Maccabi Tel Aviv Chairman Shimon Mizrahi Exercises Right of First Refusal

Shimon Mizrahi, the chairman of Maccabi Tel Aviv basketball club, announced Saturday evening that he intends to exercise his right of first refusal to purchase additional shares in the team. Mizrahi stated that his decision stems from his love for the club and concern for its future, emphasizing his commitment to its well-being.

Mizrahi's announcement comes amid an ongoing struggle for control of the club. It is expected that Udi Recanati will sell 7.5% of his shares to Jason Levien, pending approval from the shareholders' general assembly. Concurrently, Mizrahi's move could significantly increase his stake.

This situation is further complicated by Richard Deitz, who currently holds 17.5% of the shares and has also declared his intention to exercise his right of first refusal on some of the offered shares. Deitz claims this could raise his ownership to over 55%, but Mizrahi's rights and other shareholder agreement clauses may alter the final distribution.

Mizrahi also addressed the internal dynamics, warning against actions that could destabilize the club. "We will not allow a hostile takeover by someone who we believe does not have Maccabi's best interests at heart," he stated, expressing support for Levien's addition as a shareholder, believing it will strengthen the club.

He highlighted Levien's entrepreneurial experience in sports, NBA connections, and familiarity with the EuroLeague. Mizrahi also revealed the upcoming season's budget of $32 million for player and staff acquisitions, the highest in the club's history, mentioning the signings of Yam Madar and others, as well as the return of Bonzie Colson. Mizrahi concluded by calling for calm to allow the team to focus on the upcoming season's challenges.