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Pacha reportedly up for sale

By | Published on Wednesday 14 September 2016


Iconic club brand Pacha is reportedly up for sale, founder Ricardo Urgell having seemingly grown frustrated with the increased dominance of Spanish politician Abel Matutes and his family over the nightlife scene in the company’s core market of Ibiza. Urgell also apparently disagrees with the Matutes family’s vision of Ibiza becoming a more elite destination. The price tag for all things Pacha? Just 500 million euros. