Evangelos Marinakis on Thursday outlined his vision for Olympiacos’ new Georgios Karaiskakis Stadium, telling reporters and stakeholders gathered in Piraeus that the privately funded project represents a transformative investment for both the club and the port city itself.
In beginning his presentation, he emphasized that today is “a historic day for Olympiacos and for the city where the Legend was born,” using a nickname for the team.
The presentation, held at the Piraeus Municipal Theatre, unveiled plans for a state-of-the-art stadium designed to accommodate more than 53,000 spectators, exceeding the previously announced capacity of 50,000.
Officials with the hugely popular and historic Olympiacos stressed that the project has a price tag of more than 250 million euros and will be financed entirely by the club and its owner.
When will the new stadium be completed?
In reply to press questions, Marinakis said he hopes fans’ “next meeting” will take place inside the new Georgios Karaiskakis Stadium within the next three years.
He added that construction could have begun in May had the necessary legal framework already been in place, adding that the venue could be ready by August 2028 if the remaining regulatory issues are resolved.
What approvals are still required?
According to Marinakis, the only legislative change sought from the government is permission to increase the stadium’s height to between 52 and 53 meters.
He argued that comparable exemptions have been granted to taller buildings elsewhere and suggested that the government’s foot-dragging prevented construction from starting.
Where will Olympiacos play during construction?
Marinakis said Olympiacos plans to play its home matches at the Olympic Stadium (OAKA) for approximately two seasons while the new home for the club is built, arguing that no other venue can adequately accommodate the team’s supporters.
Why does Olympiacos stress that a new stadium is needed?
Marinakis said consistently sold-out matches demonstrate growing demand and that a new venue will allow significantly more fans to attend games, while also enabling Greece to host major European sporting events.
He said the project is intended to create what he described as “our own theater of dreams,” referencing one of world football’s most iconic stadiums.
How large will the new stadium be?
Marinakis confirmed the planned capacity will exceed 53,000 seats, making it the largest football stadium in Greece.
The project will feature modern technology, multi-purpose facilities, sustainability-focused design and expanded hospitality areas, according to plans presented during the event on Thursday.
How will the project be financed?
Marinakis reiterated that the investment, valued at more than 250 million euros, will be funded exclusively by Olympiacos, without public financing.
What he said about the club’s ambitions?
The Olympiacos president described the presentation as “a historic day” for Olympiacos, Piraeus and Greece, saying one of his long-term objectives has been to make the club financially self-sufficient and establish it among Europe’s elite.
Highlighting the club’s recent achievements, he pointed to Olympiacos’ UEFA Europa Conference League triumph and the UEFA Youth League title, as well as what he said were 300 trophies across all sports over the past 16 years.
He also praised the club’s academy, citing football team captain Panagiotis Retsos as an example of a homegrown player who progressed to Bayer Leverkusen before returning to help Olympiacos win its first European trophy.
Piraeus Mayor Giannis Moralis.
What he said about state support
Marinakis and Piraeus Mayor Giannis Moralis stressed that Olympiacos is not seeking state funding for the project, only the legislative amendment needed to proceed with construction.
“Olympiacos is one; no nephew or cousin can change that,” Marinakis emphasized, in response to a question on the possibility of anyone attempting to undermine the club’s unity.
Olympiacos Vice-President Kostas Karapapas.
Olympiacos Vice-President Kostas Karapapas opened the event, noting that “…there are millions of souls, millions of Olympiacos supporters in Greece and around the world, who are waiting with bated breath to see what is about to happen become reality, to watch another dream come to life.”
Karapapas praised the leadership of Marinakis, saying: “Since 2010, Vangelis Marinakis has been at the helm of the club. He continuously gives everything to make Olympiacos greater, to strengthen the Legend and to elevate Greece. I want you to know that today is a very special day. To be honest, I’ve already seen some of the images, and I want to prepare you for what’s coming.”
Piraeus Mayor: ‘Olympiacos is the city’s greatest ambassador’
On his part, Piraeus Mayor Moralis also addressed the event, highlighting the recent approval process that has cleared the way for the project.
“Just a few days ago, the Piraeus municipal council unanimously approved Olympiacos’ request for the urban planning adjustments needed to make the new Georgios Karaiskakis Stadium possible,” Moralis said.
“Now, roughly 22 years later, the time has come to proceed with a complete reconstruction of this stadium through what is, by Greek standards, an extraordinary investment of about 250 million euros. This proposal is asking nothing from the Greek state—not a single euro. It seeks only the necessary approval and legislation to allow this investment to move forward immediately. I believe, and I am confident, that this will happen quickly.”
Stunning specifications
Details presented during the event cite dedicated workspace facilities that will cover 1,000 square meters, while the stadium itself will be built across four levels.
Spectators will circulate through the venue via 32 escalators, 60 elevators, 20 double staircases and 70 access gates serving all levels of the stadium. The structure will rise to more than 52 meters in height.
The design also includes 10,000 square meters of LED display screens, which Olympiacos says will create Europe’s largest multi-faceted LED display for football matches and cultural events.
