The Karaiskakis Stadium had fallen in disrepair and its use was passed to Olympiacos in April 2003; the club took the responsibility to build a new football-only ground in its place, to be used for the football tournament of the 2004 Olympics.
In return, Olympiacos got exclusive use of the stadium until 2052, covering all maintenance costs and also paying 15% of revenue to the State. The old stadium was demolished in the spring of 2003 and the whole project was constructed in the record period of 14 months. It was completed in June 30, 2004 at a total cost of €60 million., the Karaiskakis Stadium is one of the most modern football grounds in Europe, also hosting the museum of Olympiacos and several facilities around.
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