Olympiacos have brought in a slew of shiny, new transfers in the last two seasons. But how many of them have been a success?
In a recent interview with Coaches’ Voice, highly-regarded sporting director Monchi, when discussing transfers and the general running of a football club, said: “It’s not that there are good or bad signings, there are good or bad performances. That is why coordination with the manager is essential. The biggest failures when it comes to signings, when performances do not meet expectations, usually come from not being able to sign the type of player the coach actually needs.”
These words ring true for supporters of Olympiacos who feel as though the transfer business over the last two seasons has been a mixed bag. Without really knowing what the reason is for the clubs’ sometimes scattergun approach, fans have had the same approach when it comes to who should take the blame. Whether that be:
Manager Jose Luis Mendilibar for not picking or getting the best out of certain new signings…
Or the scouting department, manned by sporting director Darko Kovačević, which has been accused of not being able to get first-choice transfer targets over the line, and instead spending high fees and wages on players that some believe do not meet the standard expected at Olympiacos…
Or owner and chairman Evangelos Marinakis, with a minority believing that he has turned his attention to his Premier League club Nottingham Forest, and is more preoccupied with creating a multi-club ownership empire than giving priority to the current Greek champions…
Or the board of the directors, who some online fans feel act only in their own self-interest and not for the benefit of the club and, by extension, the team.
To be clear, these statements do not reflect my own opinion; they are the takes that I have seen most commonly from the online fansbase, to give a picture of the discourse when it comes to the topic of transfers at Olympiacos and who gets blamed.
But when looking at both the summer and winter transfer windows of the last two seasons, which players have been a success and which have not? Well, that is where I will be giving my opinion, by ranking each signing as a success, a failure, or one that I believe needs more time.
I will be excluding youth academy promotions, although it goes without saying that both Babis Kostoulas and Christos Mouzakitis have been huge successes, or any players specifically bought for the B team.
If you agree or disagree with any of my takes, feel free to let me know why in the comments.
2024/25
Kristoffer Velde (€4 million) – Failure
Starting with the biggest fee Olympiacos paid for a player during the summer of 2024, the Norwegian winger’s impressive pre-season was followed by a poor single season, with Velde struggling to replicate his form at Lech Poznan.
Six goals and two assists in 33 matches in all competitions was not enough to convince manager Jose Luis Mendilibar. Olympiacos sold Velde to MLS side Portland Timbers for €4.29 million, with Thrylos making a slight profit.
Lorzeno Pirola (€3 million) – Success
Without hesitation, Pirola has been one of the biggest successes over the last two seasons. Signed from Salernitana while captain of Italy U21s, Pirola has looked a steady, mature and ever-reliable partner to club captain Panagiotis Retsos.
Arguably one of the best defenders in the Greek Super League, now the former Inter academy player has reportedly attracted suitors including AS Roma, AC Milan, Juventus, and Napoli, with Bundesliga side Hamburger SV also seemingly interested. A mainstay in defence, Olympiacos could struggle to keep Pirola this summer if incoming offers meet the club’s asking price.
Costinha (€2.5 million) – Success
Costinha’s time in Piraeus divides opinion. The now 26-year-old, who was previously rated as one of the best right-backs in the Portuguese Primeira Liga, has shown that he can compete with Rodinei for a starting spot, even playing behind the Brazilian when he is pushed up onto the wing.
A balanced full-back in both attack and defence, while he does have his lapses in matches, and had a slow start to the current campaign, Costinha is more than good enough in my view to remain an integral part of the Olympiacos squad long-term.
Bruno Onyemaechi (€2.5 million) – Needs time
Bruno was brought in to compete with starting left-back Francisco Ortega, and for the most part, he has seen limited minutes behind the Argentine. When given the chance by Mendilibar, his performances have been hit and miss, but there have been times when he has shown his quality for Thrylos and indeed Nigeria, at the most recent AFCON.
It would not be a surprise if Bruno is sold this summer, but he should not be the first one out the door, and for depth, at least, he is serviceable and can still improve.
Roman Yaremchuk (€2 million) – Success
Yaremchuk is another one that is hard to categorise, especially since the Ukrainian took time to adapt to his new surroundings. Playing second fiddle to Ayoub El Kaabi didn’t help and he did not initially take his opportunities in front of goal.
