Maccabi Tel Aviv Ownership Dispute Heads to Urgent Arbitration
The power struggle among the owners of the Maccabi Tel Aviv basketball club has escalated, with co-owner Richard Daiz filing a request for an injunction against recent actions taken by the Recanati family, Shimon Mizrahi, and Jason Levien. Daiz also initiated arbitration proceedings, seeking urgent relief.
The Tel Aviv District Court rejected Daiz's request for an injunction, directing the parties to arbitration instead. Daiz alleges that Mizrahi is attempting to circumvent the shareholders' agreement, specifically the right of first refusal, which requires the consent of existing shareholders for new share acquisitions.
The court ruled that all past, present, and future transactions related to the ownership dispute will be reviewed by an arbitrator. The parties have until September 9 to appoint an arbitrator by mutual agreement. If they fail to agree, the chairman of the Israel Bar Association will appoint one.
The Recanati family and Mizrahi issued a statement criticizing Daiz for allegedly misrepresenting the court's decision to the media. They stated that the court denied Daiz's injunction request and emphasized their commitment to presenting their case in arbitration, calling for stability and investment in the club rather than "spin and misrepresentation."
