Maccabi Tel Aviv Shareholder Richard Daetz Vows to Protect Club Amid Ownership Dispute
Translated & summarized from Mako by baba
The story in 5 lines · by baba
- Richard Daetz will fight to protect Maccabi Tel Aviv amid ownership dispute.
- Daetz criticized fellow shareholders Shimon and Udi Mizrahi's actions.
- He detailed alleged violations of the shareholder agreement.
- The dispute involves potential sales to investor Jason Levin.
- Maccabi Tel Aviv lost its EuroLeague opener 109-93.
Richard Daetz, a significant shareholder in the Maccabi Tel Aviv basketball club, has pledged to continue fighting to protect the team amidst a contentious ownership battle. His statement comes after Maccabi Tel Aviv's 109-93 loss to Besiktas in their EuroLeague season opener, which left them with a 0-2 record.
Daetz criticized the recent actions of fellow shareholders Shimon and Udi Mizrahi, describing their maneuvers as "absurd theater." He detailed a series of transactions and attempted transactions involving the Mizrahi brothers, Jason Levin, and the Recanati family, which he claims violated the club's shareholder agreement. These events, spanning from July to September, involved attempts to sell significant stakes in the club at varying valuations.
According to Daetz, the Mizrahi brothers attempted to force the sale of 14% of the club's shares to Levin, but abandoned the plan when their legal position weakened, opting instead for a 7.5% sale. Daetz also highlighted a complex three-step maneuver by the Mizrahis at midnight, involving purported transfers to Levin, Shimon attempting to exercise a right of first refusal against Udi's sale to Levin, and Levin then attempting to exercise a right of first refusal in a deal where he was the intended buyer.
Daetz further alleged that the Recanati family and Shimon Mizrahi attempted to exercise rights of first refusal on a 9% share sale that they had brokered weeks earlier. He stated that Udi Mizrahi's attempt to buy these shares at a lower valuation failed.
"It is clear that this is not conduct befitting the owners of a serious sports club," Daetz asserted. He expressed his belief that neither Udi nor Shimon Mizrahi conducted adequate due diligence before deciding to sell a majority of Maccabi Tel Aviv's shares to an unknown individual. Daetz concluded by reiterating his commitment to protecting Maccabi Tel Aviv, its fans, and the club from what he termed a "hasty and ill-considered decision."
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