Court Orders Arbitration in Maccabi Tel Aviv Shareholder Dispute
A district court has ordered the appointment of an arbitrator by Wednesday, September 9, to resolve a dispute among shareholders of the Maccabi Tel Aviv basketball club. The court aims to expedite the process, which could otherwise drag on for months.
The order comes after Maccabi Tel Aviv owner Richard Daetz filed an injunction request against a recent share sale. Daetz exercised his right of first refusal to purchase 38% of the club's shares. This includes 29% that the Rekanati family intended to sell to Jason Levien, and an additional 9% that Ben Ashkenazi planned to sell to Levien.
Shimon Mizrachi, initially set to sell 6.5% to Levien, also withdrew his offer and invoked his right of first refusal. According to the original shareholder agreement, Mizrachi is expected to acquire more shares than Daetz.
Meanwhile, the Rekanati family completed a deal to sell an additional 7.5% to Levien, who was slated to officially join the club's management. However, Daetz is also seeking to halt this transaction.
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