Eric Steilman Offers $100 Million to Buy Majority Stake in Maccabi Tel Aviv Basketball Club

Eric Steilman, founder of Rapid, recently approached Maccabi Tel Aviv basketball owners Udi and Shay Rekanati with a non-binding offer to purchase the entire 58% stake held by Naftali Investments in the club or alternatively acquire a controlling interest. The proposal values the shares at approximately $100 million, based on the recent valuation of Pedanco Sport's shares in the team. In his letter, Steilman expressed his long-term commitment to the club, where he has been involved as a fan and major sponsor for years, and stated his intention to invest personal time, resources, and significant capital to advance Maccabi Tel Aviv's sustained success.

Steilman requested to complete due diligence within 30 days, followed by negotiations for a binding agreement, aiming to finalize the deal within about 90 days subject to all necessary approvals. Currently, this remains an initial, non-binding offer, with the decision resting with the shareholders. This development follows a surprising saga in which the Rekanati family recently became the controlling owners of the club by purchasing Pederman family's 29% stake for $50 million through their company Pedanco, increasing their total ownership to 58%. This transaction was enabled by the Rekanati family's exercise of a right of first refusal under the shareholders' agreement, preventing Steilman from acquiring half of Pederman's shares.

This deal marks one of the most significant transactions in Israeli sports, consolidating the Rekanati family's control over Maccabi Tel Aviv basketball. The offer from Steilman signals potential future shifts in ownership, but for now, the shareholders hold the decision-making power.