The turning point was the 1-1 draw in the Greek Cup quarter-final against bitter rivals Panathinaikos at OAKA as a scoring substitute. From there, he went on an excellent run of form, scoring 10 and assisting four in all competitions as Olympiacos won a famous domestic double. Sadly, he is yet to recapture that level.
A calf injury sustained during pre-season kept Yaremchuk out until mid-October 2026, and he fell to third choice in the striker pecking order behind El Kaabi and Mehdi Taremi. Since moving out on loan to French giants Olympique Lyonnais, he has seen limited minutes and has hardly contributed.
However, the second half of last season and how he became a cult favourite amongst Thrylos fans does get him over the line as a success in my opinion, and there is every chance he could feature for the Priaeus side again next season.
Jefté Betancor (€500,000) – Failure
The top scorer of the 2024/25 Greek Super League season at Panserraikos, Betancor was sent back to the Liontaria on loan for the rest of that season after signing in January.
He was sent out on loan again upon arrival, this time back to his native Spain with Albacete Balompié, where the 32-year-old has had a very good campaign with the Spanish second-tier side, scoring 14 goals in all competitions as well as a famous brace to knock out La Liga giants Real Madrid in the Copa del Rey round of 16.
Although it feels harsh, as he is clearly a consistent goalscorer, but a transfer to Olympiacos made little sense with the quality of the club’s existing forward options, and it is unlikely that he will be a part of the squad come next campaign.
Willian (Free transfer) – Failure
Arguably, one of the biggest failures of the 2024 summer window was the signing of former Chelsea, Arsenal and Fulham winger Willian, with the Brazilian reported to be on a whopping €4 million per year. He was yet another big name who arrived in Piraeus and sadly did not deliver. His contract was cancelled prematurely in January 2025.
Without judging him personally, it did feel similar to the signing of international teammate Marcelo. Both had careers at the pinnacle of the sport, winning countless accolades at their peak. So why would winning the Greek Super League title or competing in the UEFA Europa League at all motivate them?
There are, of course, exceptions, like Mathieu Valbuena and Esteban Cambiasso, to name a couple, but Willian will not be remembered as fondly in Piraeus as the likes of them.
Sérgio Oliveira (Free transfer) – Failure
Another player in contention for the worst signing of the last two years, Sergio Oliveira felt like a last-minute panic buy from the club to fill the hole in midfield left by legendary captain Kostas Fortounis, who had left on a free transfer that summer.
Arriving from Galatasaray for nothing and while he was not a name that excited many fans, Oliveira was an industrious midfielder previously at PAOK and FC Porto.
After 14 appearances with no goal contributions, however, it was clear that the former Portugal international’s time in Piraeus was not going to work out. He left mid-season to join Sport Club do Recife, and as of April 2026, he is a free agent once more.
Dani García (Free transfer) – Success
Now this one will really divide opinions. Dani Garcia was brought in to replace the outgoing Vicente Iborra as an experienced head in the dressing room who had previously worked with Mendilibar, even if both were very different kinds of midfielders.
Garcia has seen consistent minutes in midfield, and while he contributed well to Olympiacos winning the domestic double in 2024/25, some fans feel his usefulness on the pitch has become more of a hindrance.
The now 36-year-old has been unable to compete in higher-level UEFA Champions League or derby matches, especially in a midfield two. Despite this, I would rank the Spanish player’s time in Piraeus as a success overall.
Nikolaos Athanasiou (Free transfer) – Needs time
One of the best full-backs in the Super League last season, Nikolaos Athanasiou was signed by Thrylos from Atromitos in the winter window, but was loaned back to Peristeri until the end of that season. He was then sent straight out on loan again, this time to Evangelos Marinakis’s other club, Rio Ave, in Portugal.
That spell was cut short, and he returned to Greece to join OFI on another loan until the summer of 2026. He had already provided three assists in just over 700 minutes up to the Easter break. Athanasiou is a player who some fans feel should be given a chance at the Piraeus side, not only because he has already proven to be a key player for OFI, but also because he is a domestic player and would fill UEFA’s homegrown quota of Greeks that Olympiacos currently lack.
While primarily playing as a left midfielder/wing-back during both his loan spells this season, I believe Athanasiou needs to be given another shot to compete in the squad with either Francisco Ortega or Bruno Onyemaechi, if one or the other leaves this summer.
Alexandros Anagnostopoulos (Free transfer) – Success (Kind of)
I mean, what did we expect? Alexandros Anagnostopoulos joined Olympiacos from Kifisia after the Greek goalkeeper was relegated with them at the end of the 2023/24 season. He was brought in as the third-choice keeper, and as expected, he featured very fleetingly.
