Maccabi Tel Aviv Basketball Club Faces Ownership Shakeup
Translated & summarized from N12 by baba
Maccabi Tel Aviv basketball club chairman Shimon Mizrahi exercised his right of first refusal to buy shares from the Rakanti family, preventing their sale to Jason Levin. This move increases Mizrahi's ownership stake to over 40% amidst ongoing ownership changes.
The story in 5 lines · by baba
- Mizrahi exercised right of first refusal for Rakanti family shares.
- His stake now exceeds 40% of Maccabi Tel Aviv basketball club.
- The move mirrors Richard Deitz's earlier action.
- Ben Ashkenazi sold most of his shares to Jason Levin.
- Other shareholders may pursue legal review of contracts.
Shimon Mizrahi, the veteran chairman of Maccabi Tel Aviv's basketball club, announced Saturday evening that he is exercising his right of first refusal to acquire half of the Rakanti family's shares, which were being sold to Jason Levin. Mizrahi's move mirrors a similar action taken by Richard Deitz the previous day, though Mizrahi's prior agreement grants him priority. Mizrahi stated in a letter to fans that he and the Rakanti family are working together for the club's benefit, emphasizing that the Rakanti family will not profit financially from this transaction. The Rakanti family had previously purchased shares from the Federman family. Following Deitz's and now Mizrahi's actions, other shareholders may pursue legal avenues to review the contracts. Ben Ashkenazi recently sold 9% of his shares to Jason Levin, leaving him with only 1% and disqualifying him from board membership. After Mizrahi's move, he now holds over 40% of the club's shares, comprising his original 14.5% plus approximately 29% from the Rakanti-Levin deal. Jason Levin holds an additional 9%, the Rakanti family has 29%, and Ashkenazi holds 1%.
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