Renovations for the Olympics commenced in April 2002 and were completed on June 30, 2004. The new stadium was officially opened on August 11, 2004, shortly before the opening of the games. The venue's current regular seating capacity is 14,940 seats, while the regular capacity was 17,000 seats before the 2004 Summer Olympics renovation.
However, for home playoff matches of the Olympiacos basketball club, for which the SEF arena is their regular home court, the seating capacity can be increased to 16,000-17,000 with temporary seating.
The Peace & Friendship Stadium is used by Olympiacos Basketball Club (as it was before the Olympics) and regularly holds crowds of up to 14,905 fans, especially for Euroleague basketball games.
Some of the facilities are presently in use or in the process of being converted for post-Olympics use, as shown below: