Richard Deitz Moves to Increase Stake in Maccabi Tel Aviv Basketball Club
Translated & summarized from N12 by baba
Richard Deitz is increasing his stake in the Maccabi Tel Aviv basketball club to a majority 55.5% by exercising his right of first refusal. Deitz, founder of the investment firm VR Capital Group, aims to become the controlling owner of the team.
The story in 5 lines · by baba
- Richard Deitz is increasing his stake in Maccabi Tel Aviv to over 55%.
- He is blocking a share sale to Jason Levin.
- Deitz is the founder of VR Capital Group.
- His current stake was 17.5%, acquired in 2013.
- The firm manages billions in assets.
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 has a reputation as a tough negotiator in distressed debt markets, particularly in emerging economies.
He holds degrees in economics and history from Yale University. Deitz began his finance career at The First Boston Corporation before founding investment bank Renaissance Capital in Moscow in 1995. He later established VR Capital Group in 1998.
Deitz expressed his enthusiasm for joining the ownership group in 2013, citing the team's energy and passionate fanbase as key attractions. He committed to upholding the club's tradition of success.
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