Maccabi Tel Aviv Owners Head to Arbitration Amid Share Dispute
A legal battle between the owners of the Maccabi Tel Aviv basketball club has escalated, leading to an arbitration process. Richard Daetz filed a request for a temporary injunction with the Tel Aviv District Court against the recent actions taken by the Rekanati family, Shimon Mizrahi, and Jason Levien. Daetz also initiated arbitration proceedings, seeking urgent relief to expedite the process.
The court denied Daetz's request for an injunction, directing the matter to arbitration instead. The dispute centers on the mechanism for acquiring shares in the club, which requires the approval of existing shareholders and involves a right of first refusal. Daetz alleges that Shimon Mizrahi is attempting to circumvent the existing agreement by utilizing this right of refusal.
The judge overseeing the injunction request ruled that all past and future transactions related to the share dispute would be subject to the arbitration process. The parties involved are now required to appoint an arbitrator by September 9th, due to the urgent nature of the case. If the parties cannot agree on an arbitrator, the chairman of the Israel Bar Association will appoint one.
