Maccabi Tel Aviv Sponsor Alleges Recanati Family Illegally Bought Shares, Deceiving Other Owners

Arik Shtilman, owner of Rapid, the main sponsor of Maccabi Tel Aviv basketball club, has accused the Recanati family of illegally acquiring shares previously held by the Federman family. Shtilman claims that the sale of half of the Federman shares to businessman Jason Levine, revealed by ynet, was not lawful. According to Shtilman, on July 6, the Recanati family agreed to sell 29% of their shares to Levine, which corresponded to the Federman stake. However, the very next day, the Recanatis exercised a right of first refusal to purchase the Federman shares themselves, a move Shtilman says was done behind the backs of the other shareholders, rendering the entire transaction illegal.

Shtilman posted on X (formerly Twitter) that the Recanati family never actually bought the Federman shares and that Levine financed the deal from the start, meaning the right of first refusal was never properly exercised. He emphasized that this arrangement violated the shareholders' agreement and accused the Recanatis of deception. He further explained that the concealment of the deal from other shareholders invalidates the Federman share purchase and triggers a right of first refusal on the Recanati shares themselves.

The recent transaction transferred the Federman family's stake, held through Fedenco Sport, to the Recanati family after they exercised their right of first refusal, with Shtilman joining as an additional owner. Other shareholders include Shimon Mizrahi with 14.5%, Richard Deitsch with 17.5%, and Ben Ashkenazi with 10%. The dispute raises the possibility that all shareholders could now buy out the Recanati family's shares due to the alleged illegalities.