Olympiacos referred to EuroLeague Finance Panel, confusion continues

Olympiacos referred to EuroLeague Finance Panel, confusion continues

Following their relegation to the second division, the confusing surrounding Olympiacos BC is continuing, with the club being referred to the EuroLeague Finance Panel.

Watch the international friendly between Greece and Turkey on May 30th LIVE from AGONAsport.com. Details here.

On Tuesday, it became known that Olympiacos have been referred to the EuroLeague Finance Panel regarding payments to players, an issue which creates another worry for the struggling Piraeus giants. The EuroLeague released this following statement:

“The Euroleague Basketball Management Control Commission (MCC) has referred Olympiacos Piraeus to the Finance Panel for further monitoring of the club's compliance status with the Financial Stability and Fair Play Regulations (FSFPR) for overdue payables, which are contained in the Euroleague Basketball Disciplinary Code. The regulation whose compliance is in question concerns payments to Olympiacos players by the club. The case arose from a complaint filed with the MCC by the EuroLeague Players Association (ELPA).

The proceeding has been opened on the basis of an alleged infringement of the criteria established in Article 3.a) of the Financial Stability and Fair Play Regulations. The MCC's decision to refer the case to the Finance Panel means that the latter would be expected to issue a decision within the next 30 days, in accordance with Article 33 of the Euroleague Basketball Disciplinary Code.”

This news has arrived at the worst time possible for Olympiacos. After refusing to play Panathinaikos for the third time this season, Olympiacos were thrown out of the 2018/2019 Basket League and relegated to the second division, while the Erythrolefki continue to claim that the regular season standings were illegally validated. Olympiacos published a copy of a document from the Hellenic Basketball Federation which shows that a required signature is missing in regards to the selection of referees for the final matchday.


Ever since Olympiacos forfeited the Greek Cup semi-final against Panathinaikos in February, the organisation has spoken of its desire of moving to the ABA League for the 2019/2020 season. However, in a recent statement, the ABA League revealed that Olympiacos (and Panathinaikos) require official permission from the Hellenic Basketball Federation in order to join the championship. The ABA League is also against an expansion to the amount of teams participating in the league.

Olympiacos have already had their appeal against the selection of referees for the concluding game of the 2018/2019 Basket League regular season rejected. The club are now waiting for the verdict of their protest against the potentially illegal validation of the regular season standings and the decision to place the team in last position of the table.

All appeal outcomes will be known by June 13.

In other news, Nikola Milutinov has been linked with a move to Barcelona, while American guard Nigel Williams-Goss will reportedly transfer to Zalgiris Kaunas in Lithuania if Olympiacos don’t move across to the ABA League.

Current Panathinaikos BC boss, Rick Pitino, shared his views on the situation in Greek basketball with the media: “Great rivalries are built on respect. Great rivalries are when the other team beats you. When we show up we want to kill Olympiacos and they want to kill us. At the end of the game I have the utmost respect for all of Olympiacos’ players and their coaches. That’s what a rivalry is about. When they don’t respect each other, you have no rivalry, you have anarchy. What happened this year was anarchy.”


Image Source: TO10.gr

Thank you for visiting AGONAsport.com, the only English based website for Greek sports fans across the world! Like us on Facebook, follow us on Instagram, and Twitter for all the latest news in Greek Sports!