150 Million Dollars: The Battle for Control of Maccabi Tel Aviv Is Heating Up
The Recanati family has initiated the sale of a 29% stake in the Maccabi Tel Aviv basketball club. American businessman Jason Levien and Rapyd founder Arik Shtilman are competing for the controlling interest.
Dramatic shifts are underway in the ownership structure of the Maccabi Tel Aviv basketball club: The Recanati family, which currently holds 58% of the club's shares, has initiated proceedings to sell half of its stake (29%). The deal is expected to get underway in the coming days and will bring significant changes to the management table.
After YNET reported that the investor on his way to the club is Jewish-American businessman Jason Levien (52), "Walla" reported on a surprising turn that could shuffle the deck in the sale.
According to the report, Arik Shtilman, founder and CEO of Rapyd, who purchased half of the Recanati shares a few months ago but remained on the outside after the Recanati family exercised their right to buy out the Federman family, has no intention of giving up control of the club.
"I have submitted a new purchase offer to the Recanati family totaling 120 million dollars for their stake, and I promise to transfer an additional 30 million dollars directly to the team's coffers without affecting the ownership structure," stated Shtilman.
Levien, who is also interested in purchasing the team, is a less familiar figure to basketball fans in Israel, but in the United States, he is well-established. Levien began his career as a player agent, previously served as CEO of the NBA team Memphis Grizzlies, and possesses rich management and investment experience in the basketball and soccer industries.
The current acquisition deal concerns shares that previously belonged to the Federman family (via "Fedenko Sport") and passed to the Recanati family after they blocked the entry of Rapyd founder Arik Shtilman.
According to the club's bylaws, the other existing shareholders — Shimon Mizrahi (14.5%), Richard Deitch (17.5%), and Ben Ashkenazi (10%) — are allocated 30 days to decide if they wish to exercise their right of first refusal. If they do not object, Levien or Shtilman will complete their official entry and become the primary controlling owners of the club.
