Photo Credit: Cedevita Olimpija / Tine Ružič

When Aris played in Europe on Thursdays, children sang after their afternoon school shift before going home. That’s how Terzos, an Aris supporter from the emperor.gr fan forum, remembers the late 1980s.

The primary school he attended operated with morning and afternoon shifts. He recalls that around 19:30, when darkness had already fallen, almost the whole school united into one voice, singing spontaneously for a few minutes before drifting off to go home.

Almost four decades later, Aris still graces the European stage midweek around the same hour, despite periods of absence from Europe. On 28 October 2026, Aris beat Cedevita Olimpija, 78-73. 

Nick Galis Hall was sold out, with the Greek side packing 6,004 spectators into the intimate venue.

Today, Aris has lofty ambitions, with new ownership led by Richard Hsiao seeking to restore the club’s competitive standing.

The Emperor’s Reawakening might suggest a club regaining its competitive strength. Yet the question to explore is this: what does it mean for the Emperor to reawaken when supporters insist their devotion never died?

Before The Emperor

Two years after Greek forces entered Thessaloniki in 1912, Aris Sporting Club was founded on 25 March 1914. The name references Ares, the Greek god of war. The club established its basketball section in 1922.

YMCA Thessaloniki dates its earliest historical photographic evidence of basketball to 1919. Staff played the sport with improvised equipment, including an upturned chair acting as a basket.

The YMCA also documents that members of Thessaloniki’s Armenian community were among the first to play basketball for Aris. Several communities and institutions contributed to the city’s early basketball development.

Aris won their first national championship in 1930, beating YMCA Thessaloniki 32-22.

Phaedon Matthaiou became one of the sport’s most influential early figures in Greece, closely involved in Aris’s post-World War development. He was central to rebuilding their basketball operation and laying the post-war foundations for both the men’s and women’s teams.

Anestis Petalidis served as head coach for nearly two decades, joining from YMCA Thessaloniki during the early 1950s. He provided continuity across generations, developed players and played a vital role in bringing Giannis Ioannidis into coaching the club.

Anestis, in a 2006 interview, recalled during his coaching days that they shared just one basketball, and travelled by bicycle. A stark difference to the abundance of resources available for top basketball clubs today.

A few years later, Aris entered their first European competition for the 1966-67 season: the Cup Winners’ Cup, but that wasn’t the only important development. That season, the club moved into the Alexandrio Melathron.

In 1978, former Aris player Giannis Ioannidis was appointed head coach.

The 1978-79 Greek championship saw Aris pick up the National title, winning 24 fixtures and only losing twice. Captain Vangelis Alexandris and Harris Papageorgiou were central in bringing the title to Aris.

When Thursdays Belonged To Aris

Nikos Galis grew up in New Jersey, the son of Greek immigrants. He became a prolific scorer at Seton Hall, averaging 27.5 points during his final season.

His scoring performances attracted the Boston Celtics, who selected him in the 1979 NBA draft. However, he did not end up there, and would begin his professional career in Thessaloniki. This was due to suffering an ankle injury during training camp, failing to secure a place on the Boston Celtics roster.

Galis did not possess a significant height advantage, so his effectiveness came from elsewhere. It came from exceptional footwork, balance and the ability to create scoring opportunities against different defensive structures.

An example of this came against Ionikos on 24 January 1981, where Aris won a closely contested game 114-113. Galis put up a remarkable 62 individual points, yet the opposition had their own remarkable scorer who’d come to Aris years later: Panagiotis Giannakis.

The summer of 1984 saw Giannakis join Aris from Ionikos Nikea.

Galis and Giannakis were not solely responsible for Aris’s success during the 1980s, as Ioannidis was the key figure from the bench. As for playing personnel, people such as Nikos Filippou, Michalis Romanidis and Lefteris Subotić were vital for the dynasty itself.

Aris secured their first ever league-and-cup double in 1985. Aris beat Panathinaikos 86-70 in the Greek Cup final, with Giannakis scoring 37 and Galis 33, combining for seventy points between them.

Between 1985 and 1991, they went on to win seven consecutive national championships. Furthermore, the Thessaloniki based club went on an 81 domestic game winning streak, between 1985 and 1988.

