Olympiacos toppled Real Madrid in Athens and won its fourth EuroLeague title
Olympiacos is the new EuroLeague champion after defeating Real Madrid 92:85 on May 24, 2026, in the final of the season-ending tournament in Athens. The game was played in the OAKA Olympic Hall, which is also listed in the competition's official materials as Telekom Center Athens, and the final, set against a home Greek backdrop, delivered exactly what was expected from the last game of the season: shifts in rhythm, a tense finish and a duel between two clubs with deep European pedigree. According to official and media reports, with this victory Olympiacos reached its fourth European championship title and its first since 2013, ending a 13-year wait. Real Madrid, the most decorated club in the history of the competition, remained one step short of a new title and the chance to further increase its record European achievement. The final seven-point margin does not say enough about the drama of the game, because in the final quarter the match was several times on the verge of a turnaround.
In broad outline, the final had a clear narrative: Real Madrid opened the game more strongly, Olympiacos came back by halftime, the Spanish side again entered the final quarter with the lead, and the Greek club found more energy and composure in the closing stretch. According to Sofascore data, Real led 26:19 after the first quarter, Olympiacos went into the break with a minimal 46:44 lead, and Madrid ended the third period ahead 65:61. The last ten minutes belonged to Olympiacos, which scored 31 points in that stretch and turned the game in its favor. Such an outcome confirmed that the final was not decided only by individual plays, but also by rotation depth, rebounding, defensive discipline and the ability to find the simplest solution in the most important possessions.
A game decided in the final minutes
Real Madrid entered the final aggressively, with the clear intention of taking the game into its own rhythm and reducing Olympiacos's advantage in physical play. Madrid's early surge was convincing enough that the Greek side had to search for an answer to a seven-point deficit already after the first quarter. Olympiacos, however, did not allow the initial deficit to turn into prolonged Real control. By halftime, the home finalist had managed to slow down the opponent's offense, increase pressure on the ball and gradually take the initiative in the paint. According to the Neos Kosmos report, Real won the first quarter 26:19, but Olympiacos turned it around by the long break to 46:44, which was the first major warning that the momentum was changing.
The third quarter restored balance to the game and showed why Real Madrid, despite absences and problems with its big men, remained competitive until the very end. The Spanish side again found solutions on offense, and entering the final period with a 65:61 lead gave it a real chance to claim a new European trophy. Still, the final ten minutes brought Olympiacos's best period. According to data from the game report, the Greek team responded with a run of important points, while Real found it increasingly difficult to get clean offensive possessions. When Mario Hezonja scored for 80:80 a little more than two minutes before the end, it seemed as if the final was starting all over again, but Olympiacos then reacted more cold-bloodedly.
In the closing stretch, the details that most often separate the winner from the loser in finals proved decisive. Thomas Walkup and Tyrique Jones provided important points at a moment when the game was completely open, Evan Fournier took responsibility on offense, and Alec Peters strengthened Olympiacos's lead from the free-throw line in the final moments. According to Sofascore play-by-play data, Real tried to bring the game back through free throws and quick attacks in the final minute, but failed to find another equalizer. Olympiacos used the final possessions with more patience and closed the game with a 92:85 score. Such a finish further emphasized how much the victory was the result of collective maturity, and not just one great individual performance.
Fournier as the face of the final tournament
Euroleague Basketball announced after the end of the tournament that Evan Fournier had been named the Most Valuable Player of the 2026 Final Four. The French guard was one of Olympiacos's key figures through the semifinal and final, and in the decisive game against Real Madrid he gave rhythm to the offense at moments when a steady hand was required. According to reports from specialized basketball media, Fournier finished the final with 20 points, while in the closing stretch he was repeatedly the player through whom Olympiacos attacked Madrid's defense. His return to European basketball had already been one of the great stories of the season, but the championship title and the Final Four MVP award turned him into a symbol of Olympiacos's rise. In the final, he did not have to dominate every minute in order to be decisive; it was enough for him to recognize the moments in which the game was breaking.
