In 2004, Olympiacos merged with Kassandra F.C., which competed in Beta Ethniki, into A.S.K. Olympiacos F.C. based in Volos and competing in Beta Ethniki. However, also the team competing in Delta Ethniki continued to exist as Ethnikos Olympiacos Volos FC. In 2004–05, A.S.K. Olympiacos F.C. reached the 5th place in Beta Ethniki and changed ownership, but was relegated the following year. In 2007–08, Ethnikos Olympiakos was promoted to Gamma Ethniki and A.S.K. Olympiakos F.C. to Beta Ethniki. The two teams remained separate for 4 years, until the summer of 2008 when only one Olympiakos remained in Volos. In 2008, Ethnikos Olympiakos Volou merged with Doxa Drama F.C. in Gamma Ethniki, leaving only A.S.K. Olympiakos in Volos, which participated in Beta Ethniki at the time and was later renamed Olympiakos Volos 1937 FC.