When Giorgos Giakoumakis stepped onto the pitch for Cruz Azul in July 2024, the Mexican club expected a goal-scoring revolution. Instead, they got a $7.7 million write-down — and a cautionary tale about cross-continental transfers. Just over a year later, the 30-year-old Greek striker is headed back to Europe, this time on loan to PAOK Thessaloniki, after Cruz Azul turned down a loan bid from Charlotte FC — and insisted on a sale instead. The move, confirmed on August 11, 2025, leaves Cruz Azul with a staggering financial hole after investing nearly $10 million to acquire him from Atlanta United FC.
A Dream That Fell Flat in Mexico City
Giorgos Giakoumakis arrived in Mexico City with a reputation. He’d just spent 16 months in Atlanta, where he scored 24 goals and added seven assists in 43 appearances — including a historic MLS Cup Playoffs performance in November 2023, becoming the first player in Atlanta United FC history to contribute three goals in a single playoff match. His MLS debut in March 2023 was electric. His hat-trick against New England Revolution in March 2024? Iconic. Cruz Azul saw a proven scorer and paid accordingly. But the Liga MX season is a different beast. The physicality. The altitude. The tactical discipline required to survive 90 minutes against teams that treat possession like a luxury. Giakoumakis, who’d thrived in the open spaces of MLS, looked lost. In 40 appearances for Cruz Azul, he managed just nine goals and eight assists. Not bad on paper — but a disaster for a club that paid top dollar expecting a title contender’s striker.The Charlotte FC Bid That Never Was
As Giakoumakis’ contract still ran through 2028, Cruz Azul had leverage. They could’ve held on. But they didn’t want to. Reports from August 2025 revealed that Charlotte FC, looking to bolster their attack ahead of their 2026 MLS season, submitted a loan offer. The Mexican club didn’t just say no — they made it clear: we only want to sell. Why? Because a loan would mean keeping a financial albatross on their books for another year, with no guarantee of return. Better to cut losses now. The twist? PAOK Thessaloniki stepped in. The Greek powerhouse, fresh off a strong 2024–25 Super League campaign, offered a one-year loan with a €2 million ($2.3 million) option to buy — roughly a quarter of what Cruz Azul paid. It’s a deal that makes sense for everyone except the Mexican club. For PAOK, it’s a low-risk gamble on a player who knows the league. For Giakoumakis, it’s a return home — and a chance to resurrect his career.
Why the Fall from Grace?
It’s not just about numbers. It’s about context. In Atlanta, Giakoumakis played with pace, space, and creative midfielders like Josef Martínez and Santiago Moreno. In Mexico City, he was often isolated. Cruz Azul’s system, under then-coach Tomás Boy and later José Guadalupe Cruz, demanded constant pressing and positional discipline — traits Giakoumakis never fully adapted to. He looked slow, hesitant, and out of sync. Former MLS analyst and ESPN FC contributor Diego Lopes put it bluntly: “He’s a striker built for the American game — quick transitions, one-on-one chances, wide channels. Liga MX is more about holding up play, physical duels, and patience. He didn’t have the tools to adjust.” Even his time at AEK Athens — where he scored just three goals in 22 appearances — was worse. So why did he thrive in Atlanta? Because the league suited his strengths. The same can’t be said for Mexico.What This Means for Liga MX’s Transfer Market
Cruz Azul isn’t the first club to overpay for an MLS player. But this loss is among the steepest. It’s a wake-up call. Teams in Liga MX are now rethinking their scouting models. No more chasing “MLS stars” on reputation alone. The league’s financial pressures — especially after the 2023–24 season saw 10 of 18 clubs operate at a deficit — mean every dollar counts. Meanwhile, Atlanta United FC quietly benefited. They recouped $9.7 million for Giakoumakis — a profit of over $5 million after paying £4.3 million ($5.4 million) to Celtic FC in February 2023. They used that cash to sign Uruguayan winger Facundo Colidio and restructure their midfield. A win-win — for them.
What’s Next for Giakoumakis?
Back in Thessaloniki, Giakoumakis has a fresh start. PAOK’s fans remember him from his 2020–21 loan spell, where he scored 11 goals in 26 appearances. He’s not a stranger. He’s not a gamble — he’s a return. And if he scores 10 goals this season? PAOK will trigger the buy clause. If not? He’ll be a free agent in 2026, likely heading to Saudi Arabia or another league with deeper pockets. For Cruz Azul, the search continues. They’ve already begun talks with Colombian striker Andrés Perea and are eyeing a free-agent option from Argentina. But the Giakoumakis fiasco? That’s a scar they won’t forget.Frequently Asked Questions
Why did Cruz Azul reject Charlotte FC’s loan offer for Giakoumakis?
Cruz Azul rejected Charlotte FC’s loan bid because they wanted to fully offload Giakoumakis’ contract to avoid carrying a high-salary, underperforming player for another year. A loan would’ve kept him on their books through 2026, with no guarantee of return. Selling — even at a loss — was cleaner financially and allowed them to reset their roster.
How much did Cruz Azul lose on Giakoumakis’ transfer?
Cruz Azul spent nearly $10 million to sign Giakoumakis from Atlanta United in July 2024. The PAOK loan deal includes a $2.3 million option to buy, meaning they’ve already taken a $7.7 million loss on paper — and may never recoup more than that. This makes it one of the worst financial moves in Liga MX’s recent transfer history.
Why did Giakoumakis perform poorly in Liga MX compared to MLS?
Giakoumakis thrived in MLS’s fast-paced, wide-open style with strong midfield support. Liga MX demands more physicality, tighter marking, and tactical discipline. He struggled to adapt to the slower tempo and lack of space, leading to fewer chances and lower output — just nine goals in 40 appearances versus 24 in 43 in Atlanta.
What does this mean for other MLS players moving to Liga MX?
This case has made Liga MX clubs far more cautious. The Giakoumakis fiasco is now a textbook example of overpaying for MLS stats without evaluating tactical fit. Teams are now prioritizing players with prior experience in physical leagues (like Brazil or Argentina) over MLS “goalscorers” with no proven adaptability.
Is there a chance Giakoumakis returns to MLS after PAOK?
Yes — and it’s likely. If he scores 10+ goals for PAOK this season, he’ll attract interest from multiple MLS clubs looking for proven scorers. His Atlanta success proved he can thrive there. A return to MLS, possibly with a team like LAFC or Seattle, is the most plausible next step — especially if he regains confidence in Greece.
What role did Fabrizio Romano play in confirming the transfer?
Fabrizio Romano, one of the most trusted transfer journalists globally, confirmed the PAOK deal on August 11, 2025, with his signature “🚨” tweet. His report included key details: the €2 million loan fee, the option to buy, and that the deal was “agreed and done.” His credibility helped validate the move amid conflicting rumors and silenced speculation about Charlotte FC’s interest.