Fintech CEO Eric Stillman Vows to Save Maccabi Tel Aviv Basketball Club
Eric Stillman, CEO and co-founder of the fintech company Rapyd, has publicly declared his intention to prevent the Maccabi Tel Aviv basketball club from collapsing, expressing deep concern over its current trajectory. Stillman, who recently served on the club's board for a month, described the management as "embarrassing" and "extremely mediocre," likening it to a "corner store from the 80s."
Stillman's involvement began when he acquired 50% of Fedenko Sport, the Maccabi shares previously held by the Federman family. This move triggered a series of rights of refusal, with the Recanati family initially exercising their right to buy the Federman shares, including Stillman's. However, the situation became complex as other stakeholders, including American investor Jason Levin and businessman Richard Deitz, also sought to acquire shares. Ultimately, Shimon Mizrahi intervened, blocking the Recanati-Levin deal and aiming to become the majority shareholder himself.
Stillman claims he offered the Recanati family $120 million for 58% of the club, a valuation he bases on industry standards. He believes Maccabi Tel Aviv is worth approximately $180 million, citing a valuation multiple of 4-6 times its annual revenue of around $30 million. He argues that the club requires a significant investment of at least $50-60 million over the next three years to avoid bankruptcy and a potential fall from the EuroLeague.
In an interview on the "Business Field" podcast, Stillman stated, "I don't need this for economic reasons, but I am a worried and troubled fan who sees a team on the verge of collapse. I am not prepared to let the team fall under any circumstances." He asserted that his financial resources and management capabilities far exceed those of current stakeholders like the Recanati family, whom he believes are no longer financially robust enough to lead the club. He also criticized the club's board for lacking data-driven decision-making and a forward-looking vision, suggesting their actions are driven by fear of rival Hapoel Tel Aviv's owner, Ofer Yana.
Stillman, who made his fortune with Rapyd, a global payment infrastructure company valued at billions of dollars, emphasized his commitment to revitalizing Maccabi. He acknowledged his emotional investment, contrasting it with his rational approach to business. The Recanati family and Shimon Mizrahi responded critically, calling Stillman's boasts about his wealth "vulgar" and indicative of a lack of values and humility, warning that his management style would be a "recipe for disaster."
