For a decade (from the mid-1980s to the mid-1990s), the ultimate sporting event in Greece was the basketball derbies between Aris and PAOK. The battles of Galis, Giannakis, Subotic, Filippou against Prelevic, Korfas, Stavropoulos and Fasoulas kept all Greeks glued to their TV screens, as only 5,000 lucky fans could be in the stands of the Palais des Sports. The word “lucky” barely describes those who managed to secure a ticket for that game, with the coveted stubs circulating a month in advance and disappearing in no time…

With Aris as the favorite and PAOK trying to dethrone the emperor of Greek basketball, those clashes between black-and-white and yellow-and-black, with the fans separated by a simple rope, have passed into history. Most thought they were gone forever, yet within a few months Thessaloniki basketball is living its own spring.

It began with the appearance of Richard Schiao in Aris affairs, but the continuation was even more impressive with the involvement of Telis Mystakidis in PAOK BC—the Thessaloniki magnate (the 5th wealthiest Greek on the Forbes list) and a PAOK supporter—who, having changed course in his business activities, decided that the time had come to deal with his childhood love.

The timeline of the “entry” into PAOK BC

Six months have passed since the black-and-white ecosystem was shaken to its core by the sudden (?) appearance of Mystakidis. On the evening of June 16, PAOK AC announced it had authorized (now former) amateur club president Thanasis Katsaris to sign an agreement with Mr. Mystakidis for the construction of the New Toumba stadium.

From that moment on, nothing would be the same at PAOK. After a turbulent five-month period that felt like a powder keg, with a civil war looming, the club is now experiencing a completely different situation. Because now, alongside Ivan Savvidis (who will ultimately build the New Toumba and remains the undisputed leader of PAOK FC), Telis Mystakidis has been added to the picture as the new owner of PAOK BC.

This development came via fast-track procedures. On September 1, he informed via email of his intention to acquire the majority stake of the basketball team, and before three months had passed (November 27), he officially became its new owner.

“Since he wants to help PAOK, why doesn’t he take over the basketball club that needs it, so the club can have two powerful administrators?” black-and-white fans wondered half-jokingly, with their wish becoming reality and them justifiably dreaming of past glories.

First appearance, measured words

As days passed and it became clear that Thanasis Hatzopoulos—the man who kept the basketball department alive by stepping in under court administration and managing to clear the debt-ridden BC—would hand over the baton to Mr. Mystakidis, rumors inevitably began circulating. From the side of the (then) prospective buyer, however, there was no confirmation.

The only reaction came when negotiations seemed close to collapsing, with Nikos Vezirtzis (the team’s historic leader in the 1980s and current president of the interim administration) stating:
“PAOK was ready to bring in three players, to take the next step. I entered this story with that condition: to make PAOK great again, as it once was. A man like Mystakidis appeared, with great appetite, will and the belief that PAOK will become great again. That’s why I moved forward. I don’t know what has happened in the last few hours though…”

His words were seen as a communication tactic, especially since after the transfer of shares was completed, the first transfer collapse followed, with Lithuanian center Arturas Gudaitis not coming to Thessaloniki. But what followed was different—perhaps not what those who expected NBA stars immediately had imagined.

The names Bryn Tyree (the 27-year-old American, who will go down in history as the first signing of the Mystakidis era) and Timmy Allen (25) may not dazzle or be “airport transfers,” but for basketball insiders they are two smart moves that raise PAOK’s level. The former posted impressive numbers in the Adriatic League and the Basketball Champions League with Igokea (Bosnia), while the latter averaged 17 points with Trapani in the Italian league.

Both arrived with the blessing of Jurij Zdovc, the Slovenian coach who started the season impressively and, despite rumors, remains on the bench. And with the festive period approaching, he too will receive his “gifts.”

One such gift, for example, will be the addition of NBA veteran Patrick Beverley, who at 37 years old (and after last season’s experience with Dimitris Itoudis’ Hapoel) looks like a luxury, along with a big man who will add even more power to the existing roster.

