1991-2004: The rebirth
Following the sterile '80s, the second golden decade of the team followed up. In 1991, Socrates Kokkalis took over and led the team to the top of both Greece and Europe. Five consecutive championship titles (1993, 94, 95, 96, 97), three cups (1994, 97, 02) and of course the Champions Cup in the Rome Final Four (1997) is the culmination of an impressive course for Olympiacos that played for two more european finals (1994, 1995) in the four Final Fours that the team participated (1999 - 3rd place).
Two great coaches, Giannis Ioannides and Dusan Ivkovic sat in the bench. While world renowed players like Paspalj, Rivers, Johnson, Tarpley, Volkov, Radja, Karnisovas, Komazec, Tarlac, Tomic, together with Greek players like Fassoulas, Kampouris, Sigalas, Bakatsias built the 'red' Empire.
During the 2001-02 season, with Lefteris Subotic in the bench, Olympiacos returned to winning titles after five years, winning the Greek Cup and having the unforgettable Alfonso Ford as its great protagonist. This title was also the last one for the Kokkalis era with Olympiacos.
Winning the Greek Cup in 2002, missing the opportunity to qualify to the Bologna Final Four and the lost Greek Championship final to AEK, a rough patch followed. The budget was significantly cut down but the winning spirit did not weather.
The 'reds' roster changed and with Tomic and Moris Evans in leading roles, Olympiacos was once again close to making the Final Four, but Barcelona, that actually won the title, eliminated the 'reds' following a very competitive series of games.
The 2003-04 and 2004-05 seasons were really tough. During the summer of 2004, Socrates Kokkalis returned together with Panagiotis and Giorgos Angelopoulos. However, it's difficult to make important changes to a low expectations roster that was created during the summer.