Recanati Family Acquires Majority Stake in Maccabi Tel Aviv Basketball from Federman Family

The Recanati family has completed the purchase of 29% of Maccabi Tel Aviv basketball club shares from the Federman family's Pandko Sport for $50 million, valuing the club at $172 million. This acquisition will increase the Recanati family's ownership to 58%, with plans to sell part of their stake to a new partner in the team.

The shares were sold by Adi and Danny Federman, sons of the late David Federman. They marked the end of a 90-year family legacy with Maccabi Tel Aviv, which began with their grandfather Yitzhak Federman, a team captain in the 1930s before Israel's establishment. The legacy continued through their father David, who in the early 2000s led the privatization of Maccabi Tel Aviv's basketball and football teams. Danny Federman also served as the club's CEO from 2011 to 2015.

The Recanati family exercised their right of first refusal to buy the Federman shares, half of which had been sold to Eric Stillman, co-founder of Rapid. The Federmans had proposed a strategic investment plan involving Israeli and American investors, including Stillman, aimed at strengthening the club. However, the Recanatis ultimately acquired the full Federman stake.

In their statement, the Federman family wished success to all shareholders and expressed hope that the Recanati family's future plans would be as successful as their own, preserving the club's values, heritage, and status as a leading Israeli and European sports symbol. They emphasized that while ownership can change, the legacy remains, subtly addressing the Recanati family.