Panathinaikos officially get control of OAKA for the next 49 years / News - Basketnews.com

Panathinaikos will control the OAKA for the next 49 years. They will get 100% of the income both from the tickets and the parking fees, and 70% of general revenue from events.

Credit: Vangelis Stolis Credit Vangelis Stolis

Exactly 14 years after they won the 2009 EuroLeague title, Panathinaikos Athens reached a huge milestone in the organization's history.

3-pointers this season

36%9,0Points made:9,0Accuracy:36,3%Place in standings:11Record max:13Record min:4Most made 3FGs:Paris LeeTeamEuroLeagueStatisticsSchedule

The OAKA arena has been officially handed over to the Greek club. The meeting was initially scheduled to take place on Tuesday but got postponed due to some procedural disagreements. Nevertheless, the decision was unanimously accepted the next day.

Panathinaikos will now control the famous venue for the next 49 years. The club will also receive 100% of the income both from the tickets and the parking fees, and 70% of general revenue from events.

Previously, the club has been renting the arena for numerous years. This move will save the franchise an amount between €500,000 and €1 million

The Olympic complex has been owned by the government since the day it was built. It would mean a big shift in the Panathinaikos organization and Greek basketball as a whole.

"There are two kinds of people - the promisers and the doers. Me... I will always choose the second ones," Panathinaikos owner Dimitris Giannakopoulos reacted to the news via his Instagram story.

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