Richard Detwiler Seizes Control of Maccabi Tel Aviv Basketball Club

Richard Detwiler, a co-owner of the Maccabi Tel Aviv basketball club, has exercised his right of first refusal to acquire an additional 38% of the team's shares, significantly increasing his stake to 55.5%. This move comes after businessman Jason Levin was set to purchase the shares from the Recanati family and other stakeholders.

Detwiler's decision stems from frustration with the Recanati family and other shareholders. He was reportedly angered by the Recanati family's initial move to sell their shares to Levin without prior notification and by subsequent sales of personal stakes by other owners to Levin, which would have given Levin majority control of the club.

The ownership structure has been in flux for some time. Initially, the Federman family intended to sell their shares to sponsor Arik Shiltman, with the Wilf brothers also involved. However, Udi and Shai Recanati exercised their right of first refusal, buying out the Federmans entirely. The Recanatis then announced a deal to sell these shares to Jason Levin.

Detwiler is now challenging further sales to Levin, including 9% from Ben Ashkenazi and potentially 14% from the Recanatis and Shimon Mizrachi, arguing he has a right of first refusal on these as well. Legal action is expected.

Further complications may arise as September 6th approaches, the deadline for exercising rights of first refusal on the Recanati family's 29% stake. Other owners, including Mizrachi, could potentially exercise their rights to acquire these shares, possibly diluting Detwiler's new majority control and preventing Levin from gaining a foothold.