Today the Maccabi Electra Tel Aviv Basketball Club reached an agreement according to which two new partners will join the company: Richard Deitz and Ben Ashkenazy, both citizens of the United States.
Deitz and Ashkenazy will hold 27.5% of the club’s stock (Deitz purchased 17.5% and Ashkenazy 10%), comparatively reducing the shares of the current stockholders – Recanati, Federman, and the Mizrahi Group. With the closing of this deal, the ownership structure of the club will be composed thus:
Newco, owned by Shimon Mizrahi: 14.5%
The Federman, Recanati and Mizrahi groups welcomed the deal, saying, “The addition of these partners to the Maccabi Tel Aviv Basketball club allows us to broaden our partnership base, to benefit from a diverse and high quality management team and to continue the policy initiated a number of years ago to rejuvenate the management and owners through a long-term perspective in the planning of the future of the club.”
Chairman of Maccabi Tel Aviv, Shimon Mizrahi, said, “The inclusion of these two young partners adds another dimension to the economic strength and stability of the club, and brings a breath of fresh air into its management. I have no doubt that the combination of the more senior stockholders and these new shareholders will aid us in reaching new heights. Deitz and Ashkenazy are young Zionists who share the long-range vision of the more senior owners and are committed to preserving the spirit of Maccabi, the team, its accomplishments and its values.”
Eli Drikes said, “Maccabi Electra Tel Aviv continues to demonstrate that they are everyone’s team. The fact that two young Jewish Zionists see Maccabi as the embodiment of the Israeli spirit is very touching, and speaks volumes. We will work together to continue to preserve the tradition while helping the club achieve new accomplishments, on both national and international levels.”
Richard Deitz noted, “I've been a basketball fan since I was three years old. For me, Maccabi Tel Aviv was a matter of love at first sight. The energy and passion of the team and its fans make Nokia Arena one of the most exciting places on the planet to watch a basketball game. I am delighted to be joining the ownership group that has been responsible for guiding Maccabi to an incredible level of success in Israel and on an international level. Maccabi is a truly storied franchise and I share with the principal owners a commitment to carrying on its proud traditions.”
Ben Ashkenazy said, “As a kid, when I was still living in Israel, I went to Maccabi games and Aulcie Perry was one of my idols. To me, Maccabi is one of the strongest Jewish symbols in the world. I feel that this team has given so much, and now through my partnership with Maccabi I am proud to give something back to the team and to the country that I love so much. For me, to be a part of Maccabi Tel Aviv is the realization of a dream.”
About the New Partners
Richard Deitz, 47, is the founder and president of VR Capital Group, an asset management company which manages assets in excess of $2 billion for institutional investors, family foundations and selected private investors.
Deitz holds degrees in economics and history from Yale University. He is a member of the President’s Council on International Activities and the advisory board of the Jackson Institute for Global Affairs at Yale University.
Deitz grew up in Washington D.C, has lived in Moscow and New York and will soon be moving to London with his wife and their three children.
Ashkenazy was born in Israel, and moved to the United States with his parents at age 10. Today he lives in Manhattan with his wife and their three children.
Attorneys Dr. Tal Rotman and Zevi Cohen, with the offices of Ron Rotman and Associates, represented Maccabi Electra Tel Aviv in this transaction.
Attorneys David Efrati, Ariel Ben-Hur and Bat-El Aliaszda of Efrati, Galili and Co. represented the new partners.