Ounahi returns to Panathinaikos: A 25-million-euro gamble by a hungry club

Athens summer afternoon, sunlight poured down on the Koropi training ground in golden hues. A group of journalists waited outside the iron fence, cameras pointed toward the steel door. When Azzedine Ounahi stepped out, the green jersey hugging his athletic frame, I remembered a moment two years ago, also at this place, when the Moroccan player made the entire Gelora Bung Karno stadium stand up and applaud during an international friendly. Now, he returns to Panathinaikos, not as a rising star but as the most expensive signing in the club's history. The flame in the stands never goes out, it just changes color into arms. But behind the glamorous media spectacle, a big question hangs in the air: Is Panathinaikos betting too much on their future? To understand this story, we need to look back at Ounahi's career trajectory. He exploded at the 2026 World Cup when he helped Morocco reach the semi-finals, with his high-energy play, high pressing, and bold dribbling runs. After that tournament, he joined Panathinaikos on loan, quickly winning the hearts of fans. In the 2026-2026 season, fans voted him the team's best player – a testament to his influence on the pitch and in the hearts of supporters. But football is not just about emotional stories. When Girona – a club playing in La Liga – made an offer, Ounahi left. That was a natural step for a young player wanting to test himself in one of Europe's top leagues. However, his season in Spain did not go as expected. Girona had a crowded midfield with names like Aleix García and Yangel Herrera – players who took up most of the playing time. Ounahi often found himself on the bench, coming on as a substitute in many matches. That season was described as "successful" in the original article, but success here needs to be understood relatively – success in terms of integration, of not causing trouble, not statistical success. Now, Ounahi returns to Athens in a deal that has sent shockwaves: a loan with an obligation to buy for 25 million euros, with a salary of 2.7 million euros per year – the highest in the entire Panathinaikos squad. For comparison, Transfermarkt valued Ounahi at 12-15 million euros in 2026. That means Panathinaikos is paying 67% to 100% above the player's market value. This is not just a contract; it is a statement – a statement of ambition from a club tired of finishing behind Olympiacos in the title race. Based on my experience following matches in both Southeast Asia and Europe, I notice that deals like this often carry much greater risks than what fans see. In modern football, there is no such thing as a bargain when a club pays double the market value. The truth is: Panathinaikos had to compete with Ajax Amsterdam for Ounahi's signature. This race drove the price up, and the Greek club had to accept that price to "beat" their Dutch rivals. Tactically, Ounahi brings something Panathinaikos lacks: the ability to carry the ball forward from midfield. He is a box-to-box midfielder with dribbling ability to break lines and disrupt opposing defensive structures. In a league like the Greek Super League, where many teams choose defensive formations, a player who can create space like Ounahi is invaluable. Head coach Diego Alonso – appointed last season – often uses a midfield double pivot with one creative outlet. Ounahi can play as an advanced number 8 or even as a wide midfielder in a 4-3-3 formation. However, the tactical story is only part of the picture. The bigger issue lies in the club's financial structure. Panathinaikos is a big club in Greece, but their revenue cannot compare to top European clubs. Ounahi's 2.7 million euro salary – if net – would create a huge gap compared to the squad's average wage. In the dressing room, this could cause resentment. Key players like Fotis Ioannidis or Bernard – who have been with the club for years – might question their own value. I have witnessed many similar cases in Southeast Asia, where a blockbuster signing broke the wage structure and caused internal rifts. Another point to consider: injuries. Ounahi is a player with a high-intensity playing style, often subject to physical contact. In the past, he has missed several matches due to muscle injuries at both Angers and Girona. If injuries recur, the 25 million euro obligation to buy would become a dead investment. Panathinaikos is not rich enough to absorb such a failure. Looking at the bigger picture, this deal reflects a larger trend in the Greek Super League. Clubs are increasingly willing to spend recklessly to compete with Olympiacos – the richest and most successful club in the league's history. But is this recklessness sustainable? The answer lies in whether Panathinaikos qualifies for European competitions. If they reach the group stage of the Champions League or Europa League, revenue from broadcasting and prize money could offset part of the cost. If not, the 25 million euro burden along with the massive salary will weigh heavily on the club's budget for years to come. What I find most interesting about this deal is how the media narrative is orchestrated. The promotional video with the phrase "The magic is back" was released immediately after the official announcement. Fans – who voted Ounahi as the best player last season – are very excited. But behind that excitement lies a harsh reality: if Ounahi fails to perform at his peak, or worse, suffers a long-term injury, disappointment could quickly turn into anger. Football fans never forget, and they never forgive expensive signings that fail. There is a counter-intuitive perspective that few mention: this return might not be entirely good for Ounahi's development. At Girona, despite not playing regularly, he still trained in a Spanish football environment – one that emphasizes technique and tactical thinking. Returning to Greece, he will be the number one star, expected to carry the whole team. This pressure can be a double-edged sword. Some players thrive under pressure, others crumble. I have seen too many talented young players crushed by excessive expectations from fans. In terms of transfers, Girona is certainly making a good profit. If they bought Ounahi for a lower price from Angers or Panathinaikos earlier, selling him for 25 million euros would create significant profit, helping their financial fair play position. This shows a harsh reality of modern football: players are not just human beings, they are assets – and assets must generate returns. For the Moroccan national team, Ounahi playing regularly at Panathinaikos is a positive signal. The national team needs players in good form, and his consistent playing time at a club where he is central will help him maintain optimal fitness for the 2026 World Cup qualifiers. From a Southeast Asian perspective – where I was born and work – this deal offers a lesson worth pondering. We often see clubs in Vietnam, Indonesia, or Thailand spending huge amounts on expensive foreign signings, but rarely considering sustainability. A blockbuster signing can bring short-term joy, but without a long-term strategy, it can become a burden. I remember the story of Persikabo 2026 in Indonesia – a club that faced a severe financial crisis in 2026, leaving players unpaid for three months. We had to raise funds together to save the club. That lesson remains valuable: football cannot survive on passion alone; it needs a solid financial foundation. Returning to Panathinaikos, the biggest question is not whether Ounahi will succeed, but whether the club can afford to suffer if things don't go as planned. Greek football is not an easy place for financial gambles. The country's clubs have been sanctioned by UEFA multiple times for financial fair play violations. If Panathinaikos cannot achieve their sporting goals, they could fall into a debt spiral and face transfer bans. But perhaps, viewing this deal only through the lens of risk is not enough. Football – at its deepest essence – is a story of hope. Panathinaikos fans have waited too long to see their team compete fairly with Olympiacos. They crave a champion, an icon, a hero. Ounahi – with his talent and passion – could be that hero. But heroes in football need not just talent; they need luck and a strong collective around them. I will closely follow the next developments. Will head coach Diego Alonso adjust his tactics to maximize Ounahi's abilities? Will other players accept the wage disparity? Will Panathinaikos get through the European qualifiers? All these questions will be answered in the coming months. And when the season ends, we will know whether this was a genius gamble or a foolish mistake. Between Moscow, two thousand hearts spoke a common language not found in dictionaries. Between Athens, tens of thousands of fans are preparing to sing victory songs. But before the drums sound, remember: in football, nothing is guaranteed. A 25 million euro contract could be the beginning of a glorious era, or it could be the end of a dream. We can only wait and observe. And looking to the future, I ask myself: Will Southeast Asian clubs – those learning from Europe – be wise enough to avoid the financial traps Panathinaikos is facing? Or will they repeat the same mistakes? The answer lies in how each club builds a sustainable development strategy, rather than chasing short-lived glory. Because in the end, football is not just about matches, but about how we build a community, an identity, and a sustainable future.