After more than three decades as owner of Maccabi Haifa, Ya'akov Shahar is expected to bring one of the most celebrated eras in Israeli soccer to a close within about two years. Full ownership will pass to an American investor group led by Adam Freed in a deal that has been agreed on in principle. If completed, it would be the biggest in the history of Israeli soccer, valuing the entire club at $80 million.
The Americans are set to get a foothold in the club as early as next season, which will serve as a transition period. Here is the outline to Shahar’s gradual disengagement plan from the club he first joined as a sponsor. After a lengthy due diligence process, the sides agreed that Freed’s group will initially buy the shares held by Shahar’s current partners, the Kaz family, who own half of the club, for $40 million. The figure is unprecedented for the purchase of half of an Israeli soccer club.
The central player in the deal is Freed, founder of Madaluxe, a luxury goods marketing company with annual revenue of $700 million. He holds an ownership stake in FC Los Angeles and leads a charity fund that fights antisemitism. Several other businesspeople are expected to join the ownership group.
Under the agreement, Shahar will continue to run the club in practice over the next two years, up to three years at most, with next season used for Freed’s group to acclimate. The current management team, including CEO Itzik Ovadia and professional director Lior Refaelov, is expected to remain in place for now. Refaelov’s status could change, possibly returning to his original role as head of the scouting system. Freed is expected to bring in representatives already next season to oversee professional and financial matters. The second stage will be completed later, when Shahar sells his remaining stake.
New management standards
Why is Shahar selling? The owner wants to lead Maccabi Haifa into a new era and is preparing the ground for his departure, but is doing so in stages to secure the club’s future. In the first stage, after the Kaz family exits and the American investors enter with half ownership, the sides will share the burden of the club’s financial losses.
After Maccabi Haifa failed to reach advanced stages in European competitions in each of the past two seasons, the 2024/25 season ended with a deficit of about 20 million shekels (about $6.2 million). As for the club’s financial ceiling, under Shahar and in line with financial fair play rules, the budget, more than 120 million shekels this season, reached a peak. It is expected to end in the red despite strong fan loyalty, reflected in the sale of 22,500 season tickets and tens of thousands more match tickets, bringing tens of millions of shekels into the club’s coffers.
The arrival of Freed’s group is not expected to lead to major budget growth in the near term. The budget is already at its maximum relative to income, and is still the second-largest in the Premier League after Maccabi Tel Aviv. Instead, the goal is to introduce new management standards that will improve decision-making, an area that has hurt the Green Club in recent years. That could include bringing in a high-quality foreign professional director and coach once the new owners take full control.
Shahar, who is expected to give up ownership entirely for $40 million paid by the Americans, recently hosted the group in Israel. He chose a transition period to closely examine the conduct of his new partners and their financial capabilities before the full transfer is completed. It is important to note that Shahar’s final exit will not lead to a family inheritance, including by his son, Or.
Beitar expects Shua to stay through season
At Beitar Jerusalem, officials believe captain Yarden Shua will remain with the club at least through the end of the season, after no official offers have been submitted for him ahead of the January transfer window. His contract includes a fixed release clause of 1.5 million euros. Shua, who was upgraded about a year ago to a salary of 350,000 euros, has tried to blur his future in media statements. After his standout performance on Wednesday, a quick hat trick against Ironi Tiberias in Nof Hagalil that doubled his season tally to six goals, the captain said: “A championship is a dream that everyone imagines. I hope it happens.”
Beitar understands Shua’s critical professional importance. The 5-0 win over Tiberias cut the gap to first-place Hapoel Beersheba to just three points, and left Beitar one point behind second-place Maccabi Tel Aviv. The two leaders meet on Sunday, a result that could benefit Beitar.
First published: 02:22, 12.05.25