Israeli Premier League football club Maccabi Tel Aviv, the country’s oldest and biggest soccer club, have been sold to Canadian metal trader Alex Schneider.

Maccabi, formed in 1906, have won the league championship a record 18 times and the State Cup 22 times, but in recent years have gained a reputation for being perennial underachievers, for the moment Maccabi is in the poor 8 rank at Israeli Premier League.

Ukraine-born Schneider, who owns Midland Resources paid $20 million for an 80 percent stake in Maccabi, the remaining 20 percent will remain with the club. Schneider briefly owned the Jordan Formula One motor racing team, which he renamed Midland, before selling it to Spyker, who in turn have sold it to current owners Force India.

Reuters Report