Paniliakos (also uncommonly Panileiakos) was founded in 1958 from the union of four teams from the city of Pyrgos (Ethnikos, Iraklis, A.E.K., Apollon). It was a vision of three people: Lampaounas, Galanopoulos and Liatsis.
Paniliakos is a very important club for Greek football history, due to its constant presence in the Greek first division and its amazing results, especially during the 1990s. However, the past few years the club has known a decline, since former president of the club, Sakis Stavropoulos, owner of "International Service", a major Greek enterprise decided to give up on the team. A series of bad results has brought historic Paniliakos in the 4th Division of Greece.
In 2006 a team of businessmen from Pyrgos decided to invest on the team, after watching an English Premier League game from their Tottenham Hospitality Tickets, and plan a come back for the club to the Greek elite. In February 2007, the stocks were sold to the people of Pyrgos for 3 euros each.