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They acquired Memos Ioannou in 1974, and Greek-American David Stergakos in 1979 (a player that would contribute greatly to the team in the coming years).

In the five years that followed, Panathinaikos won 4 Greek League championships (1980, 1981, 1982, 1984) and two Greek Cups (1982, 1983).

The balance of the Greek League's power however, had tilted in favour of Aris, and Panathinaikos ceased to be the leader of the league, and were limited to a secondary role. Thus, in 1986, against all odds, they managed to eliminate powerful Aris from the Greek Cup at the semifinal stage.

In 1962, Panathinaikos made the repeat, and was again the Greek League champion.The parent athletic club was founded in 1908, while the basketball team was created in 1919, being one of the oldest in Greece.Alongside Aris, they are the only un-relegated teams with participation in every Greek First Division Championship until today.In 19, Panathinaikos emerged as champions once again with the help of great athletes Faidon Matthaiou (considered the Patriarch of Greek basketball) and Nikos Milas.In 1954, the club would repeat the success, however the next five years would prove fruitless, and the club, despite its strength, would have to be renewed.

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