There is many reasons, but one of the reasons which made it clear and simple was this:
Lev Leviev is a russian billionaire who made his money in importing diamonds and being a chairman of the Africa-Israel group. If those who dont know what Africa-Israel group is, well...it is a real estate group, which deals with office buildings, resedentials and malls in Israel and abroad. They are a heavy player.
With buying Hapoel Tel Aviv, Leviev assumes the right to Blumfield stadium which is old and neglected. The thing he was planniong on doing was to break down Blumfield stadium and create skyrise apartments in Yaffo and make money out of it....
Ofcourse, 2 things happened in this case:
1) There was tought issues in getting Hapoel to move in the first place let alone find a new place. The places which they found are not in the Tel Aviv-Jaffo area. Places like Holon and Ramat Hasharon were brought up and it seemed far fetched. As well as Ramat Aviv area...near the big park.....
2) when all the costs and overhead are calculated.... Leviev would not make anything from it, since he would have to pay the fees to constructing the towers, getting paid by the developers and then making a new stadium in Tel Aviv.... This would not make him any profit, if at all, will make him in the minus in reality....
so thats why Leviev opted out of the deal
Lev Leviev is a russian billionaire who made his money in importing diamonds and being a chairman of the Africa-Israel group. If those who dont know what Africa-Israel group is, well...it is a real estate group, which deals with office buildings, resedentials and malls in Israel and abroad. They are a heavy player.
With buying Hapoel Tel Aviv, Leviev assumes the right to Blumfield stadium which is old and neglected. The thing he was planniong on doing was to break down Blumfield stadium and create skyrise apartments in Yaffo and make money out of it....
Ofcourse, 2 things happened in this case:
1) There was tought issues in getting Hapoel to move in the first place let alone find a new place. The places which they found are not in the Tel Aviv-Jaffo area. Places like Holon and Ramat Hasharon were brought up and it seemed far fetched. As well as Ramat Aviv area...near the big park.....
2) when all the costs and overhead are calculated.... Leviev would not make anything from it, since he would have to pay the fees to constructing the towers, getting paid by the developers and then making a new stadium in Tel Aviv.... This would not make him any profit, if at all, will make him in the minus in reality....
so thats why Leviev opted out of the deal