Arsenal rounded off their Champions League campaign with a fine win despite having to field an under-strength side.
Arsene Wenger's side already knew they could not make the quarter-finals after losing at Wembley to Lens two weeks ago and last night they were without 13 of their squad. Alberto Mendez, making only his ninth first-team appearance, Nicolas Anelka and Luis Boa Morte grabbed the goals.
Only two of Arsenal's regulars, David Seaman and Anelka, were in the starting line-up after Martin Keown was relegated to the bench after a late fitness test. Arsenal should have had the lead right on the stroke of halftime when Boa Morte, pouncing on Anelka's brilliant cross from the right, pulled his shot wide.
Panathinaikos should have scored twice earlier when Kostas Kostantinidis shot over a gaping goal and Krzysztof Warzycha scuffed an unmarked volley straight at Seaman.
Arsenal took the lead after 66 minutes when Mendez cracked a free kick through the defensive wall on the edge of the box and then saw it take a ricochet off former Derby County player Asa Asanovic before nestling in one corner of the net with the goalkeeper diving towards his other post.
After Boa Morte missed another great opening to double the advantage by shooting over, Greek substitute Igor Sypniewski snatched an equaliser in the 74th minute, wriggling through to force the ball past Seaman and slot it into an empty net.
But just five minutes later Christopher Wreh found plenty of space behind the defence and although his pass to Anelka left the striker with plenty of markers around him he went for his shot and landed it just inside the far post beyond Wandzik's despairing dive.
With four minutes to go Boa Morte shrugged off Asanovic and glided his shot inside the near post.
Panathinaikos: Wandzik, Apostolakis, Milojevic, Asanovic, Goumas, Warzycha, Lagonikakis, Basinas, Kostantinidis (Strandli 69), Kola (Sypniewski 55), Liberopoulos. Subs Not Used: Nikopolidis, Nikolidis, Alexopoulos, Vokolos, Kiassos. Goals: Sypniewski 74.
Arsenal: Seaman, Bould, Vivas, Grimandi, Upson, Grondin, Mendez (M. Black 78), Vernazza, Anelka, Wreh, Boa Morte. Subs Not Used: Manninger, Keown, Garde, T. Black, Lincoln, Riza. Goals: Mendez 66, Anelka 79, Boa Morte 86. Referee: S Braschi (Italy).