Maccabi Tel Aviv Ownership Shakeup Looms as Key Figures Exercise Rights

Maccabi Tel Aviv's ownership structure is poised for significant changes early this week, following a period of intense maneuvering within the club's management. Club chairman Shimon Mizrahi is expected on Sunday to exercise his right of first refusal to block the sale of the Rekanati family's shares to Jason Levien. This move comes after Richard Deitz previously used his refusal right on Friday. Mizrahi, as an original shareholder, is anticipated to purchase approximately 25% of the 29% stake the Rekanati family intended to sell, thereby increasing his own holdings significantly.

Currently, Deitz holds 55.5% of the club's shares, the Rekanati family holds 29%, Mizrahi holds 14.5%, and Ben Ashkenazi holds 1%. Sources indicate that Mizrahi's decision to exercise his right of refusal was a pre-planned strategy in anticipation of such a sale attempt. Following this transaction, Mizrahi is projected to become the most prominent shareholder, nearing 40% of the club's stock.

An extraordinary general meeting of shareholders is scheduled for Sunday, following a lengthy board of directors meeting on Saturday. On Friday, it was confirmed that 7.5% of the Rekanati family's shares would be sold to Levien, representing the maximum amount an original shareholder can sell without triggering refusal rights. This sale will be ratified at the meeting, allowing Levien to become a shareholder, though not immediately a board member.

These impending actions are expected to bring Deitz's total shareholding to around 30%, including the 9% he acquired from Ben Ashkenazi by exercising his refusal right on Ashkenazi's shares intended for Levien. However, other shareholders, including Mizrahi and the Rekanati family, may still exercise further refusal rights on Deitz's acquisitions, potentially increasing their own influence at his expense. Speculation suggests that further twists in the ownership saga are likely, with Deitz's side potentially challenging the validity of the latest refusal, and further moves anticipated from Mizrahi and the Rekanati camp.