Mizrahi was appointed the chairman of the Maccabi Tel Aviv basketball club in 1969.

Mizrahi realized that in order to secure Maccabi's dominance in the Israeli Super League, it would have to sign American players.

However, Maccabi's main achievement during his time as the club's chairman, includes the winning of 6 top-tier level European-wide titles, as they won the EuroLeague championship 5 times (1977, 1981, 2004, 2005, and 2014), and also the FIBA SuproLeague championship (2001).

Mizrahi was at one time accused by rival clubs of failing to make the Israeli Super League more competitive, by having plans to implement payment limits to players.

On 21 December 2021, Mizrahi was announced as a candidate for the Class of 2022 at the Basketball Hall of Fame.