The government has officially announced the granting of the Peace and Friendship Stadium (SEF) to Olympiacos Basketball Club (KAE Olympiacos) for a period of 49 years.

According to the official announcement, the agreement covers the indoor arena, including all indoor auxiliary areas, parking facilities, and part of the surrounding grounds connecting the above infrastructure — without any change to the terms of use as defined by current legislation. Notably, the conversion of SEF from a track-and-field venue to a basketball-specific arena is not included in the agreement and will be undertaken entirely by KAE Olympiacos, which has already developed a comprehensive plan for this purpose.

This agreement follows the same model used when OAKA was granted to KAE Panathinaikos, and it forms part of a broader strategic reorganization and utilization of the State’s sports assets.

According to sources, the initial agreement for the use, management, and commercial exploitation of SEF by Olympiacos BC was reached during a meeting today at the Maximos Mansion, in the presence of Prime Minister Kyriakos Mitsotakis, the Aggelopoulos brothers and Mr. Skindilias on behalf of Olympiacos, and Mr. Mylonakis, Mr. Vroutsis, and Mr. Koutnatzis from the government side.

Official Government Announcement

The government announces the initial agreement for the use, management, and commercial exploitation of the Peace and Friendship Stadium (SEF) by KAE Olympiacos for a period of forty-nine (49) years.

The agreement covers:

• The indoor arena
• The entire indoor auxiliary areas
• Parking facilities
• A portion of the surrounding area that connects the above facilities

This will all be transferred without altering the legal terms of use. The Greek State will undertake works related to energy upgrades and necessary maintenance of the building.

The agreement — which will comply with EU state aid regulations — excludes the cost of converting the venue from a track-and-field stadium to a basketball arena, which will be fully borne by KAE Olympiacos, which has already prepared a comprehensive development plan.

Modeled after the Agreement with KAE Panathinaikos:

• KAE Olympiacos will contribute 30% of net revenues from leasing and commercial exploitation of the granted buildings, facilities, and open spaces to the SEF.
• KAE Olympiacos is committed to making minimum mandatory investments.

Additional Terms:

• The concession does not include the hosting of world, European, or national team championships or matches, and up to five (5) cultural events per year.
• KAE Olympiacos is responsible for the regular and emergency maintenance of all buildings, facilities, and outdoor spaces granted, as well as the repair of any kind of damage or deterioration.
• KAE Olympiacos bears full civil and criminal liability for any acts or omissions by its staff during the use, management, and exploitation of the facilities.
• The employment status and salary structure of all permanent and temporary SEF employees will remain unaffected.

A Historic Agreement for Greek Basketball

This is a historic agreement, expected to contribute significantly to the development of Greek basketball, as it follows the concession of OAKA to KAE Panathinaikos in 2022.

In this way, the two top sports clubs in Greek basketball, both treated equally by the State, will be able to elevate Greek basketball — and the country — to even greater heights.

A Fair and Sustainable Outcome

The following factors were considered in reaching this fair and sustainable agreement:

• The age and overall condition of SEF compared to OAKA
• Technological differences in infrastructure
• The difference in the effective start date of the two concessions
• Their different athletic orientation: SEF was originally designed for indoor track events, whereas OAKA was built as a basketball arena — meaning Olympiacos must invest significantly in converting SEF
• Seating capacity differences: SEF has 12,000 seats, compared to 18,000 at OAKA
• The views of the Municipality of Piraeus and the administration of SEF’s Legal Entity

It’s also noted that this agreement does not affect other facilities belonging to SEF’s Legal Entity that have already been granted for other uses — including the swimming pools currently under construction for Olympiacos Amateur Club. The Ministry of Education, Religious Affairs and Sports has also arranged alternate training venues for federations previously using SEF facilities.