AC Omonia participant of 2020–21 UEFA Champions League
Papastavrou era (2018–present)
The decline of the club's football department and the financial difficulties it faced convinced many that a change in the way the club was being run was needed. In May 2018, a general assembly was called and members voted to hand the football department over to Stavros Papastavrou, an American-based Cypriot businessman. The agreement, initially set for 10 years, was extended indefinitely in 2023. He has stated that he will provide funds for the development of the club's academies and training grounds, and that the potential creation of a new stadium will be considered. In the club's first season under Papastavrou's ownership, Omonia finished the 2018–19 campaign in 6th place. Manager Yannis Anastasiou was replaced by Henning Berg in June 2019.The 2019–20 Cypriot season was abandoned in March 2020 due to the COVID-19 pandemic. At the time of its abandonment, Omonia was tied with Anorthosis Famagusta on points, but was ranked first due to a better head-to-head record and thus qualified for the first qualifying round of the 2020–21 UEFA Champions League.