Olympiacos unveils €250M plan to rebuild Karaiskakis Stadium by 2028

Olympiacos FC has revealed plans for a complete reconstruction of Georgios Karaiskakis Stadium in Piraeus, with a projected cost of more than €250 million and a target opening in August 2028. The club says the project will be privately funded, require a legal change on stadium height, and could temporarily send home matches to Athens Olympic Stadium for about two seasons.

Why it matters: - Olympiacos is planning the largest football stadium in Greece, a move that would reshape the club’s matchday revenue, hospitality offering and event footprint. - The project is designed to be privately financed, with no public funding from the Greek state, which makes the proposal politically and financially notable. - The rebuild signals that Olympiacos is betting on long-term growth after major recent European and youth-team success.

What happened: - Olympiacos FC President Evangelos Marinakis unveiled the reconstruction plan for Georgios Karaiskakis Stadium at a presentation at the Piraeus Municipal Theatre. - Marinakis said the new stadium could open in August 2028 if the remaining regulatory steps move quickly. - The club says the project will cost more than €250 million and be financed by Olympiacos and Marinakis personally. - Piraeus Mayor Giannis Moralis backed the plan and said the proposal asks only for the approvals and legislation needed to move forward.

The details: - The rebuilt stadium is designed to hold more than 53,000 spectators, making it the largest football stadium in the country. - The new structure would rise to more than 52 meters and span four levels. - The plan includes 10,000 square meters of LED display screens across the complex. - Fan access would be handled through 70 gates, 60 elevators, 32 escalators and 20 double staircases. - The design includes more than 1,000 square meters of workspace facilities. - The club says the new arena will feature expanded hospitality areas and eco-friendly architecture. - The stadium is intended to serve football matches and cultural events. - The project still depends on a legislative adjustment from the Greek government tied to the building’s height. - Olympiacos plans to use Athens Olympic Stadium, known as OAKA, as a temporary home for about two seasons while construction is underway.

Between the lines: - The announcement frames the rebuild as both a sports project and a statement of independence, with the club emphasizing that no taxpayer money will be used. - Marinakis positioned the current stadium as outgrown by the club’s ambitions, suggesting the rebuild is meant to match Olympiacos’ domestic and European profile. - The timing comes after Olympiacos’ UEFA Europa Conference League and UEFA Youth League triumphs, which strengthen the case for a larger, more modern venue. - Olympiacos Vice-President Kostas Karapapas said Marinakis has driven the club since 2010 and helped deliver 300 titles in 16 years, a claim the club is using to underline its momentum.

What’s next: - The key near-term step is approval of the remaining legal and regulatory changes, especially the height-related rule. - If that happens quickly, construction can begin and the club can shift matches to OAKA during the build. - The opening timeline depends on how fast the Greek government and local authorities finalize the needed permissions.

The bottom line: - Olympiacos is trying to turn Karaiskakis Stadium into a bigger, more modern and fully privately funded flagship venue, but the project still hinges on a crucial government sign-off.