and PAS Giannina en route to qualifying for the Greek Cup final. The Greens faced a tricky Aris side but came out on top 1-0 thanks to a long-range goal from Sebastian Leto in the 63rd minute. The Argentine capped off an excellent season with this vital goal to give Panathinaikos the League-Cup double. 

Interestingly, the starting team included six Greek players - Tzorvas, Spiropoulos, Katsouranis, Ninis, Vyntra, and Salpingidis. High-quality foreigners that were capable of making a difference were also key to success, evidenced by Leto's top-notch strike. For instance, goal-scoring machine Cisse did not score in this particular game, but there were others in the squad capable of picking up the pieces.

This was the first time Panathinaikos had won the Greek Cup since 2004, and the 17th in total.

Winning the 2013-14 Greek Cup

Panathinaikos overcame Ergotelis, Iraklis Psachna, Olympiakos Volos, and OFI (in extra time after two legs in the semi-finals) to qualify for the Greek Cup final. Yannis Anastasiou and his young team showed genuine signs of promise as improvements were made to rectify the previous poor seasons. 

The team was high on confidence and deadly in the final third and swept PAOK aside in the final with ease. Marcus Berg wrote his name in the history books by scoring a hat-trick, and young, powerful forward Nikos Karelis also scored. PAOK scored from the penalty spot, but by then, it was 3-1 in favour of the Trifylli. It ended with a 4-1 scoreline.

Berg was awarded as the man of the match, topping off an excellent first season in Greece and ended the overall competition on seven goals (this made him the leading goal scorer of the tournament for the 2013-14 season). It was the 18th time Panathinaikos had lifted the Greek Cup, and it remains as the last trophy won by the club.

Two Classic Matches Against A.S. Roma (2009/2010 Europe League)

The highest-profile and most thrilling wins on the European stage came at the start of the decade for Panathinaikos. The team was drawn to face Italian powerhouse A.S. Roma in the UEFA Europa League round of 32. The Roma squad comprised of the likes of John Arne Riise, Nicolas Burdisso, Philippe Mexes, David Pizzaro, Rodrigo Taddei, Daniele De Rossi, Simone Perrotta, Francesco Totti, Mirko Vucinic, and Julio Baptista, while the legendary Claudio Ranieri was the coach.

The first leg took place at a packed OAKA and will go down in folklore. The Italians took the lead, and then Dimitris Salpingidis equalised. The score was locked at 1-1 with 10 minutes remaining. Pizzaro scored from the spot in the 81st minute to give Roma the lead. However, a dramatic comeback followed. Lazaros Christodoulopoulos equalised at 2-2 in the 84th minute and then Djibril Cisse scored the winner in the 89th minute to spark wild scenes. It was another reason to love the Frenchman.

The Greens took a 3-2 lead to the Stadio Olimpico, but John Arne Riise gave the hosts an early lead in the match. At this stage, it was 3-3 on aggregate, and Roma would progress on away goals. However, a Panathinaikos onslaught followed, and it was led by Sotiris Ninis. It was in this match that the youngster announced himself to the world. 

Ninis and Cisse tore Roma apart at the back end of the first half. The duo scored three goals between them in five minutes with Cisse scoring twice and Ninis notching the other (a real beauty). Roma scored again in the second half, as the match ended 2-3 in favour of Panathinaikos. Consequently, the Greens progressed to the Round of 16 of the 2009-10 UEFA Europa League on a 6-4 aggregate scoreline.

Anastasiou Defies the Odds (and Big Win in Piraeus)

Yannis Anastasiou was appointed as manager in May 2013 as the financial situation worsened. Fans and pundits feared the worst for the club, but Anastasiou did a tremendous job to defy the odds, and the team (led by goal-scoring machine Berg) enjoyed numerous highlights. Aside from lifting the Greek Cup, Panathinaikos pulled off its most impressive domestic result of the decade by shocking arch-rivals Olympiacos 0-3 at the Georgios Karaiskakis stadium. The Reds could not control the pace and power of Panathinaikos on the counter, and goals from Pranjic, Berg, and Abeid silenced the home fans, who had just enjoyed a good result against Manchester United only days earlier.

This came in the middle of a 10-game undefeated streak. The same occurred a season later, as the team went ten games unbeaten again. The only difference was Panathinaikos defeated Eternal Rivals Olympiacos, at home in front of a vociferous Leoforos crowd.

