Eric Shtilman takes a dramatic step against the Recanati family: heading to court
A huge drama behind the scenes of Maccabi Tel Aviv: the main sponsor sent a sharp warning letter and threatens to take legal action following a planned move that he claims was intended to deprive him of purchasing the club's shares.
The intense conflict surrounding the ownership structure of the Maccabi Tel Aviv basketball club is reaching new heights. Businessman and the club's main sponsor, Eric Shtilman – whose plan to enter as a shareholder was blocked at the last moment – has sent an urgent demand letter before filing a lawsuit against the company "Naftali S.S. Investments," which represents the Recanati faction.
In the letter sent through the law firm Barnea Jaffa Lande & Co., Shtilman clarifies that he does not intend to give up and accuses the long-time partners of a material breach of the shareholders' agreement.
The legal dispute began when the Recanati faction chose to exercise its right of first refusal and took over 28.97% of the shares of the Fedenko group (the Federman family) for about 50 million dollars, which led to the blocking of Shtilman's planned deal.
However, as published this Thursday on YNET, the move took a dramatic turn after it was revealed that the exact same shares are supposed to be sold for an identical amount to American businessman Jason Levin. The suspicion of a planned maneuver grew when it turned out that Levin's American company was established just one day before the exercise of the right of first refusal.
In his sharp letter, Shtilman claims that these are not two separate and innocent transactions, but a pre-planned mechanism designed to bypass the bylaws. According to him, the right of first refusal served only as a cover for transferring the shares to a third party, which in his view amounts to bad faith and misappropriation of rights. Shtilman is now setting a strict ultimatum of three business days to receive all correspondence, financing agreements, and hidden understandings signed with Levin.
This combative step serves as the official opening shot for a petition to the court. If Shtilman's arguments are accepted, the move could lead to a full cancellation of the Fedenko share purchase – and even open the door to exercising a counter-right of first refusal on the Recanati family's original shares, potentially leading to a managerial earthquake in the yellow empire.
