Georgios Printenzis' layup 0.7 seconds from the buzzer gave Olympiacos a stunning 62-61 comeback win over CSKA Moscow in the Euroleague final on Sunday.
It was the Greeks' second title in their second final appearance, their first championship coming in 1997.
The dramatic victory denied CSKA a seventh crown in its 12th final appearance.
CSKA dominated the first two quarters and had a 14-point gap at half time, a lead that the Greeks reduced to a single point in the dying seconds to set up the grandstand finale.
Telling, in a topsy-turvy game, Olympiacos was outshot 24-13 in the second quarter, but flipped it to outgun the Russians 22-8 in the fourth.
CSKA led 10-7 in a nervy first quarter before points from Euroleague MVP Andrei Kirilenko and Alexander Kaun gave the army team a greater cushion early on in the second.
A key three-pointer from Milos Teodosic helped CSKA open up a 19-11 lead.
The Russians maintained a gap of that order before a second from the 2010 Euroleague MVP - from way downtown - stretched it to 25-13 midway through the second quarter.
A hook shot from Lithuanian center Darjus Lavrionovic helped CSKA to a 34-20 lead at half time.
CSKA continued in the same vein in the third, with Teodosic hitting three. Olympiacos answered through Vassilis Spanulis but CSKA quickly reset the gap to 16 points thanks to a Kirilenko three-pointer.
The Greeks were frustrated in attack after attack, with CSKA countering at will, scoring lightning-fast baskets through Shved and Ramunas Siskauskas.
A brief rally saw two-pointers from Kostas Sloukas, Printezis and Vangelis Mantzaris pull the score back to 53-40 by the end of the third.
The Greeks found their second wind and reduced the deficit to seven points three minutes into the fourth quarter after a three-pointer from Sloukas and two from Printezis.
All of a sudden, Shved and Kirilenko were finding the rim where before they were finding the hoop, but luckily for the Russians so were Kyle Hines and Sloukas.
Five minutes from the buzzer, Printenzis drew the Greeks to within five from the free throw line, and then to just three after an improvised hook shot.
Nenad Krstic restored it to five with free throws, before Kirilenko bore down to make it seven.
The Greeks came back with a three-pointer from Kostas Papanikolaou, and one of two free throws made it 60-56 with a minute and 30 seconds left on the clock.
Kirilenko lost possession and was punished by Printenzis, who reduced the deficit to two points. A Teodosic free throw made it three points again, and Olympiacos called a time out with ten seconds remaining.
It was down to just one after free throws from Papanikolaou, and after CSKA missed free throws through Siskauskas in the final seconds, the Greeks took full advantage and pipped the Russians at the buzzer.