Maccabi Tel Aviv Owner Vows to Protect Club Amid Ownership Dispute

Maccabi Tel Aviv suffered a 109-93 EuroLeague loss to Besiktas, opening their season with a 0-2 record. Following the game, Richard Deitz, an owner of the basketball club, issued a statement addressing the ongoing ownership disputes and detailing a series of recent events he characterized as "absurd theater."

Deitz outlined a timeline of transactions involving minority shareholders Shimon and Udi, and potential buyer Jayson Levin. According to Deitz, in July, the Recanati family exercised a right of first refusal to purchase a 29% stake from the Federman family for an implied club valuation of $170 million. In August, Recanati announced the sale of this stake to Levin at the same price.

Deitz further alleged that in August, Shimon and Udi announced the sale of 6.5% and 7.5% of Maccabi shares respectively to Levin, violating the club's shareholder agreement. In September, Ben Ashkenazi signaled his intent to sell 9% to Levin, with Shimon and Udi reportedly negotiating the deal. Deitz claimed Shimon and Udi attempted to force the sale of 14% to Levin during a board meeting, but abandoned the plan for a 7.5% sale when their legal position weakened.

Deitz described a "ridiculous three-step move" by Shimon and Udi at midnight, involving an attempted transfer of 7.5% to Levin, Shimon then attempting to exercise a right of first refusal to block Udi's sale of 29% to Levin, and finally Levin attempting to exercise a right of first refusal in a deal where he was the intended buyer. Deitz also stated that Recanati and Shimon attempted to exercise a right of first refusal on the 9% sale they had brokered, with Udi losing an attempt to buy those shares at $170 million.

"It is clear that this is not the conduct befitting the owners of a serious sports club," Deitz stated, adding that it has become clear to him that neither Udi nor Shimon conducted more than a superficial due diligence before deciding to sell most of Maccabi Tel Aviv's shares to a "completely unknown person." Deitz concluded by vowing to "continue to act with determination" to protect Maccabi Tel Aviv, its fans, and the club from a "hasty and ill-considered decision."