Rekanati Family Buys Federman Shares to Gain Control of Maccabi Tel Aviv Basketball

The Rekanati family has announced the purchase of the Federman family's 29% stake in Maccabi Tel Aviv basketball club for $50 million, increasing their ownership to 58%. This move was executed by exercising a right of first refusal, with no negotiations involved, according to Rekanati family member Shay Rekanati, who informed Danny Federman directly of the purchase.

The decision comes after a period of significant internal conflict and management disagreements within the club, which had caused delays and difficulties in making key decisions related to player acquisitions and daily operations. These disputes effectively froze many aspects of the club's functioning, complicating the owners' ability to manage the team effectively.

By consolidating majority ownership, the Rekanati family aims to streamline decision-making and end the stalemate that had plagued the club. The transaction follows a previous sale of shares to Erik Stillman, which had created the opportunity for this buyout. With the Rekanati family now holding the majority stake, they will have full control over the club's future decisions, potentially stabilizing management and operations going forward.