Maccabi Tel Aviv Ownership Dispute Arbitration Set for October 29
Translated & summarized from Ynet by baba
Arbitration to settle the ownership dispute of Maccabi Tel Aviv basketball club is scheduled for October 29, led by arbitrator Israel (Relli) Leshem. The conflict involves key shareholders Shimon Mizrahi, Oudi Recanati, and Richard Ditz, with potential involvement from Jason Levin. The dispute centers on a 29% stake and a separate 9% stake, with shares held in escrow pending a resolution.
The story in 6 lines · by baba
- Arbitration over Maccabi Tel Aviv ownership is set for October 29.
- Arbitrator Israel (Relli) Leshem will lead the proceedings.
- Shimon Mizrahi and Oudi Recanati face Richard Ditz in the dispute.
- The core issue involves a 29% stake and a potential $50 million sale.
- A separate dispute over 9% of shares will also be addressed.
- Shares involved in the dispute are held in escrow.
An official date, October 29, has been set for the arbitration proceedings to resolve the ownership dispute of the Maccabi Tel Aviv basketball club. The arbitration will be led by attorney Dr. Israel (Relli) Leshem. On one side of the proceedings are club chairman Shimon Mizrahi and Oudi Recanati, while Richard Ditz represents the other side. A district court ruling allows Jason Levin to join the arbitration only when the issue of 7.5% of the shares he purchased from the Recanati family is discussed, and his participation does not constitute recognition of his shareholder status.
An earlier attempt at mediation, proposed by Judge Ariel Zimmerman and led by attorney Moran Meiri, failed to reach an agreement, prompting the parties to proceed directly to arbitration. The core of the dispute centers on a 29% stake in the club, originally purchased from the Federman family by the Recanati family and later intended for sale to Levin for $50 million.
Ditz alleges that actions were taken to circumvent his right of first refusal, leading to the arbitration to determine share percentages and ownership. The arbitrator will also address a dispute over 9% of the club's shares that Ben Ashkenazi sought to sell. According to the court's decision, these shares will remain in escrow until a final ruling is made.
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