Recanati Family Buys Federman Shares to Control 58% of Maccabi Tel Aviv Basketball Club
Translated & summarized from Mako by baba
The Recanati family purchased the Federman family's 29% stake in Maccabi Tel Aviv basketball club for $50 million, raising their ownership to 58% and pledging significant investment in players.
The story in 6 lines · by baba
- Recanati family buys Federman's 29% stake in Maccabi Tel Aviv for $50 million.
- Recanati now holds 58% ownership of the basketball club.
- Federman family and Eric Stillman have exited the club's ownership.
- Other shareholders include Richard Deitsch (17.5%), Shimon Mizrahi (14.5%), and Ben Ashkenazi (10%).
- Recanati plans to invest tens of millions of dollars in player budgets.
- This deal is one of the largest in Israeli sports history.
The Recanati family has acquired the Federman family's 29% stake in Maccabi Tel Aviv basketball club for $50 million, increasing their ownership to 58%. This transaction was executed through the Recanati family's exercise of a right of first refusal to purchase all Federman shares held by the company Padenco. The deal marks a significant shift in the club's ownership structure following the departures of both the Federman family and Eric Stillman, who previously shared the 29% stake equally. The current ownership breakdown is now 58% held by the Recanati family, 17.5% by Richard Deitsch, 14.5% by Shimon Mizrahi, and 10% by Ben Ashkenazi. The Recanati family announced plans to invest tens of millions of dollars in the club's player budget over the coming years. This acquisition represents one of the most substantial deals in Israeli sports to date.
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