Those Maloofs of Europe, George and Panagiotis Angelopoulos, have apparently given up their ownership of the Olympiacos franchise and they’ve done so in a big way.
In their (apparently philanthropic) run with the Reds going back to 2004, the pair have become known as running one of the freest spending operations in Europe – yet never won a Euroleague or EΣAKE title, while rival Panathinaikos amassed a combined 10 such championships during that time span. Today, the team is rumored to be in the poor financial shape currently plaguing more than a few European clubs – though in a bigger way, for sure.
In a scathing statement announcing their decision, the Angelopoulos Brothers touted their own accomplishments and the good Olympiacos had achieved by adding a whopping $50 million to government coffers. And then the positive was no longer accentuated…
The brothers went on to decry “behind-the-door mechanisms,” “unethical attacks” and, that oft-used allegation of Greek basketball, referee corruption. “Once again this year the decisions of the referees and the usual manipulations determined the champion,” stated they.
(One wonders what exactly EΣAKE officials and team owners would have to gain by rigging the championship into the same team’s favor for *nine straight seasons*. Could it be that, in the 2011 championship series, rampant whistle-blowing in game two aside, Panathinaikos generally spread the offense around better and dominated the Reds’ D in the halfcourt game?)
The official statement from Giorgios and Panagiotis Angelopoulos, courtesy Eurobasket.com, runs below.
Continue Reading…