Hellenic Olympic Committee unanimously backs legislative push for Olympiacos's new 53,000‑seat Karaiskakis stadium
The Hellenic Olympic Committee's plenary approved the move on 20 July, clearing a key hurdle for a law that will extend Olympiacos's concession of the Faliro ground by 49 years and recognise EOE's ownership for the first time.
The Olympiacos plan to rebuild the Georgios Karaiskakis stadium took a decisive institutional step forward when the plenary of the Hellenic Olympic Committee (EOE) voted unanimously to endorse the upcoming legislative regulation. All 37 members backed the proposal from President Isidoros Kouvelos, authorising the EOE to appear before parliament and formally consent to the bill.
What the regulation changes
The bill, expected to be tabled in the competent parliamentary committee within days, amends the concession framework for the stadium in Faliro. Under the current regime, established by law 3130/2003, the venue was initially granted to the General Secretariat of Sports and then to Olympiacos S.F.P. for 50 years without any payment to the EOE. The new provision extends the concession by 49 years and, critically, acknowledges the EOE's ownership of the property for the first time. The EOE said that negotiations will begin after the law is enacted to set a permanent annual fee to be paid by Olympiacos, with the proceeds earmarked exclusively for the Olympic preparation of Greek athletes.
The resources will be allocated solely to support the Olympic preparation of Greek athletes, and the discussion on the fees will take place after the vote on the legislative regulation.
The stadium project
Olympiacos president and major shareholder Vangelis Marinakis recently presented the investment plan, which envisages a capacity exceeding 53,000 seats and positions the ground as one of Europe's most modern football facilities. The club will finance the expansion and upgrade entirely from its own funds. Construction hinges on the passage of the legislation, including a change to the building coefficient. Works are not expected to begin before May 2027 and are estimated to last roughly two years, during which Olympiacos will temporarily relocate to the OAKA stadium.
- Original concession: law 3130/2003 grants the stadium to Olympiacos for 50 years without payment to the EOE.
- EOE plenary votes 37-0 to support the legislative regulation and appear before parliament.
- Legislative text expected to be introduced to the parliamentary committee within days.
- Earliest construction start, provided all regulatory approvals and building coefficient changes are enacted.
- Estimated completion of the rebuild (roughly two-year construction period).
Institutional backing
President Kouvelos briefed the plenary on 20 July and stressed that the legislative text would be introduced for discussion in parliament shortly. The EOE authorised Kouvelos, General Secretary Stefanos Chandakas and First Vice President Stelios Angeloudis to represent the Committee at the parliamentary debate. The unanimous vote removes a major regulatory uncertainty and signals that all remaining procedural boxes are being ticked for construction to proceed.
Ownership and compensation
The original 2003 concession covered 50 years without financial consideration for the EOE. The new arrangement corrects that, enshrining the Committee's property rights and providing a permanent annual revenue stream for Olympic sports. The EOE statement emphasised that the payment will be exclusively dedicated to athlete preparation, giving the project a developmental dimension beyond club infrastructure.
