Maccabi Tel Aviv Ownership Dispute Escalates with Arbitration Filing
Translated & summarized from Walla by baba
Maccabi Tel Aviv owner Richard Daetz has initiated arbitration proceedings and requested an injunction to halt the sale of club shares by the Recanati family to Jason Levien, escalating an ownership dispute.
The story in 5 lines · by baba
- Maccabi Tel Aviv owner Richard Daetz filed for arbitration against a share sale.
- Daetz seeks to block the Recanati family's sale of shares to Jason Levien.
- Daetz previously exercised his right of first refusal on a 29% stake.
- Shimon Mizrahi will acquire more shares than Daetz due to an original agreement.
- Levien will still acquire a stake through a separate sale of original shareholder rights.
Maccabi Tel Aviv owner Richard Daetz has filed for arbitration against the sale of shares by the Recanati family to businessman Jason Levien. The proceedings are expected to commence soon, and Daetz is also seeking an injunction to prevent any further stock transfers from this point forward.
Daetz previously exercised his right of first refusal to block the sale of 29% of the club to Levien, announcing his intention to purchase those shares himself. He also sought to acquire an additional 9% that owner Ben Ashkenazi intended to sell to Levien.
Following Daetz's move, Shimon Mizrahi declared he too would exercise his right of refusal. Under the original ownership agreement, Mizrahi will acquire more shares than Daetz, thereby preventing Daetz from becoming the majority shareholder.
Separately, Recanati is set to sell 7.5% of the team to Levien. This transaction involves shares reserved for original shareholders, which do not grant a right of first refusal, thus allowing Levien to acquire a stake in Maccabi Tel Aviv.
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