Maccabi Tel Aviv Basketball Chairman Exercises Right to Buy More Shares
Translated & summarized from Channel 13 by baba
Maccabi Tel Aviv basketball chairman Shimon Mizrahi announced he is exercising his right to buy more shares, criticizing current shareholder Richard Deitz. Mizrahi also revealed a record $32 million budget for player and staff acquisitions, vowing to prevent a hostile takeover.
The story in 4 lines · by baba
- Maccabi Tel Aviv chairman Shimon Mizrahi will buy more club shares.
- Mizrahi criticized shareholder Richard Deitz amid a dispute.
- The club allocated a record $32 million for player acquisitions.
- Mizrahi vowed to prevent a hostile takeover of the team.
Shimon Mizrahi, chairman of the Maccabi Tel Aviv basketball club, announced Saturday evening that he is exercising his right of first refusal to purchase additional shares in the club. Mizrahi directly criticized Richard Deitz, who owns 17.5% of the club's shares, stating his decision was driven by love for the team and concern for its future. Mizrahi explained that he had remained silent until now to avoid escalating tensions but felt compelled to speak out against what he called "baseless fabrications" and continuous slander against his partners, the club, and its leadership.
Mizrahi detailed that the current legal proceedings stem from the Federman family's company, Pedenko, putting up for sale 50% of its Maccabi shares. This triggered the right of first refusal by the Natafali company, owned by the Rekanati family. Mizrahi affirmed his full support for this move, emphasizing that the Rekanati family gains no financial benefit from it. He also acknowledged the significant contributions of the late David Federman to Maccabi's achievements.
Regarding the addition of Jason Levien as a shareholder, Mizrahi highlighted Levien's strong Zionist commitment, extensive experience, and connections within the NBA, noting his familiarity with the EuroLeague. Looking ahead to the 50th anniversary of Maccabi's first European Cup win in 1977, Mizrahi declared that the club is greater than any individual and that those leading it must remember they are there to serve the club, not the other way around. He vowed to prevent a hostile takeover by those he believes do not have Maccabi's best interests at heart.
On the professional front, Mizrahi revealed that Maccabi Tel Aviv has allocated its largest-ever budget for player and staff acquisitions, amounting to $32 million. This budget enabled the signing of high-caliber players and staff, including Yam Madar and the return of Bonzie Colson. Mizrahi concluded by calling for calm, urging that the focus return to the players, coaching staff, and the fans who provide crucial support.
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