The Peace and Friendship Stadium (SEF) in Piraeus, Greece, has been leased to the Olympiacos Basketball Club for 49 years.
‘en.protothema.gr’ stated that the Government of Greece made a statement on the above recently.
The Olympiacos are planning a total makeover of the SEF and in this regard they plan to take a page out of the National Basketball Association (NBA – a Men’s professional basketball league in North America and is widely considered the premier professional basketball league in the world) venue book.
The Olympiacos B.C., commonly known as the Olympiacos or the Olympiacos Piraeus, is a Greek professional basketball club based in Piraeus, Greece, and is part of the major multisport club Olympiacos CFP. The parent club was founded in 1925 while the basketball team was formed in 1931. Their home ground is the Peace and Friendship Stadium.
The 14,776-capacity Peace and Friendship Stadium, commonly known by its acronym SEF, is a multipurpose indoor arena that is located in Piraeus, on the coastal zone of Attica, Greece.
Under the terms of the lease agreement the Olympiacos B.C. will pay the SEF operators 30 percent of the net revenues generated from the lease and the broader commercial use of the stadium’s buildings, the facilities and the surrounding outdoor areas. The club will also cover the cost of converting the venue from an athletics stadium into a basketball court.
However, the State “will ensure that the energy upgrade work and necessary maintenance of the building are carried out,” the statement read.
‘en.protothema.gr’ further stated that the lease agreement includes the indoor arena, all the interior spaces, the parking areas, and part of the surrounding area. The Olympiacos will be exclusively responsible for fully converting the stadium into a modern basketball arena based on its own architectural study.
The SEF Project
The Angelopoulos Brothers (Panagiotis Angelopoulos and Giorgos Angelopoulos are the Co-Owners of the Olympiacos) are in discussions with three leading European architecture firms specializing in stadium renovations.
- Objective: To fully transform the SEF meeting the National Basketball Association (NBA) benchmarks which is scheduled to be completed by the 2026-2027 seasons. Since the Olympiacos cannot relocate to another venue the main renovation work will spread over two-three to five-month periods;
- Naming Rights: They will seek a sponsor for the naming rights of the venue aiming for around €5 million per year;
- VIP Suites: Between 25 to 30 Suites will be constructed;
- New Complex: A wider complex will come up skirting the arena to attract the visitors not just during the games but also pre-match and post-match and will boast family-friendly offerings. It is also being mulled to integrate the SEF’s coastal frontage into the broader Faliro coastline development thus paving the way for a walking route from Mikrolimano (a vibrant coastal area in Piraeus) to Flisvos (a marina located in Paleo Faliro);
- Clear Sightlines: The special design plans include moving the stands closer to the court to create a more intense atmosphere;
- Facility Upgrades: Lighting (with dimmable systems), professional-level court flooring (with shock absorption), modern air conditioning, wind turbines, audiovisual systems, and upgraded acoustics;
- Increased Capacity: The seating capacity will be expanded to 17,000 with a potential to accommodate 18,000 spectators thus facilitating the SEF to host future EuroLeague Final Four (top-tier level European basketball competition);
- Multipurpose Use: All the SEF facilities will be modernized to maximize use. For example, the Melina Mercouri Hall, currently underutilized, will be refurbished to host conferences meeting the European benchmarks;
- Energy Efficiency: The stadium will undergo an energy upgrade including a new roof;
- Auxiliary Courts: All five auxiliary courts will be modernized;
- Spiffy Seating and Amenities: All the seats will be replaced with new red and white ones to match the team colors. New VIP lounges, bars, restaurants, fan shops, high-tech locker rooms, rehabilitation facilities, and gyms will come up;
- Utilities: The water supply and sewage systems will undergo significant upgrades and replacements for the first time in 40 years; and
- Green Spaces: A park/green area will skirt the SEF extending toward the coastline with no hotel or restaurant-type commercial uses planned.
Milestone Moment
Following a meeting with the Prime Minister of Greece Kyriakos Mitsotakis the Angelopoulos Brothers shared, “The Peace and Friendship Stadium, the Olympiacos’ home since the late 1980s, will remain our home for the next 49 years. The leasing out of the SEF to the Olympiacos is a milestone moment for the club.”
Moolah Matters
The leasing out of the SEF offers real competitive and financial benefits. With the objective to redesign the arena solely for hosting basketball matches the Olympiacos is also planning naming rights deal for the stadium up to €5 million annually. Combined with the sponsorships, the broadcasting rights, the ticket sales, and the EuroLeague revenue the Angelopoulos Brothers hope to keep the coffers jingling.
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