Markus Münch had signed the summer before. In the Champions League, they came third in the group stage facing Manchester United, VfB Stuttgart and Rangers. However, Shum was unexpectedly fired early in the next season (2004–05) and Zdeněk Ščasný succeeded him on the bench. Panathinaikos finished second in the championship, while in the Champions League they came again third in the group stage facing Rosenborg, PSV and Arsenal. They continued in the UEFA Cup, where they were eliminated by Sevilla. In 2005, major changes were made in the team's roster. Players like Angelos Basinas and Michalis Konstantinou departed, while others like Flávio Conceição, Igor Bišćan and Andreas Ivanschitz arrived. Ščasný gave his seat to Alberto Malesani. At the start of the 2006–07 season, Malesani left the team and was replaced by Hans Backe, who left only three months after his appointment; Víctor Muñoz was his replacement. For the 2007–08 season, Panathinaikos hired José Peseiro. On 22 April 2008, and under pressure from the fan base, main shareholder Giannis Vardinogiannis gave a press conference in which he announced the decision of his family to reduce their share in the club to 50%—after 30 years of full ownership—through an €80 million increase of the company's capital stock. After the negotiations and the share capital increase, the Vardinogiannis family would hold 56% of the club, the amateur Club 10% and the other shareholders 34% (with main investors Andreas Vgenopoulos, Pavlos Giannakopoulos, Adamantios Polemis and Nikos Pateras). Nikos Pateras was selected to be the new president of the club. Following the major changes in 2008, Panathinaikos hired Henk ten Cate as coach and bought many expensive players, such as Gilberto Silva from Arsenal and Gabriel from Fluminense. In the 2008–09 season, the Greens proved that they could hold their weight in the Champions League by reaching the last 16. However, they disappointed in the Greek Championship, finishing third in the regular season, though they managed to come second overall after the playoff mini-league. The 2009–10 season was a successful one for Panathinaikos. During the summer transfer period, the club bought Djibril Cissé from Marseille, Kostas Katsouranis from Benfica, Sebastián Leto from Liverpool and various other players, spending more than €35 million in total. Henk ten Cate left in December to be replaced by Nikos Nioplias. The team managed to reach the last 16 of the Europa League, eliminating A.S. Roma after two amazing matches