Borussia Dortmund agrees to sign Giannis Konstantelias for €32M

Borussia Dortmund has reached an agreement to sign Giannis Konstantelias from PAOK Thessaloniki in a deal worth up to €32 million including add-ons. The package also includes a 15% sell-on clause for the Greek club, giving PAOK a cut of any future transfer fee if Dortmund eventually moves the 23-year-old on.

Konstantelias has signed a four-year contract with the Bundesliga side, keeping him at Signal Iduna Park until at least 2030. His annual net salary sits at approximately €3.2 million plus bonuses.

Why Dortmund moved for Konstantelias

The transfer fills a specific hole. Dortmund needed attacking reinforcements following the departure of Karim Adeyemi, and an earlier attempt to sign Said El Mala from 1. FC Köln fell through during negotiations.

The Greek international is described as a dynamic, two-footed attacker who stands around 178 cm tall. He’s made 122 appearances for PAOK since debuting in January 2021, scoring 26 goals across all competitions. Born on March 5, 2003, in Volos, Greece, Konstantelias has also represented his country at the international level.

Dortmund’s Greek connection deepens

Konstantelias isn’t the first Greek talent Dortmund has pursued recently. The club previously signed Konstantinos Karetsas, establishing a pipeline of sorts from Greek football to the Westfalenstadion.

The agreement was reportedly finalized on August 16, 2026, with the player traveling for medical examinations shortly after.

What this means for Dortmund’s competitive positioning

Borussia Dortmund is a publicly traded company on the Frankfurt Stock Exchange, which means moves like this carry implications beyond the pitch. A more competitive squad can drive higher matchday revenues, stronger Champions League runs, and increased commercial appeal.

The sell-on clause is worth watching in the long term. If Konstantelias develops into a top-tier Bundesliga performer, Dortmund’s well-documented model of buying young, developing talent, and selling at a premium could generate substantial returns. But 15% of any future fee heading back to Thessaloniki means the margins are slightly thinner than usual on a potential flip.

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