Huge drama at Maccabi: Recanati family sells half of its shares for $50 million
Following a wave of speculation regarding new investors, the Recanati family is selling half of its shares to businessman Jason Levien for $50 million. Shimon Mizrahi and other shareholders must now decide whether to exercise their right of first refusal. Meanwhile, Arik Shtilman has been sidelined once again.
Shareholders of the Maccabi Tel Aviv basketball club have 30 days to respond to the sale of half of the Recanati family's shares to businessman Jason Levien for $50 million—a transaction based on the same valuation used for their previous purchase of the Federman family's shares.
After a wave of rumors regarding the source of funding for the Recanati family's massive acquisition of the Federman shares, it has become clear that the family never intended to retain full 58% ownership of Maccabi Tel Aviv. Instead, they aimed to bring in an investor who would remain committed to their position, allowing the family to maintain control without bearing the majority of the team's budget burden.
Jason Levien's name has surfaced frequently in reports, given his background in the NBA, including his tenure as CEO of the Memphis Grizzlies. Arik Shtilman, founder and CEO of Rapyd, the team's main sponsor, sharply criticized the Recanati family's conduct, particularly regarding their ownership of Sport 5 and the disconnect between the club and the media. Regarding the negotiations with Levien, he stated:
"Why give to a person who doesn't have enough money? Bringing in someone who has no money and doesn't understand the situation is pointless. This whole thing is just so there will be a puppet in America to continue managing in a failing way."
Under the club's bylaws, shareholders hold a right of first refusal on any offer. In addition to the Recanatis, who own 58% of the club, Richard Deitch holds 17.5%, Shimon Mizrahi holds 14.5%, and Ben Ashkenazi holds 10%. The final decision now rests with them.
