Maccabi Tel Aviv Ownership Battle Intensifies as New Investors Enter

The power struggle over the ownership of Israeli basketball club Maccabi Tel Aviv has escalated with the entry of new investors, Shimon Mizrahi and the Rekanati family, into a deal involving shares previously held by Ben Ashkenazi. This move comes just days before a crucial arbitration hearing scheduled for Sunday, which is set to address numerous legal and business disputes among the shareholders.

The nine percent of shares previously intended for sale by Ashkenazi to American businessman Jason Levien are now at the center of the conflict. Existing shareholders have the right of first refusal, allowing them to acquire shares offered to external buyers under the same terms. Richard Dijkstra, who already holds a significant stake, previously exercised this right. Now, Mizrahi and the Rekanati family have also chosen to do so, complicating the distribution of these shares.

Mizrahi, the club's long-time chairman, and the Rekanati family are actively increasing their influence, potentially altering the balance of power within the club. Dijkstra has also been attempting to consolidate his holdings and become the dominant figure. The situation is further complicated by a separate lawsuit filed by Dijkstra against Levien and intermediary Guy Harel, adding another layer to the ongoing battle for control.

The impending arbitration hearing is critical, as both sides believe their interpretation of the shareholder agreements is correct. The outcome of this hearing, and the distribution of Ashkenazi's shares, could significantly impact the club's future financial and professional direction, especially as rivals invest heavily and aspirations in the EuroLeague demand substantial budgets.

This latest development, rather than resolving the dispute, has added further complexity. The fight for control of Maccabi Tel Aviv is far from over, with the arbitration hearing on Sunday expected to shift the battleground from business deals to legal proceedings.