By Eli Sahar
Comverse Technology (Nasdaq:CMVT) chief and Elite Industries (TASE:ELEI) are selling their holdings in Israel's star basketball team, Maccabi Tel Aviv, both confirmed yesterday.
Elite CEO Erez Vigodman stressed that the coffee and sweets company would continue to sponsor Maccabi, as it has for the past 32 years.
Alexander owns 25% of the club. Elite holds 10%. They plan to sell their holdings gradually, completing the transfer by mid-2003, in full coordination with Maccabi's management, they said.
Alexander said he would continue to support the team.
Ownership over the team had been transferred from the Maccabi Tel Aviv association to a group of investors on June 23, 2000, at the height of the hi-tech boom.