Eric Stillman Offers To Buy Recanati Family's Majority Stake In Maccabi Tel Aviv Basketball Club

The ownership saga of Maccabi Tel Aviv basketball club took a dramatic turn on Friday as Eric Stillman approached the Recanati family with a proposal to purchase their controlling 58 percent stake in the club for $100 million. This valuation matches the price agreed upon in the previous deal between the Recanati and Federman families. Concurrently, the Recanati family is negotiating to sell half of their control to Jason Levine for $50 million.

In a letter addressed to Udi and Shay Recanati, Stillman emphasized his longstanding and significant connection to Maccabi Tel Aviv, both as a devoted fan and a major sponsor. He expressed deep concern for the club's legacy and supporters, highlighting his active involvement in the club's management and his commitment to dedicating substantial personal time, attention, and financial resources to advance the club's sustained success and long-term interests.

Stillman formally submitted an offer to acquire all or at least a controlling portion of the shares held by Naftali Investments Ltd. in Maccabi Tel Aviv Basketball (1995) Ltd. He proposed that the purchase price per share be based on the same company valuation used in the Recanati family's last acquisition from Fedanco Sport Ltd. He requested a swift due diligence process lasting 30 days and indicated that, subject to satisfactory completion and necessary approvals, the transaction could be finalized within 90 days.

Stillman concluded by urging a prompt response from the Recanati family to proceed with the deal. This development adds a new chapter to the ongoing shifts in the club's ownership structure, with potential implications for its future management and strategic direction.