 Following his outstanding season in 2004–05 with Maroussi, Spanoulis signed a 3-year contract worth €1.6 million euros net income, with EuroLeague powerhouse Panathinaikos Athens.Spanoulis and his agent, Miško Ražnatović, set the contract terms so that Spanoulis would have a buyout clause after just one year, and set the buyout amount at US $400,000.This was Spanoulis' first season playing at the highest European-wide professional club level.