ANNOUNCEMENT
Olympiacos had reached a specific and final agreement with Teo Papaloukas in June 2010. Papaloukas has accepted a reduction in his total financial compensation, acknowledging the need for the team budget to readjust to the new fiscal realities.
This agreement was put into effect for about a year and a half with no reservations or complaints on the part of the player. Anyway, this was not the first time Olympiacos had reached an oral agreement with the player.
The administration of Olympiacos wishes to remind to all that when Papaloukas had transferred from CSKA to Olympiacos, his decision was based on an oral commitment made by the team representatives, that was of course upheld.
The fact that suddenly in September 2012 Papaloukas initiates court procedures against Olympiacos backs down on the agreement made does not honor him and stigmatizes his legacy for Greek basketball.
OLYMPIACOS BC