By Johnny Askounis/ info@eurohoops.net
Olympiacos stands on the precipice of continental history as they prepare for a fifth consecutive EuroLeague Final Four appearance, set to compete on home soil in Athens.
Building this remarkable streak up to the 2026 EuroLeague Final Four Athens, presented by Etihad, the run started from Belgrade in 2022, cementing the Greek giants as a modern dynasty of consistency. Yet, beneath the veneer of relentless excellence lies the agonizing trail of what-ifs and heartbreaking misses. While they have permanently secured their seat at European basketball’s high table, the ultimate prize has repeatedly slipped through their fingers in the most dramatic fashions imaginable.
To understand the weight of the club’s current quest, Eurohoops begins from the foundation laid across three decades of European battles. Olympiacos first announced itself as a continental powerhouse in the mid-1990s, securing runner-up finishes in Tel Aviv in 1994 and Zaragoza in 1995, before capturing an inaugural title under Dusan Ivkovic in Rome in 1997. A quieter decade followed, punctuated only by a third-place finish in Munich in 1999 and a fourth-place spot in Berlin in 2009.
The club’s true golden era emerged in the 2010s, highlighted by a runner-up finish in Paris in 2010 and legendary back-to-back championship triumphs in Istanbul and London in 2012 and 2013. Even when falling just short as runners-up in Madrid in 2015 and Istanbul in 2017, they proved they possessed the DNA of true champions.
The Agony of the Final Shot
The modern era of Olympiacos‘ Final Four consistency began in 2022 in Belgrade, but it was instantly met with one of the most painful endings in tournament history. Facing Anadolu Efes in a breathless semifinal, they fought back to pull even. With the game on the absolute wire, Vasilije Micic isolated at the top of the key, executed a lethal step-back, and drained a spectacular three-pointer exactly at the buzzer. The shot crushed Greek hearts, sent the reigning champions back to the Final, and relegated Olympiacos to a fourth-place finish. Micic would go on to secure the Final Four Most Valuable Player trophy, leaving Piraeus to ponder what could have been.
If Belgrade was a shock, the 2023 tournament in Kaunas brought a completely different kind of psychological torture. The weekend started with pure ecstasy in the semifinal against AS Monaco, where Giorgos Bartzokas’ players engineered an historic comeback after trailing by 12 points at halftime. In a defensive masterclass, the Reds held their opponents to an unbelievable two points in the entire third quarter, powered by MVP Sasha Vezenkov’s 19 points to secure a convincing victory. The performance set the stage for a championship game that seemed predestined to end with Olympiacos lifting the trophy.
The championship game opposite Real Madrid instead became a seminar in basketball cruelty. Olympiacos controlled the pace for the vast majority of the evening, riding an incredible 29-point performance from Vezenkov, which tied the all-time scoring record for a Final. Yet, Madrid’s veteran core refused to break, and Sergio Rodriguez hit a cold-blooded three-pointer to cut the Reds’ lead to a single point in the final minute. With 3.1 seconds remaining, legendary guard Sergio Llull hit a high-arching, go-ahead jumper over the defense, remarkably, his only basket of the entire game. Olympiacos had one final opportunity, but Kostas Sloukas missed a buzzer-beating shot.
Berlin Blitz and the Abu Dhabi Shooting Woes
Determined to avenge the Kaunas tragedy, Olympiacos returned to the Final Four in 2024 in Berlin, only to find the same monster waiting in their path. A highly anticipated semifinal rematch against Los Blancos quickly turned into a nightmare, as Los Blancos blitzed the Reds with a devastating 28-10 run in the first quarter. Dzanan Musa led the charge, effectively ending all dreams of an all-Greek final before the match could truly settle. Olympiacos showed their characteristic pride by bouncing back to secure the bronze medal in a tight win over Fenerbahce Beko, but the third-place finish offered little solace.
The 2025 iteration of the Final Four took the tournament to Abu Dhabi, introducing a new chapter of frustration rooted in catastrophic shooting. In a semifinal clash against Monaco, newcomer Evan Fournier put on a heroic display, scoring a EuroLeague career-high 31 points. However, he was left stranded on an offensive island as the rest of the roster collapsed around him, with Nigel Williams-Goss being the only other Red to reach double figures. Vezenkov endured a miserable night and missed all six of his three-point attempts as Olympiacos shot an abysmal 1-of-19 from deep, excluding Fournier. They went on to close the tournament by defeating archrivals Panathinaikos Aktor in the final third-place game ever held.
Breaking the Curse in Athens
The wheels of fate bring the Final Four to Athens this season, offering Olympiacos a poetic opportunity to rewrite their recent history of near-misses. Playing in front of their passionate fan base, they will look to finally convert their unmatched consistency into ultimate glory. The psychological scars of Micic’s buzzer-beater, Llull’s looping jumper, the Berlin first-quarter blitz, and the Abu Dhabi shooting ice age will either serve as a heavy burden or fuel for redemption. Head coach Bartzokas knows that simply reaching the championship weekend is no longer enough for a club of this stature.