Maccabi Tel Aviv Ownership Saga Heads to Court Over Shareholder Rights
Translated & summarized from Mako by baba
Richard Daetz is exercising his right of first refusal to block the sale of Maccabi Tel Aviv basketball club shares from the Rekanati family to an American company, potentially leading to a court battle over club ownership.
The story in 6 lines · by baba
- Richard Daetz will block Rekanati family's sale of Maccabi Tel Aviv shares.
- Daetz cites club protection and lack of investor experience as reasons.
- Daetz could gain controlling interest if his bid succeeds.
- The ownership saga has involved multiple shareholder disputes.
- The situation may be resolved through legal proceedings.
- A deadline for exercising rights of first refusal is approaching.
Businessman Richard Daetz, who owns 17.5% of Maccabi Tel Aviv basketball club shares, announced Friday he will exercise his right of first refusal to block the sale of the Rekanati family's 29% stake to an American company owned by Jason Levien. Daetz stated his decision was to protect the club, expressing concern about transferring control to an investor with no prior connection to the club or experience in European basketball.
Following Daetz's announcement, a board meeting was held to discuss the sale. The situation is complex due to existing share distributions: Ben Ashkenazi holds an additional 9%, which he previously diluted from 10%. If Daetz successfully acquires the Rekanati shares, he could potentially control 55.5% or even 62% of the club.
The ownership dispute began about six months ago when the Federman family sold half of their 14.5% stake to Arik Shulman, CEO of the team's main sponsor, Rapid. The Rekanati family then exercised their right of first refusal, purchasing the Federman shares for $50 million and halting that transaction.
Sources close to the club anticipate the dispute will end up in court, suggesting that if shareholders can continually exercise rights of first refusal, it could paralyze any future transactions. Shimon Mizrahi also holds a right of first refusal, which could further complicate the ownership structure.
The deadline for exercising the right of first refusal on the Rekanati family's shares is set to expire soon, leaving open the possibility for Mizrahi or Ashkenazi to intervene.
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