Panathinaikos Faced With The High Cost Of Azzedine Ounahi’s Return

Not every reunion comes cheap, and Panathinaikos is discovering that firsthand in its pursuit of Azzedine Ounahi. The Moroccan midfielder spent the 2024-25 season on loan in Athens from Olympique Marseille, a deal that cost Panathinaikos €500,000 in loan fees plus his full salary. He repaid that investment with 25 league appearances, five league goals, and 37 total matches across all competitions, earning recognition as one of the club’s standout performers of the season. Ounahi’s emergence as a key figure for the Atlas Lions on the international stage has only added to his growing profile and market value.

A €500,000 loan gamble paid off big: 25 league appearances, five goals, and standout status for Ounahi in Athens.

Despite that impact, Panathinaikos chose not to activate the purchase option embedded in the loan agreement, valued between €11 million and €11.5 million. Club leadership judged the fee too high relative to the projected sporting return, and with Ounahi still under contract at Marseille until 2027 at the time, the French club held strong negotiating leverage. The loan ended, and Ounahi returned to Marseille as expected.

The situation has since shifted considerably. Marseille sold Ounahi to Girona in La Liga for €6 million on 30 August 2025, and the player signed a long-term contract running until 30 June 2030. That deal changes everything for Panathinaikos. Girona now holds full control over Ounahi’s future, and reports suggest his market value has climbed to around €18 million, reflecting his adaptation to Spanish football and the growing reputation he built during his time in Greece. His rise has been closely tied to his role as one of the rising stars of the Moroccan national team, a status that has only strengthened his standing among prospective suitors.

Any renewed move to bring him back to Athens would look very different from the original loan. Girona is reportedly seeking around €15 million for a permanent sale, roughly three times what Panathinaikos initially rejected. Ounahi’s camp is also said to be asking for approximately €4 million per year in wages, a figure well above typical Greek Super League salaries. Combined, the transfer fee and salary demands would represent a significant financial commitment for a club that already balked at a smaller package a year earlier.

For Panathinaikos, the numbers highlight a broader pattern: hesitation on a loan option can turn a manageable fee into a far costlier proposition once a player’s value rises elsewhere. Whether the Greek club revisits this pursuit will depend on how much financial risk it is now willing to accept for a proven contributor.