The Greek giant Panathinaikos is the official next rival of the Bulgarian CSKA 1948 in the third qualifying round of the Conference League for the 2026/27 season.
The Athenians secured the clash with the "reds" after eliminating the Hungarian Paksi with an aggregate score of 4:3 after a dramatic 2:2 draw in the second leg last night. The match ended late in the evening, and the team status information is fully up-to-date as of 9:35 AM on July 31, 2026.
Establishment, early history and achievements
The club was founded on February 3, 1908 in Athens. Panathinaikos is one of the oldest and most successful football clubs in Greece. In its rich showcase, the "clover" have 20 domestic titles and 20 Greek Cups.
On the international stage, PAO holds the greatest achievement in the history of Greek club football. In 1971, under the leadership of the legendary Ferenc Puskas, the team reached CAF Champions League final at “Wembley“ Stadium, where they lost to Ajax. The club also has two semi-finals in the strongest European tournament in 1985 and 1996. More about the club's history can be read on the official website (pao.gr).
Owner, budget and new stadium
- Owner: The club is run by shipping magnate and media entrepreneur Yannis Alafouzos, who has been at the helm since 2012.
- Budget and Investment: According to financial analyzes by (offthepitch.com), Alafouzos has invested over 120 million euros in the team. As of the current season, the market value of the squad is estimated at nearly 85 million euros according to (transfermarkt.com).
- PAO's Home: This season, the team plays its home games at the huge Athens Olympic Stadium (OAKA). The club is in an advanced stage of building its own state-of-the-art complex in the “Votanikos“ area, which is expected to be completed very soon according to the plans published by (cityofathens.gr).
Audience and warm support
Panathinaikos has millions of supporters and is known for one of the most fanatical fan bases in Eastern Europe – "Gate 13". Organized fans create an incredible atmosphere, but also often incur heavy fines for the club. The rematch against Paksi at OAKA was attended by over 23,000 spectators, who exerted serious pressure.
Biggest Stars: Past and Present
In the past, the club's team has worn icons such as Krzysztof Ważyca (the best scorer in the club's history), Dimitris Saravaκος, Giorgos Karagounis and Djibril Cisse.
Today Panathinaikos, led by its new Danish head coach Jakob Neestrup, has a strong selection. Among the biggest stars in the current lineup shine:
- Stefan de Vray – the Dutch veteran and former Inter mainstay leads the defense.
- Facundo Pellistri – the Uruguayan winger who passed through Manchester United.
- Iñaki Peña – the former Barcelona goalkeeper who guards under the goalpost.
- Andrews Tete – the Brazilian offensive blade.
The Bulgarian mark
Three big names from Bulgarian football have left a bright mark in Athens:
- Hristo Bonev – the Lokomotiv Plovdiv legend played for PAO between 1979 and 1981.
- Velko Yotov – the former Levski winger defended the colors of the grand in the mid-90s.
- Ivaylo Petkov – zhelezniyat defender becoming a champion and bearer on Kupata na Girtsiya with Tim Prez 2004
- Христо Бонев Ръководи Панатинайкос от 1988 to 1990.
- Successes: Prez 1990 g. izvezhda otbora do титлата на Гърция и е обонд за Trenor na godinata v yuzhnata ni s'edka
National presence
Sstavt e exclusively balanced, sjetavayki gratski nationali kato Yorgos Kyriakopoulos and Triantafilos Tsapraswith class foreign national explorers. Sred tyakh se otlichavat Slovenskiyat half Adam Nests Cherine, Moroccan Creel Anas Zarouri and Algerian National Branitel Ahmed Touba.
CSKA 1948, correcting before exclusively the same food, I will meet with Europeans, a rare participant.