Panathinaikos underwent a complete overhaul in the space of one summer. SKWEEK takes a closer look at the Greens’ new roster and assesses the extent of their upgrade. Every arrival and departure under the microscope.
Panathinaikos entered the 2025-26 season with a bigger budget and even greater expectations. The Greens knew Athens would host the EuroLeague Final Four and assembled a high-quality roster with major ambitions under Ergin Ataman. After all, it was no secret that Panathinaikos were targeting every available trophy.
What followed is well known and has already been analysed extensively. Some of the signings failed to deliver — TJ Shorts and Richaun Holmes being the obvious examples. Injuries to Mathias Lessort, Kendrick Nunn and, late in the season, Kostas Sloukas took their toll on the seven-time European champions. Ataman also lost the locker room and failed to manage the group effectively.
The result? A disappointing season, with the Greek Cup the only piece of silverware to show for it.
It was clear that Panathinaikos were heading into a new era this summer. That process began after the Greek league finals against Olympiacos. Ataman left the club on good terms, having played a leading role in securing its seventh EuroLeague crown. His replacement was the one man capable of uniting the entire Panathinaikos fanbase and restoring calm, togetherness and belief: Zeljko Obradovic.
The greatest coach of all time returned “home”, while Dimitris Giannakopoulos promised him an even stronger roster and a staggering budget — reportedly increased by at least €10 million.
Obradovic, for his part, brought his unmistakable aura from the moment he landed in Greece. He also set out the key words that must define the entire organisation: “fire”, “motivation”, “hunger” and “respect”.
The Greens attacked the market aggressively and completed a string of blockbuster moves in roughly 40 days. It felt like a real-life version of “we sign whoever we want”, regardless of the competition or the offers on the table.
As already mentioned, it all began with the return of “Zoc” on a deal worth €4 million per year. Five player signings followed.
Moustapha Fall arrived as the third-choice center on a €1.6 million annual contract, determined to prove himself. Brancou Badio moved to the T-Center to provide energy, speed and perimeter defence. Panathinaikos paid Valencia €1.5 million and handed the player a contract worth around €1.7 million per season. Isaac Bonga also joined the Greens, with Partizan receiving a €750,000 buyout and the player earning €2.2 million annually. His mission is clear: bring much-needed toughness to the forward positions while also providing solutions on offence.
The second genuine blockbuster move, after Obradovic’s return, was the signing of Guerschon Yabusele and his comeback to the EuroLeague. Panathinaikos paid Real Madrid between €600,000 and €650,000 for his European rights before handing the former NBA player a €4 million annual contract. The Greens want him to become a nightmare in the paint. “Yabu” can stretch the floor, punish opponents in transition, raise the team’s defensive ceiling and dominate around the basket.
Panathinaikos had already parted ways with TJ Shorts, Marius Grigonis and Kenneth Faried at the start of the summer. Cedi Osman then joined PAOK, while Vassilis Toliopoulos moved to Aris.
Osman’s decision to leave for a lower-level competition, in particular, left the fans stunned. Yet Panathinaikos’ depth at forward meant the club did not return to the market for a direct replacement. Bonga, Nikos Rogkavopoulos and Panagiotis Kalaitzakis cover the small-forward position. Nigel Hayes-Davis, Juancho Hernangomez and Dinos Mitoglou provide a loaded rotation at power forward. Instead, the plan changed.
Panathinaikos had initially intended to sign a complementary point guard. Then the best playmaker in last season’s EuroLeague suddenly became available: Sylvain Francisco.
ASVEL’s financial problems briefly pushed the former Peristeri guard onto the market, and the Greens pounced. They spent close to €1 million to secure his release and offered him €3.5 million per season. SKWEEK has already provided an extensive breakdown of what “Sisco” will bring to his new team.
Amid all the star names and the millions being spent, one key detail should not be overlooked: Panathinaikos already had a strong — and extremely expensive — core combining talent, quality, experience, scoring and defence.
The seven-time European champions have now equipped Zeljko Obradovic with every possible tool. The objective is simple: take Panathinaikos back to the top.
A look at the depth chart shows how the rotation, roles and playing time could take shape:
PG: Sylvain Francisco, Kostas Sloukas, Dimitris Moraitis
SG: Kendrick Nunn, Brancou Badio, Jerian Grant
SF: Isaac Bonga, Nikos Rogkavopoulos, Panagiotis Kalaitzakis
PF: Nigel Hayes-Davis, Juancho Hernangomez, Dinos Mitoglou, Lefteris Mantzoukas
C: Mathias Lessort, Guerschon Yabusele, Moustapha Fall
There is no point sugar-coating it: this roster is frightening.
Nobody is guaranteed success, and trophies are not won in July or August. Still, the scale of Panathinaikos’ upgrade compared to last season goes far beyond the increased budget and the millions committed to contracts.
First of all, the Greens have brought the greatest coach of all time back to Athens.
What have they built around him? One of the best arenas in Europe, packed by a fanbase whose passion is almost impossible to find anywhere else. The organisation also boasts top-level executives in every department, all of whom have contributed to the club’s resurgence over the past three years.
Above all, this roster has everything a coach could ask for:
- Players with elite offensive skill sets and a major defensive impact.
- Proven winners with experience, trophies and know-how, alongside hungry players with everything to prove.
- At least three high-quality options at every position.
- Elite playmaking from the guards, reliable shooting on the wings, one of the best power-forward duos in the league, every possible type of center and scoring threats across the roster.
- All-EuroLeague First Team selections and former MVPs.
This was not just an upgrade. Panathinaikos strengthened their roster to an extent that even the club’s most optimistic supporter could not have imagined two months ago.
Zeljko Obradovic replaced Ergin Ataman. Shorts and Toliopoulos became Francisco and Badio. Bonga replaced Osman. Yabusele and Fall took the places of Holmes, Omer Yurtseven and Faried.
Could Panathinaikos have produced an even louder summer?
Probably not.
