Maccabi Tel Aviv Co-Owner Calls for End to Ownership Dispute
Translated & summarized from Mako by baba
Maccabi Tel Aviv co-owner Richard Daetz announced the club's ownership dispute will proceed to arbitration, with all share transactions frozen until a resolution. He also stated that Jason Levien's claim to a 7.5% stake is undecided, and Levien's attempt to buy more shares was rejected. Daetz expressed hope for a mediated settlement that prioritizes the club's return to EuroLeague prominence, urging all parties to put aside egos.
The story in 6 lines · by baba
- Maccabi Tel Aviv's ownership dispute will proceed to arbitration, with share transactions frozen.
- Co-owner Richard Daetz stated Jason Levien's 7.5% shareholder claim is undecided.
- Levien's attempt to buy 9% of Maccabi shares was unequivocally rejected.
- Parties agreed to mediation before arbitration, but a mediator is not yet chosen.
- Daetz called for an ownership structure supporting Maccabi's return to EuroLeague leadership.
- Daetz also discussed EuroLeague franchise models and expansion with other owners.
Richard Daetz, a co-owner of the Maccabi Tel Aviv basketball club, has issued a statement clarifying his position on the protracted ownership dispute and the club's future. Following a hearing on Tuesday, Daetz announced that the ownership conflict is moving to arbitration, which he deems the appropriate forum for resolving the legal issues.
Daetz's statement explained that the court has clarified Jason Levien's status as a purported 7.5% shareholder remains undecided. Furthermore, attempts by Shimon Mizrahi and Oudi Recanati to buy and sell Maccabi shares are frozen pending the arbitration outcome. Levien's attempt to exercise a right of first refusal to purchase 9% of the shares for himself was unequivocally rejected.
Both parties have agreed to attempt a mediated settlement before arbitration, though a mediator has not yet been chosen. Daetz expressed his intention to approach mediation in good faith, emphasizing that any agreed-upon solution must adequately address the club's needs. These fundamental requirements include an ownership and corporate governance structure that can support Maccabi Tel Aviv's return to a leading position in the EuroLeague.
He stressed the need for financial capability alongside a commitment to organizational excellence, stating that the "ad-hoc" management style that has hindered the club must be replaced by a professional and consistent approach. Daetz hopes that if an effective agreement is reached through mediation, it will lead to the resolution of the dispute and a transition to more efficient club management. He urged all parties to set aside their egos and focus solely on the basketball club's best interests.
In a separate matter, Daetz participated via Zoom in a meeting of EuroLeague club owners. He noted that there were no disagreements among Maccabi's ownership group regarding the discussed topics: the EuroLeague's franchise model and league expansion, and NBA Europe. Maccabi's stance aligns with the vast majority of other clubs on these issues.
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