Olympiacos Pireaus missed out on the Final Four last season and are fighting to earn their place among Europe’s elite in this year’s competition. The Greeks dominated for much of the regular season last season, including a six-match winning streak. They finished first in their Top 16 group and set a playoffs record with a blowout win. A late slump in form cost them their Final Four place. It was a similar story in the their domestic competitions, winning the Greek Cup with the best regular season record but losing out in the finals.
The club was founded in 1931 and is well established among the giants of the game, being one of most successful in Greece and a leading contender European competitions. They have won the Greek National League on nine occasions along with nine Greek Cups. Olympiacos made their first significant appearance on the European stage in the European Champions Cup semi-final group stage in 1979, but it was in the 1990’s that the Greeks really hit the big time.
Head coach Ioannis Ioannidis led Olympiacos to four Greek League titles between 1993 and 1996 and to the Euroleague title game in 1994 and 1995. In 1997 Dusan Ivkovic led the Reds to a sensational Triple Crown with success in the Greek League, Greek Cup and the Euroleague. In the Euroleague final they defeated the mighty Barcelona 73-58 in Rome with star names such as David Rivers, Georgios Sigalas, Eddie Johnson, Panagiotis Fasoulas, Franko Nakic and Milan Tomic.
Olympiacos returned to prominence in 2005-06 by challenging Maccabi Tel Aviv in the Euroleague quarterfinals and returning to the Greek League finals. For the next two seasons, Olympiacos reached the Euroleague playoffs but lost out to Tau Ceramica and CSKA Moscow respectively. Under the ownership of the billionaire Greek brothers Panagoitis and Giorgos Angelopoulos, Olympiacos hit the headlines with the record $20 million transfer of NBA player Josh Childress. His three-year contract made the highest-paid basketball player in the world outside the NBA.
Olympiacos made a return to the Final Four in 2009, winning its Top 16 group and downing Real Madrid in the playoff to reach the event in Berlin. Disappointment followed as they lost the Greek League finals, Greek Cup title and Euroleague semi-finals against Panathinaikos. In 2010 Olympiacos went a step farther by getting to the Euroleague title game in Paris, this time losing out to Barcelona. Compensation followed with victory in the Greek Cup. A return to the Final Four is their most immediate objective.