Strong End Under Ouzounidis - Three Derby Wins

Marinos Ouzounidis took the reigns from Andrea Stramaccioni at virtually the halfway point of the 2016-17 season. The first half of the campaign was underwhelming, but the team enjoyed three memorable wins over rivals in the second half of the season. 

Berg was still at the forefront for the Greens, and others such as Kourbelis, M'Poku, Leto, Klonaridis, and Villafanez had stepped up. Panathinaikos beat Olympiacos for the third time in a row at Leoforos thanks to a first-half goal from Berg and then edged AEK 2-3 as a 90th minute Berg goal on the counter stunned the Enosi. 

The Prasini then toppled PAOK 2-3 in front of a stunned Toumba crowd in the final game of the season (the last game of the playoffs) courtesy of a late headed goal by Mollins. The victory was extra sweet for Panathinaikos as they prevented PAOK from top spot in the playoffs and a ticket to the following year's UEFA Champions League qualifying rounds.

Donis Plays the Kids

Panathinaikos started the 2018-19 season on -6 points and were widely tipped for relegation after years of financial mismanagement. Giorgos Donis was heavily restricted in the transfer market, and as a result, was forced into playing rookies from the club's Academy setup. The kids did not disappoint, as any relegation fears were immediately eased. 

The team started the season with a six-game unbeaten streak and youngsters such as Chatzigiovanis, Bouzoukis, Kampetsis, Chatzitheoridis, Emmanouilidis, and Mavromatis stole the show. The wins came against Lamia, Larissa, PAS Giannina, Xanthi, Panionios and Levadiakos, and a sole draw at Asteras Tripolis.

Lowlights

Shocking Off-Field Financial Situation, Failed Alafouzos Era

This is pretty much the story of the entire decade. Off-field issues, mainly surrounding poor finances, plagued the club for several years and will continue to do so. Gone are the days of the club boasting a huge 20-30 million euro budget and signing big-name players. Instead, the budget has shrunk to barely a few million euros. Undoubtedly, the financial crisis that plagued Greece in the late 2000s impacted the club, but it continued towards the tail end of the Vardinogiannis era. Then it peaked under the ownership of Giannis Alafouzos. In the summer of 2017, the club announced the sale of its best players, but supporters were not expecting what was coming next.

Alafouzos dropped a bombshell in September 2017 when he announced he would no longer be investing in Panathinaikos at all. This has since changed, but players and backroom staff went unpaid for months. Many former players were still unpaid, and there were instances where past players took the club to court (Jens Wemmer and Michael Essien, to name a few). The club flirted with relegation and came very close in 2018 as points were deducted on two separate occasions for failing to make payments, a third occurrence would have resulted in automatic relegation. On top of this, the club was unable to obtain a licence to participate in the top flight. This would have usually resulted in automatic relegation, but the other Super League clubs voted to change this rule and keep Panathinaikos in the top flight. Instead, the punishment was downgraded to starting the next season on -6 points and being restricted in the transfer market - the club could sign an infinite number of Greeks under 23, but only one foreigner over 23, and each salary had to be below a certain amount.

Alafouzos has reportedly attempted to sell the club on various occasions, and came close when Thai investor Pairoj Piempongsant even traveled to Greece and witnessed a live match). However, it is ultimately still in his hands. Under his leadership, the club has significantly worsened and only won a single trophy, the 2013-14 Greek Cup.

Eliminated by Qabala in 2015-16 UEFA Europa League qualifying

Panathinaikos significantly struggled on the European front last decade, only picking up three wins after actually qualifying for the Champions League or Europa League (two wins over Roma in 2010 and a win over Maribor in 2013).

However, losing to Qabala over two legs tops the list as the worst moment in Europe over the last ten years. Panathinaikos dropped down to the Europa League play-off round after losing to Standard Liege in Champions League qualifying and were expected to breeze past Qabala to make the Europa League group stage.

While the team did not lose to the minnows to Azerbaijan, they were bundled out on away goals. The first leg ended 0-0, and it was all to play for in Leoforos. However, Qabala shocked the Greens by scoring two crucial away goals in a 2-2 draw to progress.

Embarrassed by Lamia in 2017-18 Greek Cup

Panathinaikos topped their 2017-18 Greek Cup group and were drawn to face Lamia in the round of 16. The Greens were heavily favoured to advance as they were the “seeded” team. However, newly promoted Lamia tore the Trifylli apart in the first leg by winning 4-1 on a pitch almost totally covered in snow. Panathinaikos failed to adjust to these conditions and needed a miracle in the return leg at Leoforos, but they only managed a 1-0 win. Consequently, the tie ended 4-2 on aggregate to Lamia.

