Maccabi Tel Aviv Ownership Dispute Moves to Arbitration with Dr. Israel Leshem
Maccabi Tel Aviv basketball club's ownership dispute moves to arbitration as parties appoint Dr. Israel Leshem to resolve the conflict over a 29% stake sale.
The ownership drama at Maccabi Tel Aviv basketball club has escalated, with parties agreeing to appoint Dr. Israel (Rali) Leshem—one of Israel's top commercial litigation attorneys, an advisor at Meitar law firm, and a Harvard PhD graduate—as the arbitrator to resolve the dispute.
Dr. Leshem's appointment follows a Tel Aviv District Court ruling that dismissed businessman Richard Deitz's request (via VR Capital Group) for temporary injunctions against the Recanati family and Shimon Mizrahi. Judge Ariel Zimmerman ruled that Deitz's request lacked clarity and directed the partners to arbitration, as stipulated in the original shareholders' agreement.
At the center of the struggle is a massive deal in which the Recanati family plans to sell a 29% stake in the club to an investor group led by Jason Levin based on a $50 million valuation. Deitz, who currently holds 17.5% of the shares, claims his right of first refusal to acquire the shares was improperly blocked. The upcoming arbitration will decide who controls the club.
Meanwhile, the Recanati family and Shimon Mizrahi issued a joint statement arguing that Jason Levin is a shareholder and Deitz himself included him in the legal proceedings. They criticized Deitz for attempting to alter the list of participants to suit his convenience.
