Neestrup arrives in Athens after being sacked by FC Copenhagen following a disappointing domestic campaign in which the reigning Danish champions finished seventh in the league and failed to reach the championship play-offs. During his four years in charge, however, he won two league titles, two Danish Cups and guided Copenhagen to the Champions League last 16 in the 2023/24 season.
His appointment follows the departure of Rafa Benitez, who was dismissed after seven months in charge despite arriving in October 2025 as the highest-paid manager in Greek football history. Panathinaikos finished fourth in the Greek Super League, 20 points behind champions AEK Athens, missing out on the UEFA Europa League play-offs and dropping into the Conference League qualifiers.
A 2-0 defeat to rivals Olympiacos in April, followed by a 4-0 loss to AEK, proved the final straw for owner Giannis Alafouzos.
Lianos believes Neestrup has inherited a club that has struggled for stability for more than a decade.
"Panathinaikos has been in a difficult state since 2011," he told Flashscore. "The club finally found an identity under Ivan Jovanovic between 2021 and 2023, but the erratic nature of owner Giannis Alafouzos led to an end to his reign as he opted for past glories like Fatih Terim and Rafa Benitez, who both proved to be great flops.
"Jacob Neestrup will have his hands full, and not a lot of people expect much from him after Benitez's sacking."
Winning over the fans
Neestrup will be Panathinaikos' 10th manager in the last 10 years, excluding caretaker appointments.
"He needs to win over the demanding and strict Panathinaikos fan base with exciting football and, more importantly, results," Lianos said. "Panathinaikos have not won a league title since 2010 and haven't played in the Champions League in 16 years."
The challenge is made tougher by the club's managerial instability.
"Owner Giannis Alafouzos – just like many Greek owners – changes managers like shirts. Even legends like Fatih Terim and Rafa Benitez didn't get to coach for a year."
Lianos said Neestrup must establish a clear identity after a season in which Panathinaikos struggled to do so.
"He needs to implement a clear identity and a style of play that was clearly absent under Benitez and frustrated players. He has to find a core group of players that can carry out his philosophy on the pitch and deal with the erratic nature of Alafouzos."
Time in short supply
Lianos said expectations surrounding Neestrup are modest after the failures of several high-profile predecessors.
"No one expects much from Neestrup after the likes of Rafa Benitez, Fatih Terim, and Rui Vitoria failed," he said. "Fans say he won't even make it to the 28th of October bank holiday, which is a standing joke every time a new manager joins one of the big four during the summer.
"But the Greeks know very little about Neestrup, and the same feeling existed regarding Giorgos Donis and Ivan Jovanovic, who both did a smashing job.
"If Neestrup puts together the type of squad that suits him and gets his preferred transfers, which is very difficult in Greece with erratic owners looking to impress the fans and convince them to buy season tickets, then he has a great chance. But he will also need time, and patience is a word not often found in Greek football dictionaries."
Why Benitez failed
Lianos said Benitez failed to win over the dressing room.
"Sources told me Benitez failed to win over the locker room, and players were frustrated with his methods," he said. "Players were not happy with pre-match preparations due to a lack of tactical analysis to help them get organised for their upcoming opponent. Under Benitez, Panathinaikos fell even more behind at the top of the table and struggled to find an identity on the pitch with the manager constantly changing formations."
Although Benitez came close to being sacked during the season, reaching the Europa League last 16 delayed his departure.
"Giannis Alafouzos backed him a lot in the beginning and was in close contact with him, but they ultimately grew distant, with Panathinaikos finishing fourth in the league," Lianos added.
Looking ahead
Panathinaikos are due to move into a new 40,000-seat stadium in the Votanikos district of Athens for the 2027/28 season.
"It could very likely affect Neestrup's tenure," Lianos said. "Giannis Alafouzos will want to commemorate the move with something big, and Jacob Neestrup will have to prove he's the one who can lead this once-great club into its new home. Many expect the club to return to its past glories upon that move."
Panathinaikos begin their competitive season against Hungarian side Paksi FC in the second qualifying round of the UEFA Conference League on 23 July, before the Greek Super League season starts on 22 August.