Maccabi Tel Aviv Basketball Club Faces Ownership Dispute Amidst Rare Public Comments

Oudi Recanati, a co-owner of the prominent Israeli basketball club Maccabi Tel Aviv, has broken his usual public silence to criticize former partners and discuss the club's financial and management issues. The dispute centers on the sale of a 29% stake in the club, which Recanati and his son Shi recently bought from the Federman family for $50 million. They are now attempting to sell this stake to American businessman Jason Levien, formerly of the NBA's Memphis Grizzlies.

Another shareholder, Richard Deitz, who holds 17.5% of the club, opposes the deal with Levien and has exercised his right of first refusal, taking the matter to court. Deitz submitted a transcript of a recent conversation between Recanati and a fan organizer, which revealed Recanati's candid remarks. In the recording, Recanati described his past relationship with the Federman family, particularly Dani Federman, as difficult, alleging "under the table, behind the back" management practices. He also stated that the Federmans consistently hindered efforts to increase the club's budget.

Recanati also expressed strong reservations about businessman Arik Shiltman, founder of the fintech company Rapyd, who had initially sought to acquire a stake from the Federmans. Recanati characterized Shiltman as too aggressive and overly controlling, stating he was "not suitable to be a sponsor" and certainly not an owner. Recanati explained that his desire to bring in Levien stems from a need for younger partners with significant financial backing and NBA experience, highlighting Levien's Zionist commitment and potential to relocate to Israel.

Recanati indicated a willingness to reduce his own stake significantly, emphasizing that he is not seeking control but rather a strong ownership group. The court has directed the parties involved to arbitration, as stipulated in their shareholder agreements. The case involves multiple stakeholders, including Shimon Mizrahi, chairman of the club, who holds a 14.5% stake.