Long term implications for Olympiacos despite ban reversal
After the EuroLeague agreed to reverse the transfer ban placed on Olympiacos late last month, the Erythrolefki will have to adjust to salary constraints for the next two seasons.
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The EuroLeague Basketball Finance Panel recently lifted the transfer ban placed on Olympiacos after the Erythrolefki were alleged to infringe competition rules regarding overdue payables.
The case was originally referred by the EuroLeague Basketball Management Control Commission, and upon review it was determined that Olympiacos were in breach of the infringements as outlined by Articles 32. A) and D) of the EuroLeague Basketball Disciplinary Code.
The initial 30-day ban placed on the club has since been lifted, allowing the club to hand EuroLeague debuts to the likes of Shaquielle McKissic and Dwight Buycks in recent outings.
While the removal of the ban allowed Olympiacos to reinforce the squad for a playoff push down the stretch, the club will feel the impact of this violation for the next two seasons after the Financial Panel ruled that the club will need to adhere to restrictions on players’ expenses.
The Piraeus giants will need to adhere to a 7.5% reduction (from 65% to 57.5%) of the permitted gross player salary costs for the 2020/2021 season and a 5.0% reduction (from 65% to 60%) for the 2021/2022 season.
Olympiacos currently sit in ninth-place in the EuroLeague standings, level on wins with Khimki Moscow Region for the final playoff spot with seven rounds of action remaining in the regular season.
