Image Credits: Imago Images
It has been far from the fairytale return to management that many envisioned for Rafa Benitez. The Spaniard’s unveiling as Panathinaikos head coach in October 2025 made waves across Europe, and not only because of his illustrious name.
The Athens giants handed the 65-year-old a contract believed to be worth close to €4 million per year, setting a new benchmark as the highest-paid coach in Greek football history.
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Running until 2027, with an option for an additional year, the deal was widely interpreted as a bold statement of intent from the ambitious club and its owner, Giannis Alafouzos.
But the move has not gone according to plan for the former Liverpool manager.
In 25 matches across all competitions, Benitez managed just 13 victories alongside six defeats.
More damaging was the gap between Panathinaikos and the title-chasing pack — when he arrived, the club were seven points off the pace. By February, that deficit had ballooned to 16 points with AEK Athens running away with the league.
Reports of a dressing room revolt compounded the pressure, with players allegedly unhappy with a lack of tactical depth in pre-match preparation. By April, Panathinaikos had made their decision: the collaboration would end at the conclusion of the season’s playoff phase.
To replace Benitez, the club have turned their attention to Serhiy Rebrov, the former Ukraine national team manager, who recently departed his international post following a failed 2026 World Cup qualification campaign.
According to reports in Ukraine, Panathinaikos are seriously considering the 51-year-old for the role, with a salary of up to €2 million on the table. Rebrov is an experienced operator, having managed Dynamo Kyiv, Ferencváros, and Al-Ain before guiding Ukraine to Euro 2024.
The separation won’t come cheaply. Given the clauses in Benitez’s contract, the total cost of the parting is estimated to reach as much as €4.5 million when factoring in compensation obligations.
As for Benitez himself, at 65 he remains ambitious – don’t rule out a return to a mid-table European club seeking a short-term boost, or perhaps one final chapter in an unexpected corner of the footballing world.