Panathinaikos agrees club-record 16 million euro transfer for Azzedine Ounahi from Girona

Transfer terms and financial structure

Panathinaikos finalized an agreement with Spanish club Girona on Wednesday afternoon, 2 September 2026, to sign Moroccan international midfielder Azzedine Ounahi on a permanent transfer. The agreement concluded weeks of negotiations after Girona had initially demanded a fee close to 20 million euros for the midfielder. Under the final financial formula, the Athens club will initially pay 11 million euros to acquire 70 percent of Ounahi's economic rights. Panathinaikos holds the option to purchase the remaining 30 percent over the next three years by paying 1 million euros annually for each 10 percent increment. Guaranteed payments total 14 million euros for 100 percent of the player, while performance-related add-ons of up to 2 million euros bring the total potential outlay to 16 million euros. Girona also secured a 20 percent sell-on clause on any future sale.

Contract terms and wage package

The transaction represents the largest financial investment in Panathinaikos history, establishing a transfer expenditure record for the club. The 26-year-old midfielder agreed to a four-year contract, with terms structured between 2.5 million and 3.6 million euros annually depending on individual and team performance bonuses. Over the full four-year duration of the contract, the club's financial commitment to Ounahi is expected to reach 14 million euros. The terms make Ounahi the highest-paid player in the Stoiximan Super League. The Moroccan international chose to finalize the return to Athens after turning down competing approaches during the transfer window, including a formal proposal from Saudi Arabia.

Airport arrival and the UEFA registration deadline

Ounahi landed at Athens International Airport, Eleftherios Venizelos, shortly after 23:30 local time on Wednesday night. While Panathinaikos supporters gathered at the terminal to welcome him, the player departed immediately by van to travel to the PAE Panathinaikos club offices. Club executives entered a race against time to execute the contracts and submit documentation before the UEFA squad deadline. The European governing body set a cutoff of 01:00 Greek time on the night of 2 September for teams to submit player lists for the League Phase of the UEFA Conference League. Missing that deadline would leave Ounahi eligible only for domestic Greek league fixtures until the next registration period opens in January.

Tactical role and previous spell under Neestrup

Panathinaikos head coach Jacob Neestrup advocated for Ounahi's acquisition from the beginning of talks, identifying the Moroccan as a primary reinforcement for the midfield. The move follows Ounahi's loan spell at the club during the 2024–2025 season while under contract with French club Olympique de Marseille. During that previous campaign with the Greek side, Ounahi recorded 37 appearances across all competitions, contributing five goals and seven assists. Panathinaikos confirmed the agreement across social media on Wednesday evening, publishing the phrase "the magic returns" ahead of the player's formal signing.