Alright, it's easy to make crap better but it's hard to improve an iconic crest such as the Panathinaikos Trefoil. I've given this one a bit of a banner look, since Ciaran has already beaten me to it as far as symbolism goes. ;-) @Lord Atso, I've made this into a transparent PNG down in the comments so you can work it into your composition more easily.
Looks like Redesign Tournament match of the week goes to Panathinikos! The only thing I would say is You should make the crest outline gold like the text. Well done though