As a nation, Greece went on to win EuroBasket in 1987, spearheaded by the performances of Nikos Galis and Panagiotis Giannakis. Other contributors to this incredible achievement included Panagiotis Fasoulas, Fanis Christodoulou and Argyris Kambouris, led by head coach Kostas Politis.

The following season demonstrated how far Aris had come. December 1987 saw Aris travel to Barcelona, beating the Spanish club 89-88, with Galis leading the scoring with 45 points. Then, in January 1988, Milan were beaten comprehensively at the Palais, 120-95. Galis contributed 50 personal points, with Subotić an additional 37. Aris wasn’t just a powerful Greek side anymore. They were beginning to threaten the longstanding European powers.

The significance of these nights extended beyond the court itself.

For families across Greece, Thursday nights became synonymous with watching Aris playing in European competition. Televisions up and down the country brought the visuals and sounds of the Palais into the homes extending well beyond Thessaloniki. Commentator Filippos Syrigos also became intertwined with these nights, as his voice became synonymous with the broadcasts.

Filmmaker Elias Giannakakis, who later produced his own documentary regarding the club, described the anticipation that built:

“It was like we were waiting for Santa Claus, every Thursday evening.”

The Alexandrio is well known for its distinctive atmosphere. Supporters would arrive well before tip-off, displaying yellow-and-black banners, chanting and scattering paper confetti.

Home advantage wasn’t just a tactical consideration for Aris. The crowd played an active part in forming the spectacle that television audiences watched all around the country.

Europe’s most prized possession however remained out of Aris’s reach.

Aris reached the Final Four in 1988, travelling to Ghent where they faced Tracer Milan, but lost 87-82.

In Munich during 1989, Maccabi Tel Aviv beat them 99–86, yet they would recover to defeat Barcelona to claim the third-place game. Their third Final Four on the bounce came in 1990, and when Aris went to Zaragoza, they lost to Barcelona in the semi-final 104-83.

Three European Final Fours on the spin. Not a single one resulted in a trip to the championship final.

A frustrating contrast had formed. Domestically, Aris developed an exemplary level of dominance. But in Europe, they were always one step away from reaching the final hurdle. Galis later acknowledged that their opponents often possessed greater strength inside, and that success at a Final Four also demanded an element of fortune.

The dynasty did not die immediately. Aris completed their seven successive national championships in 1991, and then won the Greek Cup in 1992. However, Ioannidis departed the club following the end of the 1990-91 campaign, and Galis bid farewell to Aris the following season, joining Panathinaikos.

The Trophies After The Dynasty

Nikos Galis’ departure did not mean that the club’s European ambitions disappeared with him. Less than a year after Galis’s final appearance for Aris, the club achieved a feat the dynasty never managed: lifting a European trophy.

On 16 March 1993, Aris travelled to Turin to take on Efes Pilsen in the European Cup Winners’ Cup Final, an opportunity to collect silverware which eluded previous iterations of Aris.

The game itself was closely contested, with Aris trailing 32-29 at the half, before ultimately winning 50-48.

The captain lifting the trophy was Panagiotis Giannakis. A player who had formed a strong partnership with Galis was now celebrating winning a European trophy with an entirely different Aris team.

However, serious disorder followed. Groups of Aris supporters attacked Efes players and supporters after the final, with injuries sustained and objects thrown.

Initially, FIBA imposed a two-year European suspension on Aris.

This would be reduced, leading to FIBA eventually imposing a one-year home-venue ban, meaning Aris played European home games away from the Palais and without fans.

The next European triumph came under former golden-generation player Lefteris Subotić. He assembled a squad featuring Mario Boni, José Ortiz, Charles Shackleford and Panagiotis Liadelis.

They reached the 1997 Korać Cup final after overcoming Benetton Treviso in the semi-finals, winning 163-160 on aggregate.

Tofaş won the first leg 77-66 in Thessaloniki, meaning Subotić’s team required a significant turnaround.

Aris overturned the deficit, beating Tofaş 88-70 at Tofaş’s homecourt, winning the Korać Cup by seven points on aggregate. Ortiz scored 25 points, with Boni contributing 20.

A significant moment came through Tzanis Stavrakopoulos, who converted a four-point play after making a three-pointer whilst being fouled.

There were plenty of disturbances from the crowd during the fixture, with objects thrown and supporters evacuated towards the end.