“I want to say that I am particularly happy that I can help PAOK. I was born here. Unfortunately, I’ve been away for many years, and the team has always been in my heart,” said Mr. Mystakidis on Wednesday night (10/12) in his first public appearance as owner of PAOK BC (accompanied by his wife Cassandra), avoiding big words and promises.

“We came here to help PAOK and to help the players, because in the end the team belongs to them. That’s what they must understand. Owners don’t have the team for themselves; they have it for the fans and the players,” he added pointedly, with the awkwardness evident on the face of a man not used to speaking publicly—but who will now have to get used to it.

The challenges from EuroLeague and NBA Europe

PAOK’s major on-court goal this season is winning the FIBA Europe Cup, the European competition in which the club participates (last year it reached the final, losing to Bilbao). It obviously lacks the glamour of the EuroLeague, but winning it would immediately elevate PAOK’s level, as it grants a ticket to the Basketball Champions League. That competition—currently still below the EuroLeague—may be the key to the future, as explained below.

From the very moment Mr. Mystakidis decided to get involved with the BC, even before potential transfers were discussed, the priority was the arena. The PAOK Sports Arena, or simply “Palataki” for PAOK fans, was inaugurated in 2000 (the 2000-01 season was PAOK’s only EuroLeague appearance). Despite recent improvements, it is far from being considered modern—let alone capable of hosting NBA Europe or EuroLeague games. And that is the ultimate goal.

Once it became clear he would be the new captain of the black-and-white ship, two organizations made sure to send the message that he is welcome in their “ports.” With the Palataki currently holding 8,500 spectators (though the record is 10,237 from the third volleyball championship final between PAOK and Olympiacos), the aim is to initially reach 12,000. That’s why engineers are almost daily on site, planning the necessary works to be carried out in the summer. The overhaul won’t concern only the main hall; the broader plan involves creating a black-and-white complex (with the acquisition of adjacent land) that will also house the academies.

With a strong financial backer, a privately owned arena set for renovation, and a powerful fan base, PAOK has understandably transformed into an extremely attractive product.

Both for the EuroLeague—which this year expanded to 20 teams, with CEO Paulius Motiejūnas clearly stating that further expansion is the goal—and for NBA Europe, set to enter our lives from 2027 and searching for sports brands with arenas and fans. The sense is that the new order at PAOK leans more toward NBA Europe and FIBA (the international federation is the NBA’s direct partner in this project). Reports say that a PAOK representative has already had contacts with Milan officials for discussions.

For those wondering what the Rossoneri have to do with basketball: the decision-makers have made it clear they want major football clubs with strong fan bases and global recognition (Real Madrid, Manchester United, Paris Saint-Germain) involved in basketball. Being one of the 12 teams with a guaranteed NBA Europe license currently seems extremely difficult for PAOK, though the landscape remains unclear.

However, a meeting scheduled for the end of the month with Andreas Zagklis (the Greek president of FIBA) and George Aivazoglou (NBA managing director for Europe and the Middle East) may clear the fog and indicate the club’s future direction. For now, the EuroLeague is simply watching—waiting also for Barcelona, Fenerbahçe and Real Madrid to sign new ten-year deals—but in the coming weeks it is certain to make its move as well.

One thing is certain: the money is there

Answers to the questions raised by Telis Mystakidis’ presence in PAOK basketball will come gradually. What no one questions, however, is his black-and-white heart and his financial ability to elevate the club.

Born in Rome (where his father served in a UN program) and a graduate of the London School of Economics, he quickly built his legend in the trading world, becoming the “lord of metals” as head of Glencore, which grew into the world’s third-largest copper mining group.

When he left the company (retaining a shareholding), he completely changed direction—moving his business base to Thessaloniki and investing in sectors such as real estate, tourism, shipping and banking. These investments boosted his personal fortune to $3.6 billion, placing him 905th on Forbes’ list of the world’s richest people.