Hapoel Tel Aviv set for liquidation, relegation

Hapoel Tel Aviv Photo: Shlomi Yosef

No bids were received for the soccer team, which was granted a stay-of-proceedings with over NIS 100 million in debts.

As of yesterday's deadline set by Hapoel Tel Aviv's trustee Adv. Shaul Kotler, no bids were received for the bankrupt Israeli Ligat Ha'al (Premier League) soccer team Hapoel Tel Aviv. Unless there is a last minute intervention by a French consortium led by former Israel national team manager Luis Fernandez, or any other unexpected bidder, then Hapoel will go into liquidation and be relegated two divisions to Liga Aleph.

Earlier this month, Hapoel was granted a stay-of-proceedings and court protection for debts of more than NIS 100 million.

Hapoel Tel Aviv is one of Israel's top soccer teams, having won the Ligat Ha'Al title 13 times, most recently in 2010. Famously, the team knocked Chelsea out of the Uefa Cup in 2001.

Published by Globes [online], Israel business news - www.globes-online.com - on December 28, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

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Hapoel Tel Aviv Photo: Shlomi Yosef
Hapoel Tel Aviv Photo: Shlomi Yosef
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