In the 2006–07 season, with the signings of head coach Pini Gershon and Arvydas Macijauskas, the Reds were one of the favorites to claim the EuroLeague crown, but they did not manage to qualify to the Athens Final Four. They were eliminated from the Greek Cup as well. In the Greek League playoffs, they made it to the finals after winning 3–2 a best of five semi-final against Aris.
The Reds' performance during the 2006–07 season, including their EuroLeague aspirations, Greek Cup exit, and Greek League playoff run, are all connected to their overall success or lack thereof.