Erik Steilman Raises Offer to Acquire Majority Stake in Maccabi Tel Aviv Basketball Club

Erik Steilman, CEO of Rapyd and main sponsor of Maccabi Tel Aviv basketball team, has significantly improved his bid to purchase the 58% stake held by the Recanati family in the club. The updated offer values the shares at $120 million, which includes a $20 million premium over the price the Recanati family paid to acquire the Federman family's shares. In addition to the purchase price, Steilman's proposal includes an injection of $30 million directly into the club's budget to strengthen the team and enhance its competitive performance. This investment will not dilute the holdings of other shareholders.

This move follows Steilman's earlier agreement in May to buy half of the Federman family's 14.5% stake, a deal that ultimately did not materialize as the Recanati family exercised their right of first refusal to acquire those shares themselves. Steilman is now intensifying efforts to gain control of the club and usher in a new financial era for Maccabi Tel Aviv. The offer was formally submitted to Udi and Shay Recanati, the current majority owners, as part of an ongoing battle for control of the prestigious basketball team.