Important roles were also played by players who did not necessarily carry the largest share of the headlines. Sasha Vezenkov, one of Olympiacos's most important players during the season, had several offensive solutions that restored stability during periods of Madrid pressure. Alec Peters, according to the available data on the course of the match, took responsibility from the free-throw line in the closing stretch and helped lock up the victory. Walkup provided organization, defensive pressure and points at the right moment, while Olympiacos's interior line used Real's problems in the high rotation. The sum of those contributions showed why Olympiacos had been among the most consistent teams in the competition during the season.
Coach Giorgos Bartzokas received confirmation of the long-term work and stability that the club had built around a recognizable core. Neos Kosmos states that Bartzokas emphasized after the game that Olympiacos deserved the title because of the way it had played throughout the entire season. That statement describes well the broader impression of the final tournament: Olympiacos did not win the trophy through just one good evening, but through the continuity that put the team in a position in Athens to withstand both the pressure of being a favorite and the emotional burden of playing in front of a Greek crowd. In European basketball, where the rhythm of seasons is often broken by injuries, form and a single bad shooting day, such stability carries special weight. Bartzokas's team showed in the final that it could win even when the game did not begin according to plan.
Real Madrid was left without answers in the most important possessions
Real Madrid, according to Spanish reports, came into the final with serious rotation problems under the basket. Before and after the game, media highlighted the absences of Walter Tavares, Alex Len and Usman Garuba, which especially affected Real's options in rebounding, rim protection and defense against a physically strong Olympiacos. Despite that, Sergio Scariolo's team played most of the final extremely competitively and was several times in a position to take complete control. Real looked fresher, faster and more direct offensively in the first quarter, and in the third period it again managed to turn the game in its favor. The problem was that in the closing stretch it did not find a sufficiently stable answer to Olympiacos's pressure and to the increasingly dense atmosphere in the arena.
Mario Hezonja, Facundo Campazzo, Andrés Feliz, Gaby Deck and Trey Lyles are mentioned in reports as players who carried Real through different phases of the game. Hezonja's basket for 80:80, a little more than two minutes before the end, was one of the moments that could have changed the final direction of the game. Still, after that Olympiacos made the key separation, and Real had to chase the result through increasingly risky decisions. According to reports from Spanish media, Madrid's camp after the game emphasized pride in the way the team fought, but also frustration over a finish in which the details went to the opponent's side. Such a feeling is understandable for a club accustomed to the biggest European games, especially after a final in which it was so close to a new trophy.
Sergio Scariolo, according to the Neos Kosmos report, congratulated Olympiacos after the game and highlighted the stability of the Greek club, its core and its long-term work with the same coach. That is an important assessment because it comes from the perspective of an opposing coach who saw very well how difficult it is to attack a team with a clear hierarchy and built-in automatic patterns. Real Madrid therefore does not leave the final as a team that failed, but as a finalist that kept the game open until the final minutes under limited circumstances. Still, in a EuroLeague final the difference between a great performance and a trophy is often very small. In Athens, that difference was visible in several last possessions, better management of rhythm and calmer free-throw shooting.
Athens as the stage of a great return
Euroleague Basketball had earlier announced that the 2026 final tournament would be held at Telekom Center Athens from May 22 to 24, with semifinals on Friday and the final on Sunday. The same official announcement stated that the arena has a capacity of more than 18,000 spectators, that it was originally built in 1994 and that it was extensively renovated for the 2004 Olympic Games. The return of the Final Four to Athens also had a symbolic dimension, because the Greek metropolis had previously hosted the final tournament in 2007. This time, the context was even more intense: Olympiacos was playing in its own metropolitan environment, but in an arena traditionally associated with its great rival Panathinaikos. That sporting and emotional background gave the final additional layers.
According to EuroLeague's official announcements, Olympiacos, Real Madrid, Fenerbahçe Beko and Valencia Basket took part in the final tournament. Greek Reporter states that Olympiacos reached the final with a victory against Fenerbahçe, while Real Madrid defeated Valencia in the Spanish semifinal clash. Such a final tournament schedule brought a strong competitive contrast: the home Greek favorite, current and former European champions, Spanish representatives and a Turkish giant in the same weekend. In that environment, Olympiacos had to carry the pressure of expectations, but also use the energy of the crowd, which turned the game into one of the most memorable events of the European basketball season. Athens thereby once again confirmed its status as a city where basketball is not only a sporting event, but also a powerful social spectacle.
