Maccabi Tel Aviv Ownership Dispute Heads to Court

Businessman Richard Daiz, 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 Recanati family's 29% stake to American businessman Jason Levin's company. Daiz criticized the proposed sale, citing risks associated with transferring control to an investor with no prior connection to the club or experience in European basketball, stating his decision aims to protect Maccabi.

Following Daiz's announcement, a board meeting was held to discuss the sale. Ben Ashkenazi, who holds 9% of the shares (down from 10%), was also involved in the transaction with Levin. Daiz's move could potentially increase his total shareholding to 55.5% or even 62%, making him the majority owner.

The ownership saga began six months ago when the Federman family sold half their shares (14.5%) to Eyal Stilman, CEO of the team's main sponsor, Rapide. The Recanati family then exercised their right of first refusal, purchasing the Federman shares for $50 million, halting that initial sale.

Sources close to the club anticipate the dispute will end up in court, suggesting that without judicial intervention, shareholders might continuously exercise their right of first refusal on each other's moves. 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 Recanati family's shares to Levin's company is set for Tuesday. Until then, Mizrahi or Ashkenazi could still exercise their rights and prevent the sale.