His only appearance was in the Super League play-offs in 2024/25, in a 4-2 win over PAOK, and he promptly left for newly-promoted side AEL where he is most often their starter between the sticks. I did consider labelling Anagnostopoulos as a failure or even N/A, but I guess you can’t really ask more of a player who was almost certainly never going to see minutes on the pitch.
David Carmo (Loan) – Success
One of the biggest arrivals and returns of that summer, David Carmo rejoined Olympiacos on loan after being signed by Evangelos Marinakis’s other club, Nottingham Forest, with the Premier League side buying him permanently from FC Porto to facilitate his move back to Greece.
The Angolan defender, who was instrumental in helping Thrylos win the UEFA Conference League, perhaps was not as impactful over the course of the 2024/25 campaign as he had been the previous season.
However, he was still part of a rock-solid defence alongside Retsos and provided good competition for Pirola. Some supporters have even voiced their frustration that Carmo was not brought in for a third spell this season.
Marko Stamenić (Loan) – Failure
The New Zealand international had a difficult time adapting to how Mendilibar wanted his midfielders to play.
Stamenić struggled to replicate the good season he had at Red Star previously, and after falling down the pecking order behind rising star Mouzakitis, Garcia, Santiago Hezze, Andre Horta and Chiquinho, and even at points Oliveira, he rarely saw consistent game time in the second half of the season.
Andre Horta (Loan) – Failure
This one feels harsh because the Portuguese is still remembered fondly by supporters due to his heroics during his first loan spell in the 2023/24 season, playing a key part in the club’s European triumph and in the derby against AEK in the latter stages of the season, where he scored both goals in a 2-0 win. But when looking at just his second loan spell, it is hard to say that Horta impacted Thrylos as much as he did previously.
In his defence, that was primarily down to injuries that limited his game time, and he was excellent when Olympiacos demolished AEK, this time 6-0 in the Greek Cup semi-final first leg. If I allowed myself to include his first loan spell as well, then no question it would be classed as a success.
But given the parameters of this article, the fact that Horta only made six appearances in all competitions and contributed two goals and one assist in that singular Greek Cup game means that I can’t honestly say that his second spell with the club was a success, sadly.
Luis Palma (Loan) – Failure
Another winger, another failed signing. Luis Palma came as an attacking reinforcement in January, and to begin with, the Honduran seemed promising. Like Horta, he played a big role in beating AEK 6-0.
But a combination of being behind Gelson Martins, who was having an incredible season on the wing, and Rodinei, who Mendilibar pushed up from right-back onto the wing as well, and a drop in performances meant that Palma did not have as big an impact as some had hoped initially.
Yusuf Yazıcı (Free transfer) – Success
The Turkish attacking midfielder had the worst possible start to life in Piraeus when, on his debut against Asteras Tripolis, he suffered an ACL injury which kept him out for the rest of the 2024/25 season.
Thankfully, he recovered and has had a very productive 2025/26 campaign. While by no means a consistent starter for Olympiacos, Yazıcı has had a huge impact off the bench, scoring seven and assisting six in just 737 minutes in all competitions while also playing mainly on the right wing.
This level of output, in such limited minutes, has had fans crying out for him to start more often, with Chiquinho going through a rather inconsistent spell, and the attack in general struggling to create and score goals.
I understand why Mendilibar has not started him regularly, due to him not having as much of an impact at the start of matches when given the chance, and his lack of pace on the wing, but it is perhaps now time to give Yazıcı an opportunity with Olympiacos scrambling to retain their Super League crown.
2025/26
Gabriel Strefezza (€8 million) – Failure
Strefezza joined for the fourth-biggest transfer fee in the club’s history, and the largest in the Marinakis era. The Brazilian winger, after less than a season, already looks like a blunder on the part of the club.
A diminutive winger with a burst of pace who signed from Como, the Brazilian only showed flashes of his capabilities in a red and white shirt before he returned to Italy with Parma for the second half of the current season.
Perhaps partly due to the return of Daniel Podence, who is a similar player profile and both are 5’6″, combined with a lack of consistent game time, Strefezza never acclimatised to life at the Greek champions. He joins a long list of failed wide forward signings in recent years, along with Pep Biel and Velde.
