Last update - 02:29 19/12/2007
Soccer / Deal goes through to sell Mac. Tel Aviv
By David Marouani
A three-way meeting last night between Loni Herzikovic, Ronni Maneh and David Federman paved the way for Herzikovic to sell his controlling stake in Maccabi Tel Aviv to Canadian businessman Alex Shnaider.
The deal had been held up over Maneh's insistence on receiving the NIS 19.4 million he claims to have invested in the club. At last night's meeting, Federman, a co-owner of the club with Herzikovic, suggested a compromise formula under which Maneh would receive his money back, with most of it - NIS 15.4 million - coming from Herzikovic, who has been looking to sell the club for some time.
"I'm sure the deal will go through," Herzikovic said last night. "Federman found the best compromise."
Under the deal, Shnaider will hold 80 percent of Maccabi, while the other 20 percent will be purchased by the Maccabi Tel Aviv Association, which is headed by Eldad Buchsfen. Buchsfen says he already has raised the money he needs, adding, "the demand was greater than expected."
The total cost of the deal is reported to be NIS 69 million.