Benítez was on Forest’s radar earlier this season and Marinakis’ decision not to hire him is having consequences for both the Premier League club and Olympiacos
In October 2025, as Nottingham Forest searched urgently for answers following a turbulent start to the Premier League season, one of the names seriously considered by owner Evangelos Marinakis was Rafael Benítez.
Forest were 17th in the table at the time, just a point above the relegation zone, and Ange Postecoglou’s short-lived reign was already unravelling.
Marinakis, a long-time admirer of Liverpool, viewed Benítez – the man who delivered the Champions League to Anfield in 2005 – as a safe, authoritative pair of hands capable of steadying the club.
Whether Forest hesitated or Benítez simply wasn’t convinced by the project remains unclear. What is clear is that Forest ultimately turned elsewhere, appointing Sean Dyche, while Benítez resurfaced rapidly in Greece.
On October 19, Panathinaikos confirmed his arrival, a timeline that strongly suggested talks had been progressing with the Greek club long before Forest’s interest became public.
Though had Marinakis gone for Benítez after the controversial sacking of Nuno Espírito Santo, both Forest and Olympiacos may well have been better off, after the recent Greek derby that will have left Marinakis ruing what could have been.
Benítez strikes in Greek football’s fiercest rivalry
Fast forward to Sunday, February 8, and those two paths collided again in the most uncomfortable way possible for Marinakis.
Panathinaikos travelled to the Georgios Karaiskakis to face Olympiacos in the Athens derby, Greek football’s most intense rivalry.
Under Benítez, PAO produced a typically disciplined, controlled performance to secure a shock 0-1 away victory that has caused a massive dent on Olympiacos’ title hopes.
“We knew it would be a difficult game and that we needed to be solid in defence, which we were. We could have been even more dangerous in transitions.
“The players gave their all from the first to the last minute and deserve congratulations,” Benitez told media after the win.
“The win will give the players belief and confidence in their abilities. For the championship, it’s a huge victory that will give us a boost in our league standing. It gives a boost to the fans, to the club, and ahead of the Cup semi-final,” he said, via Gazzetta.gr.
Evangelos Marinakis has moved decisively to beat Benfica to the signing of Brazilian winger André Luiz.
The 24-year-old joins from Rio Ave, another club owned by the shipping tycoon. https://t.co/YCkxRoaQFc #nffc #benfica #transfers
— BBSportNews (@thebbsportnews) January 30, 2026
It was Panathinaikos’ first win over Olympiacos in nine meetings across all competitions, and it landed directly on the doorstep of Marinakis, who owns the Greek giants alongside Nottingham Forest.
The defeat was damaging beyond bragging rights. Combined with AEK Athens’ emphatic 0-4 win at Panserraikos, Olympiacos slipped two points behind AEK at the top of the Greek Super League table, tightening a title race that has already broken recent patterns of dominance.
A monopoly slipping and a familiar face involved
Olympiacos have long been Greek football’s dominant force, winning the league in all but seven of the past 30 seasons.
Yet the landscape has shifted sharply in recent years, with AEK and PAOK sharing the title between them across the last four campaigns.
Benítez’s arrival at Panathinaikos has added another layer of instability for Olympiacos, and perhaps a layer of frustration for Marinakis.
The Greek billionaire is famously impatient with managers. Since purchasing Olympiacos in 2010, he has overseen 16 permanent managerial appointments, not including caretakers. At Forest, he is already on his 12th manager since taking over in 2017.
That makes Sunday’s defeat sting even more. Marinakis controversially parted ways with Nuno Espírito Santo after a strong season last year, before Benítez committed to Panathinaikos. Now, the Spaniard is directly obstructing Olympiacos’ title ambitions.
For Nottingham Forest fans, it’s a what-if after Benítez never arrived at the City Ground given their ongoing relegation worries – they lie in 17th place in the second week of February, exactly where they were before the sacking of Postecoglou, when the Benítez links began.
Months later, the Spaniard is delivering a result that may linger far longer with Marinakis, who sees his decision, or indecision, of not snapping up Benítez for Forest as a double-blow as one club he owns hovers dangerously above the drop zone while another could be facing a rare trophyless season.