While I believe Strefrezza is a much better player than both, he already seems to be more at home in Serie A, and rumour has it that Thrylos are looking to cut their losses on him already.
André Luiz (€6.75 million) – Needs time
An expensive January arrival, the Brazilian winger has barely featured for Thrylos since joining from Rio Ave. For four consecutive matchdays, he did not even make the bench – and he was an unused substitute in the final Derby of Eternal Enemies at the Apostolos Nikolaidis Stadium – which is mainly owing to Thrylos having too many non-EU players in the squad, but also reportedly his needing more time to get up to speed with how Olympiacos play.
When Luiz has taken to the pitch, the 24-year-old has shown definite signs of promise. Fast, physical and far more imposing than Podence or his Brazilian predecessor Strefezza, he was able to impact from the bench against AEK in the regular season, winning a penalty deep into injury time which salvaged a point at Agia Sophia.
A minority of supporters online have already written him off, which I find ludicrous, but given time and patience, Luiz can definitely contribute and become an important player for Olympiacos, given time. But it is whether the club are willing to wait, or if they have written him off too.
Clayton (€5 million) – Needs time
Another Rio Ave signing in January who needs time that he has not yet been afforded, the Brazilian striker has had arguably even fewer opportunities on the pitch than Luiz has. Clayton netted 10 and assisted four in 19 Primeira Liga apperances before his move to Olympiacos in January, so there is clearly a solid striker there.
But a combination of being behind El Kaabi and Taremi, as well as replacing fan favourite Yaremchuk, means that supporters have seen little of the 27-year-old as of yet. Whether he gets given the chance to have an impact in this season’s remaining play-off showdowns remains to be seen.
Gustavo Mancha (€4 million) – Needs time
Billed as a David Carmo replacement due to his height, similar physicality and being a left-footed centre-back, initially I decided, perhaps harshly, to put the 21-year-old as a failed signing.
After joining from Fortaleza in the summer, Mancha made only eight appearances in both the league and cup combined. At times, he showed his potential while also displaying, perhaps, a lack of maturity with his sending off against Kifisia.
Eventually, Mancha fell behind even Giulian Biancone and Alexios Kalogeropoulos to fifth-choice centre-back and, with more non-EU players joining the squad in January, he was sent out on loan to Rio Ave.
Under Sotiris Sylaidopoulos, he has started every league game and been a big part of the club’s improvement in form during the second half of the season. It is now down to Thrylos as to whether they believe Mancha has earned a second chance or whether they capitalise on growing interest in him and sell him on.
Diogo Nascimento (€4 million) – Needs time
A player who had a slow start but has started to show why he was one of the best young midfielders in the Portuguese second tier, Diogo Nascimento, initially looked as though a loan away from Piraeus after just a couple of months would do him some good.
However, Mendilibar has turned the 23-year-old into a Swiss Army knife of a player. He has played in holding, central and attacking midfield, even deputising on the wing when needed. While not a consistent member of the first team yet, given time, he is developing into a very useful addition to the Olympiacos squad.
Lorenzo Scipioni (€3.67 million) – Needs time
Seen as the next Santiago Hezze, in part because he is also an Argentine defensive midfielder, Scipioni is not quite ready to take the mantle of his compatriot just yet, but, when he has seen game time, the 21-year-old has definitely impressed.
A very mature player for his age, who does not shy away from a tackle and is not fazed by the pressure of playing for Olympiacos, the biggest issue for Scipioni is game time. He has only played just over 1,000 minutes this season, and with more game time will surely come further development. But Mendilibar does not tend to overplay his younger players – see Mouzakitis – which I agree with.
Mehdi Taremi (€2 million) – Success
The undisputed best signing of last summer, the Iranian striker arrived from Inter and has revived his career in Piraeus after a tough 2024/25 in Serie A. Taremi immediately established himself with a brace on his debut against Panserraikos.
By the Easter break, the 33-year-old scored 16 and assisted six in all competitions, both as a striker and playing behind El Kaabi, with his most memorable displays coming in the UEFA Champions League league phase against Real Madrid and Bayer Leverkusen.
The issue facing Mendilibar when it comes to playing Taremi and El Kaabi together in the team is that it simply has not worked consistently enough despite the Basque coach’s best efforts. With time running out to salvage their season, a decision must be made on whether to persist with two strikers or drop one to the bench.
