Shimon Mizrahi Set to Increase Stake in Maccabi Tel Aviv Basketball Club
Translated & summarized from N12 by baba
Maccabi Tel Aviv basketball club chairman Shimon Mizrahi is poised to increase his ownership to at least 40% by exercising his right of first refusal. This action is part of an ongoing ownership dispute involving multiple parties and potential court battles.
The story in 6 lines · by baba
- Shimon Mizrahi may raise his stake in Maccabi Tel Aviv to 40%.
- Mizrahi's move follows Richard Detz's exercise of his right of first refusal.
- The Rekanati family's shares are central to the ownership dispute.
- The complex saga involves several past and present shareholders.
- A shareholder meeting is scheduled to address the situation.
- The ownership battle could lead to legal proceedings.
Shimon Mizrahi, the chairman of Maccabi Tel Aviv basketball club, is expected to exercise his right of first refusal, potentially increasing his ownership stake to at least 40%. This move comes amid ongoing drama surrounding the club's ownership structure.
Mizrahi's potential acquisition follows Richard Detz's announcement that he is exercising his right of first refusal to purchase the 29% stake held by the Rekanati family, which was initially intended for Jason Levin. Detz also acquired 9% of Ben Ashkenazi's shares, which had already been sold to Levin. As a founding shareholder, Mizrahi has priority over Detz in exercising this right.
The complex ownership saga began about six months ago when the Federman family sold half of their shares (14.5%) to Eyal Shtilman, 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, thereby blocking the initial transfer.
Last 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 recent action has now halted that sale. Sources close to the club anticipate that the dispute may end up in court, as the situation could set a precedent for shareholders invoking their right of first refusal on each other's deals.
A meeting of the club's shareholders is scheduled for tomorrow to discuss the matter.
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