George P., an Aris fan who experienced the 1997 triumph as a teenager, remembers going towards the White Tower with friends, where they climbed scaffolding surrounding a theatre building during celebrations.

“The scaffolding has long since disappeared, but we still remember climbing up there as teenagers on that unforgettable night in 1997.”

Early 1998 saw Aris experience serious financial difficulties. Players had left due to payment problems, and the side entered the Greek Cup Final Four with much lower expectations than in years gone by.

Christos Magkotsios led Aris to face Panathinaikos in the semi-final. Against all the difficulties off-court, Aris delivered an emphatic 83-68 victory, getting a place in the final against AEK.

The man on the sidelines for AEK was a face familiar to Aris supporters.

Giannis Ioannidis.

Aris’s architect during the dynasty era now coached the opposition standing between his former team and lifting another trophy.

On 1 February 1998, Aris won the Greek Cup, beating AEK 71-68 at the Alexandreio.

Extraordinary celebrations erupted. Boni was seen beating a drum in front of Aris’s supporters, collectively celebrating a trophy that very few expected the financially struggling side to capture.

Looking back at both victories, George explains why both remain significant to him:

“Looking back, what made those two trophies so special was not simply the fact that we won them, but the circumstances in which they came.”

Aris hosted the FIBA Champions Cup Final Four at the Palais in May 2003. Coach Vangelis Alexandris had captained the 1979 championship-winning side, and would take Aris to the final of this competition, facing Prokom Trefl Sopot.

Willie Solomon scored 32 points, but the decisive play came during the closing stretch. Miroslav Raičević grabbed an offensive rebound, and converted the winning basket, securing an 84-83 Aris victory, and their third European trophy.

During that year, GENESIS emerged as a supporter-led initiative, looking to strengthen the organisation and address Aris’s uncertain future.

Furthermore, Aris won the Greek Cup in 2004, adding to their collection of trophies during difficult periods.

Success did not equate to Aris’s financial or competitive difficulties disappearing. Despite this, Aris later reached the 2006 ULEB Cup final, returning to the EuroLeague and reaching the Top 16 in consecutive campaigns.

Trophies continued to arrive. The more pressing issue would be ensuring the club behind them could survive.

When Survival Replaced Silverware

Mounting debts placed increasing pressure on Aris. This situation eventually meant the club sought protection through Article 99 of Greek bankruptcy legislation.

The process allowed the club to negotiate with creditors.

On 21 January 2014, a Thessaloniki court ratified the restructuring agreement, giving Aris an opportunity to address their debts, but this didn’t mean their financial issues had gone.

Nikolaos Laskaris became the club’s principal investor on 18 June 2015 after already acquiring a substantial stake, offering another opportunity for recovery.

Dimitris Priftis led Aris to a fourth place finish during the 2015-16 Greek championship whilst simultaneously competing in Europe.

Former chairman Lefteris Arvanitis resigned in September 2017, expressing concerns over the ability of ownership to sustain the club’s outstanding financial obligations.

The year after, the principal shareholder changed as Dimitris Goulielmos took charge.

In December of that year, the board published a statement describing the conditions it claimed to have inherited. Players, coaching staff and wider employees of the club had gone unpaid, suppliers would not cooperate, and over the summer FIBA imposed seven transfer restrictions on Aris.

Up until the league season was suspended due to the COVID-19 pandemic, Aris occupied the relegation places alongside PAOK, with Aris holding a record of 6-14.

Once the campaign had been abandoned, the league decided on 21 May 2020 that no clubs would be relegated. Hence, Aris retained their spot in Greek basketball’s top flight.

The financial situation continued to cause problems. At an April 2023 press conference, Lefteris Arvanitis revealed that the administration assumed approximately €5.6 million in debt in 2020.

He went on to explain the sporting parent association would continue the basketball club, rather than enable its dissolution.

Supporters carried the difficulties with them, with a weight that statistics could never communicate.

RichDream7777, the moderator of the r/arisbc community, grew up hearing all about the Galis dynasty through his father. Subsequently, he experienced a difficult period in the club’s history, summarised by financial worry, poor on-court performances and anxiety regarding Aris’s future.

When reflecting on expectations passed down from generations past, he explained:

“I feel like I have a huge legacy from our parents that we must continue.”

Aris continued to work towards financial recovery.