Remy Cabella (Free transfer) – Failure
Our penultimate transfer on this long list, and this one is a shame. With comparisons to when French compatriot Mathieu Valbuena signed for Thrylos, it was a very different story from that of Cabella in Piraeus.
Even early on, the writing felt like it was on the wall when he was not included in the club’s European squad for their Champions League campaign, despite featuring in the competition last season with Lille. The 36-year-old, midway through the season, seemed to grow frustrated with a lack of game time and went back to Ligue 1 with Nantes on loan until the end of the season.
Daniel Podence (Loan) – Failure
Last but not least, and this is a painful one for me personally. Like with Andre Horta, I am looking exclusively at the current season, and it has not been a good one for Podence in his third spell with Olympiacos. The Portuguese winger clearly lacks the pace and moments of improvisation that he had previously.
No longer is there that burst of speed to cut in and shoot, and his patterns of play have become predictable for opposing players, despite there being flashes of the Podence we all know and love at Olympiacos.
But reported issues with ongoing hamstring and muscular injuries, and perhaps the lack of football between his last appearance for Al-Shabab at the end of May and his first game of this season with Olympiacos in mid-September, means that fans have witnessed a shadow of the player who lit up Karaiskakis whenever he took to the field.
There is still time for him and the club to salvage their season, even with a few games left, and he is still a legend of the club regardless, but it seems unlikely that Thrylos will trigger the buy option in his loan deal after a disappointing campaign.
What have we learned?
So with a lengthy look at all of Olympiacos’s signings over the last two years, what have we learned?
Firstly, starting on a positive note, some players were brought in that have been good, some great even. Olympiacos have signed a mix of players who clearly have potential to develop further, become first team regulars and even be sold on for a profit in the future, along with a couple of older, more experienced players who have contributed to a certain capacity.
The caveat to that is that Thrylos have also made some very expensive mistakes, particularly in attacking areas. Velde, Strefezza, Cabella, Willian and even Biel, who was not on this list, have cost the club a lot in both transfer fees and wages, with all of them either having left or are close to leaving. Only Gelson Martins has been a genuine success of the outright winger signings of the last few years, excluding Podence in his first and second spells at Thrylos. This is something the scouting department needs to correct, as the targets they have identified and signed don’t seem to fit the way Mendilibar wants his team to play.
As the season now draws to a close, perhaps it is also time to say that selling Charalampos Kostoulas was a big error of judgment on the part of Olympiacos. A player who could start in any position in the attacking line, who had raw talent and was able to change the course of a game by himself, is something that Thrylos have sorely lacked, particularly in the second half of this season. While the fee was seen as too good to turn down, a loan back to Piraeus for 2025/26 in hindsight might have been the best for both parties, with Kostoulas himself struggling to even come off the bench at Brighton.
This also leads to another issue with the transfers, a lack of Greeks in the squad. So lucky were we last season to see nearly half of the starting XI be from the club’s youth academy with Tzolakis in goal, Retsos as the captain in defence, Mouzakitis in midfield and Kostoulas in an attacking position. More emphasis has reportedly been placed on targeting Greek players for this coming summer, and it should be a priority for Olympiacos.
Even giving youth players more opportunities throughout this year, with a more demanding schedule, is something that has not been done in the same way as previously. The likes of Alexios Kalogeropoulos, Stavros Pnevmonidis and Argyris Liatsikouras are waiting in the wings, with rivals PAOK still the club to look at for how youth is developed in Greece.
- READ MORE: The 10 biggest transfer fees for Greek players
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Lastly, if we swing back around to the Monchi quote at the beginning of this blog, it does feel as though, while the club has attempted to support Mendilibar with signings, there are key areas that the scouting department has not been able to get the first-choice targets for and have instead been forced to settle for alternatives that do not meet the criteria that the head coach ultimately wants.
Of course, everyone is to blame for where Olympiacos currently find themselves. The players, manager, technical staff, the board and the owner all need to take responsibility for this setback that could ultimately cost them retaining the title. What needs to happen from now, is proper planning for next season, with transfer targets that fit what Mendilibar, or another manager, needs to succeed.
If Thrylos do not adapt and learn from these mistakes, they could very well be playing catch-up with their rivals, who are already strengthening for next season. They could very easily find themselves in a similar position to that of the 2017/18 and 2022/23 seasons, where the club was in constant transition, managers and players arrived and left just as quickly, and there was no identity on and off the pitch.
As fans, we must hope for the best, but stability has been a luxury at Olympiacos over the last decade.
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