It is worth noting that Lamia repeated this feat in the 2018-19 Greek Cup by beating Panathinaikos on penalties to progress to the quarter-final stage.

Shocking Investment in the Summer of 2016

One would have imagined that Alafouzos and the Panathinaikos administration learned their lesson after the previous summer when they signed a big name in Michael Essien, only for the former Chelsea man to treat it as a “holiday” and end up as a flop.

However, the ensuing summer was even worse as Andrea Stramaccioni was handed a hefty budget and spent it on older foreigners who significantly failed to make any positive impression. The names of Cristian Ledesma, Lautaro Rinaldi, Victor Ibarbo, Nuno Reis, Ivan Ivanov, Christopher Samba, and Mubarak Wakaso will not be remembered fondly.

This over-investment on foreign players who did not understand the weight of the Panathinaikos shirt set the club back and paved the way for the financial turmoil that followed from the following season onwards. Stramaccioni was sacked after a poor run of results in the league and a last-place finish in the UEFA Europa League group stage.

Marinos Ouzounidis felt the brunt of this as Alafouzos curtailed investment into the squad. His hands were tied, and he was forced to look on as the club sold its most significant assets in a bid to stay alive.

The effects of this big spending without any success still hurts the club today. Although this summer was not the sole cause, it still played a big role.

Best Eleven of the Decade (Featuring Bench and Coach)

Odisseas Vlachodimos - Goalkeeper

The 25-year-old goalkeeper did not wear the Panathinaikos colours for a long time but left a lasting impression during his 18 months at the club. He joined in January 2016 and replaced Luke Steele shortly after. He continued to develop his game, and his talents were there for all to see. In 2018, Portuguese giants Benfica came calling, and the German-born shot-stopper signed with them for five years (this was extended a year later). He has also emerged on the international stage following strong performances in the UEFA Champions League, having received six caps for the Ethniki. Other candidates include Mario Galinovic, Orestis Karnezis, Alexandros Tzorvas, Luke Steele, and Stefanos Kapino.

Giourkas Seitaridis - Right Back

The Euro 2004 winning full-back joined Panathinaikos for a second stint in 2009 and was part of the squad that clinched the famous League-Cup double in 2010, even though he was not a regular fixture in the starting side. While his second stint was not as productive as his first, he still found himself featuring in European competitions. He registered an assist against Tottenham in a 2012-13 UEFA Europa League group stage clash which ended 1-1. Other candidates include Ousmane Coulibaly and Loukas Vyntra - options at right-back were somewhat limited.

Nano Gonzalez - Left Back

Panathinaikos found a gem in the Spaniard - he joined from Ponferradina, and his contract was under 100,000 EUR. He was probably the most balanced left-back the Greens had over the last decade as was equally as strong going forward to help out with attacks (as he was defensively). He edges Nikos Spyropoulos in this position, even though the Greek international was a member of the League-Cup double-winning squad. Nano also notched three assists in the 2014 Greek Cup final win over PAOK. Other than Spyropoulos, Niklas Hult, and Emanuel Insua came into contention, but none contributed the way Nano did over three seasons.

Rodrigo Moledo - Centre Back

The Brazilian was widely considered to be the best centre back in the Championship during his stay at Panathinaikos. A man-mountain at 188cm tall, he was brutal in one-on-one challenges and strong in the air. He was also a goal-scoring threat off set pieces, scoring in a Greek Cup semi-final match against PAOK. On top of this, he was a natural leader and an all-round top-notch defender, who enjoyed the physical side of the game. He is one player that could have easily belonged in better Panathinaikos teams. He was reluctantly sold at a time where finances were at an all-time low.

Gordon Schildenfeld - Centre Back

The Croatian international was colossal for the Trifylli during his two-year loan stay from Dynamo Moscow. Another big body at 191cm tall, he was a vital member of the 2013-14 Greek Cup winning team due to his experience in guiding the younger players. He was able to read the game exceptionally well and was a great presence in the dressing room. Only Josu Sarriegi, who was part of the League-Cup double-winning squad, would come close to emulating Moledo and Schildenfeld in the last decade.

