Recanati Family Acquires 29% 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 Pandco 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, marking the end of a 90-year family legacy with the club. This legacy began with their grandfather, Yitzhak Federman, a Maccabi Tel Aviv captain in the 1930s before Israel's establishment, and continued through their father David, who led the privatization of the club in the early 2000s. Danny Federman also served as the club's CEO from 2011 to 2015.

The Recanati family exercised their right of first refusal to acquire 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, with experience and commitment to Maccabi. However, the Recanatis ultimately purchased the full Federman stake. In a statement, the Federman family wished success to all shareholders and expressed hope that the Recanati plan would be as successful as their own proposal, which aimed to advance the club's achievements while preserving its values, legacy, and status as Israel's leading club and a national symbol in European basketball. The statement also emphasized that while ownership can change, the legacy remains, subtly addressing the Recanati family.