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.
In the 2006–07 season, with the signings of head coach Pini Gershon and Arvydas Macijauskas, the Reds were considered one of the top contenders to win the EuroLeague title, but they failed to advance to the Athens Final Four. They also exited the Greek Cup competition. In the Greek League playoffs, they reached the finals after winning 3–2 in a best-of-five semi-final against Aris.