Gilberto Silva - Centre Midfield

The Brazilian was one of the most important players of the famous 2009-10 League-Cup double-winning team. The Brazilian international added glamour to the club, joining after a distinguished stay at Arsenal. He is the type of player Panathinaikos could only dream of acquiring now. Not much went past Gilberto Silva as we swept everything up, shielding the backline, and was a true leader in every sense of the word. He put his all in every display.

Zeca - Centre Midfield

Zeca was a personal choice of Jesualdo Ferreira, though not much was known about Zeca at the time. However, he exceeded all expectations and went on to become a mainstay for Panathinaikos (the longest-serving player of the decade). Not as talented as others, he did the simple things well and endeared himself to the fans with his all-heart displays, battling for every ball. He led the team to Greek Cup glory in 2014 and went on to become a Greek citizen, later playing for the Ethniki. His love for Panathinaikos led to his decision to obtain Greek citizenship. He also formed a strong partnership with Dimitris Kourbelis towards the end of his stay.

Giorgos Karagounis - Centre Midfield

The most-capped player in Ethniki history initially made his name at Panathinaikos and re-joined the Greens in 2007 for his second stint. He stayed until 2012 and was an integral part of the double-winning team in the 2009-10 season. He remained influential as things began to fall apart, scoring vital goals and becoming a strong all-round player. He was a great role model for younger players. The area of central midfield was perhaps Panathinaikos’ greatest strength in the last decade as Kostas Katsouranis, Dimitris Kourbelis, Danijel Pranjic, and Mehdi Abeid all served the team well.

Sebastian Leto - Forward

The tricky Argentine was great with the ball at his feet and was able to produce that little bit of magic out of nowhere. Panathinaikos have an excellent record with Argentinean signings, and Leto is right up there. He joined the Greens after a short-term loan spell with Olympiacos and went on to become a key player. He was the perfect foil for Cisse in the double-winning team, and it was his goal that gave Panathinaikos the 2009-10 Greek Cup. He returned for a second stint in 2016 and was just as instrumental, despite being a veteran. Countryman Lucas Villafanez enjoyed a great stint at Panathinaikos, but he is not at the same level as Leto. Sotiris Ninis started the decade well, but his career fell apart.

Djibril Cisse - Forward

In my opinion, Cisse was the best player in the last decade for Panathinaikos. The French international and former Liverpool man joined from Marseille after a loan spell at Sunderland. He found a home in Athens and was adored by the fans. He was the leading goal scorer in the 2009-10 season and also scored a dramatic double in a tense 2-1 derby win over Olympiacos the season later. He was at his best in the two games against Roma in the Europa League, scoring three out of the six goals on aggregate, including a dramatic 89th-minute winner in the first leg. After an outstanding 2009-10 season, he went to the 2010 World Cup with France. Upon scoring his 50th goal for the club, he took his shirt off to display a Gate 13 t-shirt, reaffirming his affinity with the fans.

Marcus Berg - Forward

The Swede makes up the final piece of a dream forward line. The Swedish international was given a lifeline by Panathinaikos in the summer of 2013 to resurrect his career, and boy did he take it! Rivaling Cisse as the player of the decade, Berg had the whole package. Not only was he a classic poacher like Cisse, but he could also score from distance, link up well with others to bring them into play (he formed a lethal combination with Nikos Karelis), and he was good in the air. He was another fan favourite who scored countless hat tricks between 2013 and 2017 when he was sold. Highlights at his time with Panathinaikos include a hat-trick in the 2013-14 Greek Cup final and scoring against Olympiacos as part of that famous 0-3 win at the Georgios Karaiskakis stadium. Other notable strikers include Toche, Dimitris Salpingidis, Federico Macheda, and Mladen Petric.

Bench: Orestis Karnezis, Josu Sarriegi, Nikos Spyropoulos, Kostas Katsouranis, Dimitris Kourbelis, Lucas Villafanez, Dimitris Salpingidis.

Coach - Yannis Anastasiou

Even though the club has faced its fair share of turmoil in the past decade, the coaches have mostly been quality on the whole. Nikos Nioplias oversaw the famous 2009-10 League-Cup double win, while Marinos Ouzounidis kept the club standing during its most difficult season.

However, Yannis Anastasiou just edges them. He took over the team when the budget began to fall yet still managed to pick up consistent results. He won the last bit of silverware for the club and got the chance to lead the team into Europe. He also masterminded several great wins over Olympiacos and developed young players, while still managing to finish in the upper echelons of the ladder.

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