Maccabi Tel Aviv Sponsor Stilman Demands Disclosure of Levin Deal Documents Amid Ownership Dispute

The ownership dispute at Maccabi Tel Aviv basketball club has escalated as main sponsor Arik Stilman formally demanded documents related to the Levin share purchase deal. Stilman, who was set to become a shareholder, sent an urgent letter on Wednesday to the Recanati faction via the law firm Barnea Jaffa Landa, threatening legal action against Naftali S.S. Investments. The conflict began when the Recanati group exercised a right of first refusal to block Stilman's entry by acquiring 28.97% of Fedenco's shares, owned by the Federman family, for about $50 million. However, a report revealed an identical sale of the same shares to American businessman Jason Levin for the same amount, with Levin's company established just one day before the right of first refusal was exercised, raising Stilman's suspicions.

In the letter, Stilman accused the Recanati faction of abusing the shareholders' agreement mechanism, alleging the right of first refusal was used not to buy the shares for themselves but as part of a prearranged plan to transfer them to a third party without purchase rights. He described this as a serious breach of the agreement, bad faith, and rights infringement. Stilman demanded within three business days all correspondence and agreements with Levin, financing documents for the Fedenco deal including loan agreements and guarantees, and any future agreements or understandings about share transfers or options made before or near the right of first refusal exercise.

Stilman indicated this letter is a formal prelude to a possible court petition, asserting that the right of first refusal was not lawfully exercised since Levin was the actual buyer from the start. This could lead to the cancellation of the Fedenco share purchase or the application of a counter right of first refusal on the original Recanati shares. The dispute highlights tensions over control of the prominent Israeli basketball club and the transparency of recent share transactions.