Evangelos Marinakis, who also owns English Championship side Nottingham Forest was at the centre of drug trafficking allegations surrounding heroine smuggling last month but has made headlines this week with the Greek Super League giants.
Despite winning a record seven league titles in a row, Marinakis has blasted his third-placed side who are set for a trophyless season, as they trail league leaders AEK Athens by six points with four games remaining - and were knocked out in the cup by their rivals last month.
Following the 1-1 draw to mid-table Levadiakos on Saturday, Marinakis issued a €400k (R5.84m) fine on the first-team squad and subsequently called up the U20 youth-team squad to see out the remainder of the season.
"You only think in the beautiful houses you live in and cars, you don't care about the team," Marinakis said, according to AFP. "The youth team players love Olympiacos and their fans much more than you.
"I spend millions for you to have everything, I've fired three coaches for you and in the end, it seems you are to blame. I will build Olympiacos from scratch, the fans and I have had enough."
In the wake of the public rant, head coach Oscar Garcia has issued his resignation with immediate effect.
"I want to thank the president for giving me the opportunity to coach the best team in Greece," he said, as quoted by Marca.