Shimon Mizrahi Set to Exercise Right of First Refusal in Maccabi Tel Aviv Ownership Dispute

Maccabi Tel Aviv's ownership drama continues as Shimon Mizrahi is expected to exercise his right of first refusal regarding Richard Detz's move to acquire shares in the basketball club. Detz announced on Friday that he intends to purchase the 29% stake previously held by the Rekanati family, which was originally slated to go to Jason Levin. This comes in addition to 9% of shares already sold to Levin by Ben Ashkenazi.

As a founding shareholder, Mizrahi holds priority over Detz in exercising the right of first refusal. If Mizrahi proceeds, he would become the largest controlling shareholder, holding at least 40% of the club's shares. A meeting of shareholders is scheduled for Sunday to discuss the matter.

The complex saga began about six months ago when the Federman family sold half of their stake (14.5%) to Arik Shiltman, CEO of the team's main sponsor, Rapide. The Rekanati family then exercised their right of first refusal, purchasing the Federman shares for $50 million and halting that transaction.

Earlier this month, the Rekanati family informed other shareholders of their intention to sell 29% of their shares to an American company owned by Jason Levin. Detz's subsequent announcement to exercise his right of first refusal effectively blocked Levin's acquisition. Sources close to the club suggest the dispute may end up in court, warning that allowing such actions could lead to a chaotic situation where every shareholder exercises their right of refusal on every transaction.