Rafa Benítez, the former manager of Liverpool, has been appointed as the head coach of Panathinaikos. Greek reports indicate that this contract is the most lucrative coaching deal in the country’s history.
The Athens-based club, currently positioned seventh in the 14-team Greek Super League, announced on Friday that the experienced Spanish manager has signed a deal projected to last until 2027.
Sources suggest that the annual value of the contract is nearly €4 million ($4.6 million) and includes an option for an additional year.
The 65-year-old Benítez, who has also managed clubs like Real Madrid, Inter Milan, and Newcastle United, was dismissed from his role at Celta Vigo in March 2024 after only five league victories.
Earlier, Benítez was let go by Premier League side Everton after a brief 200-day tenure in early 2022, struggling to escape the shadow of his successful stint with rival Liverpool.
During his time at Liverpool, Benítez famously led the team to victory in the Champions League in 2005, a feat often referred to as the “Miracle of Istanbul.” He also guided the club to another final in 2007 and secured the FA Cup in 2006.
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Benítez previously served as Chelsea’s interim manager, leading the team to a Europa League championship in 2013. He also guided Napoli to an Italian Cup victory in 2014.
After a brief seven-month term, Real Madrid let him go in January 2016.
Panathinaikos made the decision to part ways with Rui Vitoria last month, with Christos Kontis temporarily stepping in as head coach. The team recently suffered a 3-1 defeat to Feyenoord in the Europa League.
Benítez’s inaugural match in charge will take place on Sunday when Panathinaikos hosts Asteras Tripolis, who are currently at the bottom of the standings.