Richard Deitz Moves to Increase Stake in Maccabi Tel Aviv Basketball Club
Translated & summarized from Mako by baba
Richard Deitz, a shareholder in Maccabi Tel Aviv basketball club, is increasing his stake to a majority 55.5% by blocking a sale to Jason Levin. Deitz, founder of VR Capital Group, first invested in the club in 2013.
The story in 5 lines · by baba
- Richard Deitz is increasing his stake in Maccabi Tel Aviv basketball club.
- His ownership will rise to a majority 55.5% from 17.5%.
- Deitz blocked a share sale to Jason Levin using his right of first refusal.
- He is the founder of the investment firm VR Capital Group.
- Deitz first invested in the club in June 2013.
Richard Deitz, a significant shareholder in the Maccabi Tel Aviv basketball club, has exercised his right of first refusal to block a sale of shares to Jason Levin. Deitz intends to increase his ownership stake to a majority 55.5%, a substantial rise from his current 17.5% holding acquired in June 2013.
Deitz, who resides in London, is the founder and president of the investment firm VR Capital Group, which manages approximately $9.8 billion in assets. The firm is known for its investments in countries facing severe macroeconomic crises, including past investments in Argentina, Greece, and Ukraine. Deitz himself has a reputation as a "tough player" in distressed debt markets, particularly in emerging economies.
He holds degrees in economics and history from Yale University and has a background in finance, having worked at The First Boston Corporation before co-founding Renaissance Capital in Moscow and later establishing VR Capital Group. Deitz expressed his enthusiasm for joining the club's ownership group in 2013, citing the "energy and passion of the team and its fans" and his commitment to continuing the club's tradition of success.
The move by Deitz signifies another dramatic development in the ongoing control battles at the top of the Maccabi Tel Aviv club.
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