The Maccabi Tel Aviv Basketball Club announced with deep sorrow and profound pain the passing of David Federman, of blessed memory, one of the club’s owners, who passed away early this morning at his home, surrounded by his wife and children, at the age of 81. Federman was a true Maccabist and a devoted member of Maccabi Tel Aviv throughout his entire life, a central and significant figure in the club’s family for many decades.

He accompanied Maccabi Tel Aviv with dedication, love and deep commitment. A man of values, an Israeli patriot and a lover of people. His leadership and immense contribution to Maccabi Tel Aviv and to the Israeli sports community will be remembered forever.

Federman was born in 1944 in Tel Aviv to a family with a natural connection to Maccabi Tel Aviv. His father, Yitzhak Federman, was a rubber and chemicals trader and himself played on the club’s basketball team. David Federman was educated at the Gratz School and Ironi H High School in Tel Aviv, was active in the Scouts movement, served in the IDF’s air defense unit and was discharged with the rank of captain. He later studied economics at Tel Aviv University, laying the foundation for the extensive business career he would go on to build.

In 1966, Federman moved to London, where he began working as a broker on the rubber exchange and later spent about a decade trading commodities, mainly through the British company ED&F Man. In 1980, he returned to Israel with significant capital and managed the family businesses for five years. A major turning point in his career came in the mid-1980s, when, together with ED&F Man, he acquired control of Elite Industries Ltd., which under his leadership became one of Israel’s largest food companies.

Over the years, Elite’s annual sales grew from approximately $100 million to about $780 million by 1995 and by the late 1990s its market value reached around $250 million. Federman served as chairman of the company, was a partner in the establishment of Reshet, one of the franchise holders of Channel 2 and was also among the founders of an investment company. Later, Federman and the Strauss Group went their separate ways, with Strauss purchasing his stake in Elite.

At the beginning of the 21st century, Federman entered the petrochemical sector, taking control of Petrochemical Enterprises Ltd. and becoming involved in the acquisition of a controlling stake in the Haifa Refineries. However, a deep financial crisis at the company led in 2014 to a debt restructuring and significant dilution of the shareholders, including Federman himself.

Federman and his wife had four children, but their daughter Shelly passed away in December 2014 after a battle with cancer. His children Adi, Dani and Tami continued his path, with Dani even serving for four years as CEO of Maccabi Tel Aviv, further testimony to the deep connection between the Federman family and the club.

The Maccabi Tel Aviv Basketball Club shares in the grief of the Federman family and extends its heartfelt condolences.

May his memory be a blessing.