(photo credit: Courtesy of Yossi Zeliger )
Guma Aguiar will be revealed as the main sponsor of the Hapoel Jerusalem basketball team at a press conference at the Jerusalem municipality on Monday morning.
After weeks of discussions it was decided that Aguiar will become a sponsor with the first option to buy the team.
He is believed to be giving the cash-strapped team $1.5 million which will allow it to bring a number of new foreign players to the club.
Aguiar emerged as a significant player in Israeli sports last month when he became the main sponsor of the Betar Jerusalem soccer team, to which he donated $4m. and claimed the first option to buy the club from Arkadi Gaydamak.
The 32-year-old energy magnate told The Jerusalem Post earlier this month that he had every intention of taking full control of Hapoel Jerusalem.
"I'm not going to get involved unless I have control. I want to buy the club. I want to figure out a way to control it and make it successful. I know if I'm in charge it will be successful," he said.