Recanati Family Buys Control of Maccabi Tel Aviv Basketball

The Recanati family announced Tuesday that it is exercising its shareholder right of refusal and buying the Federman family's Fedco stake in Maccabi Tel Aviv basketball for about $50 million. Reports say the move raises Recanati's holding from 29% to 58%, gives the family control of one of Israel's flagship sports institutions and implies a club valuation of about $172 million. Several reports said the family intends to invest tens of millions of dollars in the player budget over the next few years. The sale closes a long Federman chapter in Israeli basketball and keeps ownership of the EuroLeague club anchored in Israeli hands.