Complex sentence: In the Greek League they were the favorites to win the championship, but despite having the home advantage in the finals against Panathinaikos, they were defeated in the last game of the series at home and lost the title.
Split into simpler sentences: In the Greek League they were the favorites to win the championship. But despite having the home court advantage in the finals against Panathinaikos, they were defeated in the last game of the series on their home court and lost the title.