Arsenal's Champions League hopes were left dangling by a thread on Tuesday after they lost an astonishing clash 3-2 to Olympiakos Piraeus who won a competitive European match in England for the first time in 50 years.

After losing their opening game to Dinamo Zagreb two weeks ago, Arsenal are bottom of Group F, six points behind leaders Bayern Munich, who they have to play twice.

Olympiakos, whose 12 previous visits to England all ended in defeat, went ahead when Felipe Pardo's 32nd minute shot took a deflection off Alex Oxlade-Chamberlain and flew past goalkeeper David Ospina.

Arsenal were level three minutes later when Theo Walcott scored, but Olympiakos went 2-1 up when Ospina mishandled a corner and dropped the ball over his line with the fifth official signalling a goal.

Alexis Sanchez equalised for the hosts with a neat header in the 65th but a minute later Icelandic substitute Alfred Finnbogason put Olympiakos ahead again and they held on to seal a famous victory at The Emirates.

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