Maccabi Tel Aviv Ownership Dispute Nears Arbitration Decision

The protracted ownership dispute over Israeli basketball club Maccabi Tel Aviv has escalated, with a court granting the involved parties an additional 24 hours to agree on an arbitrator. The parties, whose lawyers are currently abroad, requested the extension until Thursday. If an agreement on the arbitrator's identity is not reached by then, the decision will be transferred to the head of the Israel Bar Association, Adv. Amit Bachar.

The arbitration proceedings are expected to commence next week. The core of the conflict involves Richard Ditz, who owns 17.5% of the club's shares, seeking to halt planned deals between the Recanati family, Shimon Mizrahi, and a group of investors led by Jason Levin. Ditz alleges these deals are designed to prevent him from acquiring an additional 29% of Maccabi's shares and gaining controlling ownership.

The Recanati family intends to sell their 29% stake to Levin's group for $50 million. Ditz has declared his intention to exercise his right of first refusal to purchase the entire block of shares and has provided a bank guarantee of NIS 12 million. Subsequent moves to transfer shares to Levin's group and exercise rights by Mizrahi, which Ditz claims infringe upon his rights and alter the club's power balance, have further fueled the dispute.