High-profile case10/5/2026

Maccabi Tel Aviv Shareholder Asks Court to Freeze Share Transactions

VR Capital Group, headed by Richard Deitz, has again petitioned the Tel Aviv District Court for interim relief in a dispute over the ownership structure of the Maccabi Tel Aviv basketball club. It claims that the purchase of shares by companies controlled by the Recanati family and Shimon Mizrahi would alter the balance of power before the dispute is heard in arbitration.

Key facts

•Court: Tel Aviv District Court
•Previous decision: September 6
•Disputed share block: approximately 9% of the shares
•Offer price: $18 million
•Club valuation under the transaction: approximately $200 million
•Request to appoint an arbitrator: September 15

The Dispute Over 9% of the Shares

A company controlled by Ben Ashkenazi offered on September 2 to sell approximately 9% of the club's shares to Jason Levin's company for $18 million. Two days later, VR Capital Group announced that it was exercising its right of first refusal to purchase the entire block of shares offered on the same terms. The Recanati and Mizrahi companies subsequently also announced their intention to purchase some of those shares, as well as any remaining shares that other shareholders do not seek to purchase.

Arguments by Deitz's Company

VR Capital Group claims that the partners' actions will reduce the block of shares it can receive under its right of first refusal. The company also notes that the Recanati corporation previously promoted the sale of the shares to Levin at a club valuation of approximately $172 million, whereas it now intends to purchase shares in a transaction reflecting a valuation of approximately $200 million. Deitz believes this is a single plan to change the ownership structure before the arbitration begins; this is the applicant's position and not a fact established by the court.

What the Court Has Already Ruled

In a decision dated September 6, the court noted that the validity of the disputed corporate actions is currently conditional and must be examined in arbitration. The court did not decide the validity of the transactions themselves, but instructed the parties to advance the arbitration swiftly and allowed Deitz to return and seek protection if practical steps were taken. An arbitrator has not yet been appointed: agreement in principle was reached on the arbitrator's identity, but Recanati and Mizrahi demand that Levin's company be joined to the proceeding, while Deitz opposes this.

What Relief Was Requested

VR Capital Group seeks a temporary prohibition on transferring or allocating the shares, changing the ownership register, and granting the voting, management, and economic rights attached to them. The company also demands a freeze on implementing the prior actions to transfer the shares to Levin. The source does not state whether the court has ruled on this new application; Deitz's September 15 request to expedite the appointment of an arbitrator has also not yet been heard.

What this means for you

The dispute illustrates that exercising a right of first refusal to purchase shares can become complicated when several co-owners seek to purchase the same block of shares while the status of a new participant is also disputed. Interim relief can preserve the status quo until arbitration, but in this case the source does not confirm that such relief has already been granted. For an ordinary shareholder, this means that the transfer of the shares and the rights attached to them may remain uncertain until the court or arbitrator issues a decision.

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