Maccabi Tel Aviv Sponsor Eric Steilman Offers $120 Million to Buy Recanati Family Shares

Eric Steilman, founder and CEO of fintech company Rapid and the main sponsor of Maccabi Tel Aviv, has submitted a new offer to the Recanati family to purchase their entire 58 percent stake in the club. The latest proposal, presented to Udi and Lashi Recanati, values the shares at $120 million, up from Steilman's previous offer of $100 million made about ten days ago. This new offer also exceeds the valuation of a prior transaction in which the Recanati family acquired 29 percent of the club from the Federman family for $50 million through Fedanco Sport.

The offer comes amid the Recanati family's ongoing efforts to sell part of their holdings. They have informed partners of their intention to sell half of their shares, amounting to 29 percent, to Jewish-American businessman Jason Levine. Levine, 52, is a sports executive and investor with experience in football and basketball team ownership and management, including serving as CEO of the NBA's Memphis Grizzlies. The shares for sale correspond to the portion previously held by the Federman family via Fedanco Sport, which the Recanati family acquired by exercising their right of first refusal to block Steilman from becoming a new owner.

Current shareholders now have 30 days to decide whether to exercise their right of first refusal to purchase the 29 percent stake offered to Levine. Besides the Recanati family, other shareholders include Shimon Mizrahi with 14.5 percent, Richard Deitsch with 17.5 percent, and Ben Ashkenazi with 10 percent of the club's shares. The potential sale to Levine could proceed as soon as this week, marking a significant development in the club's ownership structure.