Maccabi Tel Aviv Shareholder Richard Daetz Vows to Protect Club Amid Ownership Dispute

Richard Daetz, a 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, describing their maneuvers as "another act in a play that seems to be a tribute to the theater of the absurd." He detailed a series of transactions involving the Recanati family, Jason Levin, and the Federman family's shares, alleging that Shimon and Udi violated the shareholders' agreement by selling their stakes to Levin.

According to Daetz, Shimon and Udi attempted to force the sale of 14% of the club's shares to Levin, but abandoned the plan when their legal position weakened, settling for 7.5%. He further described a "ridiculous three-step move" by Shimon and Udi at midnight, involving an attempted transfer of shares to Levin, Shimon then attempting to exercise a right of first refusal to block Udi's sale to Levin, and finally Levin attempting to exercise a right of first refusal in a deal where he was the intended buyer.

Daetz also claimed that Recanati and Shimon attempted to exercise a right of first refusal on a 9% share sale that they themselves had brokered weeks earlier, with Udi losing out in an attempt to buy those shares at a lower valuation. Daetz stated that neither Udi nor Shimon conducted adequate due diligence before deciding to sell a majority of Maccabi Tel Aviv's shares to an "unknown person."

"All my actions in this matter are done with one intention only: to protect Maccabi Tel Aviv, our fans, and the club you love and support, from a hasty and ill-considered decision," Daetz declared. "I will continue to act with determination."