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Return to distinction (1992–1995) Nikos Galis Fragiskos Alvertis In 1992, the club's basketball department became professional, under the management of the Giannakopoulos family. In the summer of 1992, Panathinaikos attempted a full reconstruction of the team. Nikos Galis, the top Greek basketball player, was acquired by the club, and was flanked by star players Stojko Vranković, Tiit Sokk, and Arijan Komazec. Thus, Galis lead PAO to a Greek Cup win and also to the Greek League championship finals, where they lost despite having home court advantage.
Panathinaikos counts one more championship that took place in 1921 and was organized by the YMCA. It is however not recognized by the Hellenic Basketball Clubs Association, as it was before the creation of the Hellenic Basketball Federation. The team plays its home games in the O. A. Olympic Indoor Hall, which has a maximum capacity of 19, 250 for basketball games. Panathinaikos also holds the world record for the longest title-winning streak, spanning 27 seasons, starting in 1995–96 and continuing up until 2021–22. These 27 years, Panathinaikos have won at least one title each season and 43 titles overall.
In 1954, the club would repeat the success, however the next five years would prove fruitless, and the club, despite its strength, would have to be renewed. Giorgos Kolokithas In 1961, Panathinaikos won the Greek League championship with new leaders Georgios Vassilakopoulos, Stelios Tavoularis and Petros Panagiotarakos. In 1962, Panathinaikos made the repeat, and was again the Greek League champion. That was also the year that PAO took part for the first time in a European-wide competition, as they faced Hapoel Tel Aviv in the FIBA European Champions Cup 1961–62 season. On 23 November 1963, Panathinaikos beat Olympiacos, by a score of 90–48, in the Mantellos Cup, a tournament that was later replaced by the Greek Cup, which made its first appearance in 1976.
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Šarūnas Jasikevičius The arrival of Željko Obradović to Panathinaikos, during summer 1999, marked the beginning of an extraordinary period for the club, with many major successes, and the establishment of the team as one of the strongest in the history of European club basketball. The first thing that Obradović did, was to adapt the team to Dejan Bodiroga, who was the absolute leader of Panathinaikos.
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In addition, head coach Želimir Obradović, was voted the top coach, with 1, 399 votes. At the 2011 EuroLeague Final Four in Barcelona, Panathinaikos, after a great performance by Calathes in the semifinal against Montepaschi Siena (17 points, 6 rebounds, 2 steals), won 77–69, and reached the EuroLeague Final against Maccabi Tel Aviv. In the final, the "Great Club" won its sixth EuroLeague title, by holding off Maccabi, by a score of 78–70. Post-Obradović period (2012–2018) James Gist After the departure of Obradović, Panathinaikos' new head coach, Argiris Pedoulakis, was forced to make massive changes to the team, with 12 new players being added to the roster, including James Gist, Roko Ukić, and NBA players Jason Kapono and Marcus Banks.
At the 2007 EuroLeague Final Four, which was held on their home court of OAKA, in Athens, Panathinaikos became EuroLeague champions for the fourth time, after beating the defending champions at the time, CSKA Moscow, by a score of 93–91 in the final. The same teams (PAO and CSKA), competed in the final of the 2009 EuroLeague Final Four in Berlin, where Panathinaikos won the trophy again, for the fifth time in their history. The score was 73–71. On 14 December 2009, Panathinaikos was voted the top Greek sports team of 2009, by the Greek Sports Journalists Association, with 1, 291 votes.
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Also, at the end of the year, there were many significant changes in the team, starting with the withdrawal of Bodiroga, making a renewal of the team's roster an imperative. 2002–03 was the year that Obradović used to restructure Panathinaikos, and return them to the top of Greece. He emphatically achieved this objective by leading the team to 9 straight Greek League championships (2003–11), with 6 doubles in Greece, and 2 triple crowns (i. e. Greek double plus EuroLeague champions) in the following years, thus creating a dynasty. Panathinaikos had radically changed the style of their game, after replacing Bodiroga. The game contribution of the Serbian player was replaced by an unprecedented model of teamwork, that proved that a superstar was unnecessary. Players such as Lakovič, Alvertis, Diamantidis, Fotsis, Tsartsaris, Batiste, and later Spanoulis, Šiškauskas, and Jasikevičius, who played not for themselves, but for the maximum success of the team, led to the transformation of PAO, into a title-winning machine, that was not hampered by irreplaceable players, and this quality was widely recognized.
In 1967, Panathinaikos were crowned Greek League champions, with Giorgos Kolokithas (one of the greatest basketball players of his era) in their ranks. In 1969, the conquest of the Greek League championship was followed by the first European success of the club, the qualification to the semifinals of the FIBA European Cup Winners' Cup 1968–69 season, where they were eliminated by Dinamo Tbilisi. The next year, 1970, PAO was the first Greek basketball team to use a foreign player (Craig Greenwood) in a European game.
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