Investor Matan Adelson purchases Hapoel Jerusalem for $20 million / News - Basketnews.com

Adelson paid around $20 million for his shares. $14 million were paid for 76% of the total shares that previously belonged to an ownership group led by Moshe Greenberg. Businessman Eyal Chomsky sold his shares of 21% for around $6 million. Despite the takeover, 10% of the total stakes will belong to the Hapoel fan association.

Credit: FIBA Credit FIBA

Hapoel Bank Yahav Jerusalem reached the Basketball Champions League (BCL) final in May. On top of that, the club is about to have a new future.

3-pointers this season

36%8,8Points made:8,8Accuracy:36,4%Place in standings:22Record max:14Record min:1Most made 3FGs:Kenneth SmithTeamBCLStatisticsSchedule

A group led by American-Jewish investor Matan Adelson has purchased 90% of the club's ownership, multiple reports in Israeli media indicate.

"I'm very excited to become the Hapoel Jerusalem basketball team owner today. I have an important task ahead of me and I'm sure that, together with the wonderful fans, the players, the coaches, and the team, we will make the best team in Israel and the face of Israeli basketball in the world," he said following the deal.

According to Omri Mannheim from Sport5, Adelson paid around $20 million for his shares.

$14 million were paid for 76% of the total shares that previously belonged to an ownership group led by Moshe Greenberg. Businessman Eyal Chomsky sold his shares of 21% for around $6 million.

Despite the complete takeover, 10% of the stakes will belong to the Hapeol fan association which fully owns the club when a transfer of ownership takes place. Adelson will own the remaining 90%.

Former NBA star Amar'e Stoudemire had a 1.5% stake in the club as well. Moses Barda from ONE reports that Stoudemire's shares were sold as part of the total package and the player should receive around $277,500 for the deal.

Adelson comes from a rich family. His father Sheldon was a business tycoon worth tens of billions of dollars. After his death, Matan's mother Miriam is considered one of the richest women in the world with her net worth hovering around $34 billion.

Matan Adelson himself is an analyst and investment advisor in several venture capital funds. He's known to be a basketball fan and could be seen attending Hapoel Jerusalem games this season.

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