The Agreement

July 21, 2025, marks a historic day for Olympiacos basketball. The official government announcement of the concession of the Peace and Friendship Stadium (SEF) to Olympiacos Basketball Club (KAE Olympiacos) for 49 years signifies a definitive connection between the team and its historic home, as well as the beginning of a new era.

The signed agreement includes the indoor arena, all interior spaces, parking areas, and part of the surrounding area. It is noted that KAE Olympiacos will be exclusively responsible for fully converting the stadium into a modern basketball arena, based on its own architectural study.

The new SEF project – Key points from protothema.gr:

1. The Aggelopoulos brothers are in discussions with three leading European architecture firms specializing in stadium renovations.
2. Objective: To present a fully transformed arena modeled after NBA standards, to be completed by the 2026–2027 season. Since Olympiacos cannot relocate to another venue, the main renovation work will be spread over 2–3 five-month periods.
3. Naming Rights: They will seek a sponsor for naming rights, aiming for around €5 million per year.
4. VIP Suites: Between 25 and 30 suites will be constructed.
5. New Complex: A wider complex will be created around the arena to attract visitors not just during games but also before and after, appealing to families. There are also thoughts of integrating the SEF’s coastal frontage into the broader Faliro coastline development, potentially allowing for a continuous walking path from Mikrolimano to Flisvos.
6. Audience–Court Proximity: Special design plans include moving the stands closer to the court to create a more intense atmosphere.
7. Facility Upgrades: Lighting (with dimmable systems), professional-level court flooring (with shock absorption), modern air conditioning, wind turbines, audiovisual systems, and upgraded acoustics.
8. Increased Capacity: Seating will be expanded to 17,000, with a potential to reach 18,000, allowing SEF to be a candidate for hosting future EuroLeague Final Fours.
9. Multipurpose Use: All SEF facilities will be modernized to maximize use. For example, the Melina Mercouri hall, currently underutilized, will be refurbished to host conferences and performances meeting European standards.
10. Energy Efficiency: The stadium will undergo an energy upgrade, including a new roof.
11. Training Courts: All five auxiliary courts will be modernized.
12. New Seating and Amenities: All seats will be replaced with new red and white ones to match team colors. New VIP lounges, bars, restaurants, fan shops, high-tech locker rooms, rehabilitation facilities, and gyms will be created.
13. Utilities: The water supply and sewage systems will be replaced for the first time in 40 years.
14. Green Spaces: A park/green area will be developed around SEF, extending toward the coastline, with no hotel or restaurant-type commercial uses planned.

Statements by the Aggelopoulos brothers: “A generational dream becomes reality”

In their announcement following a meeting with Prime Minister Kyriakos Mitsotakis, the presidents of KAE Olympiacos, Giorgos and Panagiotis Aggelopoulos, stated:

“The Peace and Friendship Stadium, Olympiacos’ home since the late 1980s, will remain our home for the next 49 years. History is written through actions, and today, with the acquisition of SEF, such an action is taking place.”

They emphasized that the club will no longer be “renting,” nor dependent on private owners, but will now operate from a permanent and self-owned base.

Economic Significance

The concession of SEF is not only symbolic; it offers real competitive and financial benefits. With the ability to redesign the arena solely for basketball, KAE Olympiacos is planning:

• Expansion to a capacity of 17,000–18,000 spectators
• Construction of new VIP suites and commercial areas
• Naming rights for the stadium, potentially worth up to €5 million annually
• Infrastructure upgrades (seating, restrooms, lighting, etc.)

Combined with sponsorships, broadcasting rights, ticket sales, and EuroLeague revenue, it’s estimated that the club’s annual budget could approach €40 million, ensuring sustainability and profitability.