And another big-name coach is out: Olympiacos BC officials today announced today that the club had “parted ways” with head coach Panagiotis Giannakis.
Despite getting the Reds to consecutive Euroleague Final Fours, a feat not accomplished by Olympiacos since the late 1990s, Giannakis was doubtlessly held responsible for falling short of the big one either in Greece or European play.
Indeed, the fate of Giannakis is to now have a final desperate image of him as coach of a successful franchise: That of him pleading with officials not to forfeit what would be the final game of the Greek League championship thanks to the insanity of his team’s fans.
Offical Euroleague writeup follows.
(Euroleague) — Olympiacos BC confirmed that Panagiotis Giannakis will not coach the team next season, despite having led the Reds to the Euroleague title game last month.
Giannakis arrived at Olympiacos in February of 2008 and guided the team this season to its first trophy in eight years, the 2010 Greek Cup. Giannakis also helped Olympiacos reach back-to-back Euroleague Final Fours for the first time since 1998.
Olympiacos lost against archrivals Panathinaikos in the 2009 Euroleague semifinals and went all the way to the title game last season, although Regal FC Barcelona stood in its way to the trophy.
Giannakis also coached Olympiacos into three consecutive Greek League finals, from 2008 to 2010.
He had previously coached Maroussi from 2002 to 2006 and had guided the national team of Greece to gold medals at EuroBasket 2005 and to the silver medals at 2006 World Championships in Japan.
Giannakis had a legendary career as a player, during which he won his country’s first Euroleague crown, a European national title, a Cup
Winners’ Cup and more than dozen Greek League and Greek Cup titles. He played for Ionikos Nikaia, Aris, Panionios, Panathinaikos and the Greek national team during his 25-year career.