Olympiacos and Real Madrid are preparing to write another chapter in one of the most epic rivalries in EuroLeague history, as they qualified for the Final Four grand final in Athens and will face each other for the fifth time in a game deciding the prestigious European trophy.

The “red-and-whites” became the first team to secure a place in the final, comfortably eliminating Fenerbahçe 79–61. A few hours later, Real Madrid defeated Valencia 105–90 in the second semifinal and booked their spot in the final on Sunday, May 24 at 21:00.

The matchup carries historic significance, as Olympiacos and Real Madrid will meet for the fifth time in a EuroLeague final — a record in the competition’s history.

“Los Blancos” hold the advantage in their head-to-head finals, with three wins against the Piraeus club, while Olympiacos has one victory — in 2013 in London, when the team coached by Giorgos Bartzokas won its second consecutive European title.

The history

1995: Sabonis’ wall

The first major final between the two teams took place in Zaragoza in 1995. Olympiacos, coached by Giannis Ioannidis, reached the final but came up against an unstoppable Arvydas Sabonis.

The legendary Lithuanian produced one of the greatest performances in Final Four history and led Real Madrid to a 73–61 victory, denying Olympiacos their first European title.

Despite the disappointment, the Zaragoza final became a reference point for Olympiacos, who managed to reach the top of Europe two years later.

2013: Spanoulis took matters into his own hands

Eighteen years later, the two teams met again in the EuroLeague final in London, in a game that went down in European basketball history.

Olympiacos, coached by Giorgos Bartzokas, delivered one of their most dominant performances ever and defeated Real Madrid 100–88, winning back-to-back European titles.

The standout performer was Vassilis Spanoulis, who changed the course of the game in the second half with individual plays, playmaking, and leadership in what is considered an all-time classic final.

2015: Madrid’s revenge

In 2015, the two sides met again in the EuroLeague final, this time in Madrid. Olympiacos, coached by Giannis Sfairopoulos, had eliminated CSKA Moscow in a dramatic semifinal comeback, but in the final they faced a determined Real side in front of their home crowd.

With Sergio Llull, Rudy Fernández, and Gustavo Ayón making the difference, and Jaycee Carroll providing key contributions, Real Madrid won comfortably 78–59 and returned to the top of Europe.

2023: The “curse” of Llull…

The most dramatic moment of this great European rivalry came in Kaunas in 2023. Olympiacos had a strong season and came very close to winning the EuroLeague against Real Madrid.

However, in the final seconds, Sergio Llull scored the decisive basket over Moustapha Fall, giving Real a 79–78 victory and freezing the thousands of Olympiacos fans in the stands.

That play became one of the most iconic moments in the competition’s history, sealing one of the most heartbreaking European final defeats for a Greek team.

Olympiacos–Real Madrid EuroLeague finals

1995: Real Madrid – Olympiacos 73–61
2013: Olympiacos – Real Madrid 100–88
2015: Real Madrid – Olympiacos 78–59
2023: Real Madrid – Olympiacos 79–78
2026: Olympiacos – Real Madrid (24/05, 21:00)