Maccabi Tel Aviv Basketball Chairman Exercises Right of Refusal

Shimon Mizrahi, the veteran chairman of Maccabi Tel Aviv basketball club, announced Saturday evening that he is exercising his right of refusal to prevent the transfer of half of the Rakanti family's shares to Jason Levin. Mizrahi's move mirrors a similar action taken by Richard Deitz the previous day, but Mizrahi holds priority rights according to the original shareholders' agreement.

Mizrahi detailed his decision in a letter to fans, stating, "The Rakanti family and I are working together, with the sole goal before us being the good of the club. I fully supported the Rakanti family's decision to exercise their right of refusal. It is important for you to know: there is no financial gain for the Rakanti family in this move." The Rakanti family had previously purchased shares from the Federman family.

Following Deitz's and Mizrahi's actions, other shareholders may pursue legal avenues to review the contract. An appeal is also possible. Earlier in the week, Ben Ashkenazi informed shareholders he sold 9% of his shares to Jason Levin, leaving Ashkenazi with only 1% and disqualifying him from board membership.

After exercising his right of refusal, Mizrahi now holds over 40% of the club's shares, comprising approximately 29% from the Rakanti-Levin transaction and his existing 14.5%. Richard Deitz holds 17.5%, Jason Levin an additional 9%, the Rakanti family 29%, and Ashkenazi 1%.