Richard Daetz Becomes Majority Owner of Maccabi Tel Aviv Basketball Club

Richard Daetz, a current co-owner of the Maccabi Tel Aviv basketball club, has exercised his right of first refusal to purchase 38% of the team's shares from the Recanati family. This move effectively makes Daetz the majority shareholder, increasing his stake from 17.5% to a potential 55.5% or even 62%. Daetz, who became a co-owner in 2013 and has an estimated net worth of $2 billion, stated that his decision was made to "protect Maccabi." He expressed concern that transferring control to Jason Levin, an American businessman with no prior connection to the club or experience in European basketball, posed an excessive risk. Daetz emphasized that Maccabi is more than a sports club or financial asset, but a "way of life" and a responsibility.

Daetz outlined his future goals, which include ending internal struggles, fostering excellence throughout the club with world-class expertise on the board, and restoring Maccabi to its status among Europe's elite clubs, while continuing to compete for domestic championships. He aims to honor the club's legacy while enabling a new generation to carry it forward.

The transaction follows an earlier announcement where the Recanati family agreed to sell half of their shares to Jason Levin. Levin, formerly the CEO of the NBA's Memphis Grizzlies, had acquired a 29% stake for $50 million. This stake was previously held by the Federman family. The deal with Levin triggered a 30-day window for other co-owners, including Shimon Mizrahi (14.5%), Richard Daetz (17.5%), and Ben Ashkenazi (10%), to exercise their right of first refusal. Daetz made his decision on the 27th day after the Recanati family's announcement.