Drama at Maccabi Tel Aviv: Richard Deitz to become majority shareholder
Richard Deitz, who previously held 17.5% of the club, announced he is exercising his right of first refusal, which will increase his stake to 55.5% or potentially 62%. "Maccabi is much more than a sports club or a financial asset," he stated.
Another management shake-up at Maccabi Tel Aviv. Richard Deitz, one of the club's owners, announced on Friday that he is exercising his right of first refusal on the deal to sell the Recanati family's shares to Jason Levin, effectively purchasing 38% of the team's shares. This move will increase his holdings in the club from 17.5% to 55.5%, and potentially up to 62%.
In a statement released to the media, Deitz wrote:
"Today, after Udi Recanati, Shimon Mizrahi, and Ben Ashkenazi informed me of their intention to sell control of Maccabi Tel Aviv to Jason Levin, I exercised my right of first refusal regarding 38% of the club's shares. This move is expected to increase my holdings to at least 55%, and possibly even 62%. I did this for one reason: to protect Maccabi."
Deitz further added:
"When other shareholders seek to reduce their financial commitment to the club, it was logical for them to seek assistance. However, in my opinion, transferring control of the club to an investor who has no prior connection to Maccabi or experience in European basketball was a move involving excessive risk. I might have welcomed a gradual process, but not a leap into the unknown."
"Maccabi is much more than a sports club or a financial asset. It is a way of life, a passion that is hard to explain, and a team that touches and changes the lives of everyone who supports it or plays in its ranks. Owning the club is much more than a business opportunity. It is a responsibility to preserve it and lead it," he emphasized.
Deitz addressed his goals following the move: "My mission is clear — to leave behind the internal struggles, to build excellence in all parts of the club with the help of world-class expertise on our board of directors, and to return Maccabi to its place among the top clubs in Europe, alongside continuing the constant struggle for championships and cups in Israel. This means honoring the generation that made Maccabi great, while simultaneously giving a new generation the ability to carry the tradition forward."
About a month ago, the Recanati family officially notified the other owners at Maccabi Tel Aviv of the sale of half of its shares to the American-Jewish businessman Jason Levin. Levin, who previously served as CEO of the Memphis Grizzlies in the NBA, effectively became the holder of 29% of the club's ownership, paying 50 million dollars for the stake. This is the stake that the Federman family held through the company "Fedanco Sport," which passed to the Recanati family after they exercised their right of first refusal to dilute the Federmans' shares and introduce Arik Shtilman, founder of the fintech company Rapyd, as an additional owner.
From the moment the deal became official, the other owners — Shimon Mizrahi (14.5%), Richard Deitz (17.5%), and Ben Ashkenazi (10%) — had the right to refuse the deal within 30 days. Deitz announced the exercise of his right of first refusal 27 days after the Recanati family's notification.
