Recanati Family Acquires Federman Shares in Maccabi Tel Aviv for $50 Million

A significant ownership change has taken place at Maccabi Tel Aviv basketball club. The Recanati family has purchased the 29% stake previously held by the Federman family through the company Padenco Sport, effectively removing the Federmans from the club's ownership. This acquisition increases the Recanati family's share to 58% of the club.

The transaction was made under a shareholders' agreement, with the Recanati family exercising their right of first refusal to buy the shares from Padenco. The purchase price for the Federman shares was approximately $50 million.

Following the acquisition, the Recanati family announced their intention to invest tens of millions of dollars in the club's player budget over the coming years, signaling a commitment to strengthening the team. This development follows earlier changes in ownership, including Eric Stillman's purchase of half of Padenco Sport's holdings, which controlled 29% of the club.

Further details about the deal and its implications for Maccabi Tel Aviv's future are expected to be released soon.