Former players and creditors reached agreements with the club, allowing the longstanding FIBA transfer restrictions to be addressed. The last of those outstanding restrictions were removed in September 2023.

Aris did not become debt-free. Nevertheless, it represented substantial progress towards recovering and building stability.

Aris competed in EuroCup once again during the 2023-24 season. Giannis Kastritis led them to a 9-9 regular season record, reaching the knockout phases. Furthermore, they would reach the Greek league semi-finals too, competing on both domestic and European fronts.

However, Aris only won three fixtures from eighteen the following EuroCup campaign, and domestic results also slipped. Kastritis left in January 2025 as competitive difficulties intensified.

The Emperor’s Reawakening

A new chapter began on 21 July 2025, as 90% of Aris BC’s shares were transferred to Black & Yellow Holdings Ltd. This company is a subsidiary of RHC Group, associated with American investor Richard Hsiao. The parent sporting association retained the remaining 10% allocation.

After multiple years of repeated attempts for financial recovery, another ownership group set out ambitions to get Aris back to the top.

During a press conference on 15 June 2026, CEO Agapitos Diakogiannis claimed Aris were operating without borrowing, and no longer had outstanding debts to the state. COO Byron Antoniadis explained Hsiao’s investment was provided through increases in share capital rather than loans.

It should be stated these remain claims from club officials, rather than independently audited confirmation that all financial obligations had been sorted.

Aris finished 8-10 in the 2025-26 EuroCup season, missing out on the knockouts.

They appointed Vassilis Spanoulis as head coach on 3 June 2026. Spanoulis won three Euroleague titles as a player. He already had been to the summit of Europe’s highest stage in coaching, leading AS Monaco to the 2025 EuroLeague final where they finished as runners-up.

Now, he would try to build a competitive European basketball squad in Thessaloniki. His official presentation saw him emphasise the importance of building something longstanding:

“I do not like making big statements or promises.”

Thanasis, an Aris fan, recalls joking with his father about the possibility of a billionaire investing in the club and convincing Spanoulis to join Thessaloniki.

What once seemed fanciful became reality. He couldn’t recall his father’s precise reaction but described the feeling as one of “optimism for the future and respect for the past.”

The Palais underwent changes as well, with a new retractable stand installed ahead of the ongoing 2026-27 campaign. This increased seating capacity, and other improvements were also made to the venue.

Aris have begun the EuroCup campaign with five successive wins, including an impressive 110-79 away win over Rostock Seawolves, and the closely fought 78-73 victory against Cedevita Olimpija, which opened this article.

Import3d, an Aris supporter raised in Sweden with family originating from Thessaloniki, travelled to Germany with his father to watch Aris.

Fifteen years before, the pair went to Manchester, watching Aris’s football team lose 3-0 to Manchester City in the Europa League.

Different sports and results did not change the importance of experiencing Aris together for him.

“Different city, different sport, but exactly the same feeling.”

The new administration under Hsiao has made tangible changes as Spanoulis and his players provide an encouraging glimpse of what’s to come.

Yet five European victories cannot establish that Aris’s recovery is complete.

For supporters who’ve endured the financial uncertainty, disappointing results and endless promises of recovery, this new beginning offers significance extending far beyond another trophy.

The People Who Never Left

Among the sell-out crowd on Wednesday 28 October was an Aris supporter known as Stavros1.

His earliest memories involve watching Aris on television with family, wearing yellow and recreating the Palais’s confetti-throwing tradition at home with scraps of paper.

He became a season-ticket holder in 2003.

This particular Wednesday was very different.

Aris defeated Cedevita Olimpija 78-73, and Stavros attended with his son and father, who was returning to the Palais after almost three decades. Three generations of the same family, all sharing one night at the Palais.

Almost four decades before this, Terzos remembers children gathering after school, singing for Aris before European battles. That was during the years of Galis, Giannakis and others who transformed ordinary Thursday nights into something far more.

The years after brought incredible achievements, poor results and moments when the club’s own future was in the balance.

Together, experiences shared by supporters reveal an important distinction.

The Emperor’s sporting strength needs restoring. For supporters like Stavros however, the bond with Aris never disappeared.

Stavros’s story extends far beyond this particular win, or even the current generation.

After sharing the Palais with his father and son, Stavros has another ambition:

“All I want now is to be able to see a game after a few decades with my own grandkids.”