The organizational framework of the tournament was also important. Euroleague Basketball emphasized in its announcements the high demand for tickets, special visitor registration rules and additional procedures for entering the arena in accordance with Greek regulations. This shows that the Final Four increasingly functions as a major international event, and not only as the conclusion of a sporting competition. Fans, media, sponsors and former basketball players poured into Athens, while the games were followed far beyond the borders of Greece and Spain. Olympiacos's victory therefore has double weight: in sporting terms it brought a trophy, and symbolically it turned a home Final Four into an evening that will remain written in the club's history.
Fourth title and the end of a long wait
Olympiacos's 2026 title is especially important because it comes after a series of seasons in which the club was very close to the top, but without the final step. The Greek side was often part of the final stages of the competition over the last decade, and defeats in big games created a sense of unfinished business. The victory against Real Madrid therefore cannot be viewed only as an isolated final game. It is also an answer to earlier missed opportunities, including painful defeats in closing stretches in which Olympiacos had enough quality for the title, but not the decisive moment. In Athens, that pattern was reversed: when the final reached the point of greatest pressure, Olympiacos was calmer and more concrete.
Real Madrid, historically, remains the benchmark of European club success. Precisely for that reason, victory against such an opponent gives Olympiacos's title additional value. There are no cheap wins in finals against Real, and the fact that the Madrid side remained in the game until the very end even without important big men confirms how demanding this duel was. Olympiacos had to outplay not only the opponent's quality, but also its habit of winning big games. It managed to do so with a combination of physical energy, roster depth and emotional stability at moments when OAKA was on the brink of explosion.
The title is also a strong confirmation for the players who marked the season. Fournier received individual recognition, Vezenkov remained one of the central names of the team, Papanikolaou as captain received the moment he had sought for years, and Bartzokas again confirmed his status as one of the most influential European coaches of his generation. According to the Neos Kosmos report, Papanikolaou after the game particularly emphasized the relationship with the fans and the feeling that the club had finally given them back what they had been waiting for for years. Such a message explains well why the celebration was not confined only to the court. According to the same report, celebrations spread through numerous Greek cities, from Piraeus to other parts of the country.
A final that changes the tone of the season
For the 2025/26 EuroLeague season, the final in Athens delivered an ending with a clear sporting message: continuity, depth and the ability to adapt remain the most important currencies in European basketball. Olympiacos won the game after a poorer start, Real Madrid showed that experience can conceal many problems, but the finish nevertheless belonged to the team that had more solutions in its rotation. According to the available data on the score by quarters, Olympiacos made the most important difference in the final period, and did so at moments when Real had already had several chances to shift the psychological advantage to its side. This is the type of victory that is remembered in club histories longer than the statistics themselves.
For Real Madrid, the defeat means a missed opportunity, but not the collapse of a season. The Spanish giant remained a finalist of the strongest European club competition, and did so in circumstances that required major tactical adjustments. For Olympiacos, however, this victory means much more than a trophy in the cabinet. It closes a period of waiting, returns the club to the top of the continent and gives its current generation a place alongside the most important teams in the history of Piraeus. On a night when OAKA was the center of European basketball, Olympiacos found the final answer it had lacked in previous years.
Sources:
- Euroleague Basketball – official announcement about hosting the 2026 final tournament, the arena, capacity and Final Four schedule (link)
- Euroleague Basketball – official announcement about the Final Four MVP award for Evan Fournier (link)
- Sofascore – score, quarters, venue and course of the closing stages of the Olympiacos BC - Real Madrid game (link)
- Neos Kosmos – report on Olympiacos's victory, fourth title, participants' statements and celebrations after the game (link)
- Greek Reporter – report on the final, the context of the final tournament and the finalists' path to the decisive game (link)
- El País – report on the final, absences in Real Madrid's roster and the closing stages of the game (link)