Richard Deitz Seizes Control of Maccabi Tel Aviv Basketball Club

Richard Deitz, a co-owner of the Maccabi Tel Aviv basketball club, announced Friday he is exercising his right of first refusal to block the sale of the Raknaty family's shares to American businessman Jason Levin. Deitz's move will significantly increase his stake in the club from 17.5% to at least 55.5%, potentially reaching 62%. Deitz, who became a co-owner in 2013 and is worth an estimated $2 billion, stated his decision was made to protect Maccabi.

In a statement, Deitz explained that while other shareholders sought to reduce their financial commitment, he believed transferring control to an investor with no prior connection to Maccabi or European basketball experience posed an excessive risk. He expressed a preference for a gradual process over a "leap into the unknown," emphasizing that Maccabi is more than a sports club or financial asset, but a "way of life."

Deitz outlined his future goals, aiming to end internal struggles, build excellence throughout the club with world-class expertise, and restore Maccabi to its status among Europe's elite clubs, while continuing to compete for Israeli championships. He stressed the importance of honoring the club's legacy while empowering a new generation.

The deal involved the Raknaty family selling half their shares, approximately 29%, to Jason Levin, former CEO of the NBA's Memphis Grizzlies, for $50 million. This stake was previously held by the Federman family. Other owners, including Shimon Mizrahi (14.5%) and Ben Ashkenazi (10%), also had the right to refuse the deal within 30 days. Deitz exercised his right on the 27th day after the Raknaty family's announcement.