Nikodimos Papavasiliou was again appointed as manager for 2012, after lowering his wage by mutual consent with chairman Savva. It was announced that the budget would be reduced from the previous season and to achieve this only a few players from the previous season's squad remained. The team started the season with a 3-point deduction after failing to meet the UEFA Financial fair play criteria. Papavasiliou received an offer from Apollon Limassol after 2 games in charge of Olympiakos and was released from his contract by mutual consent.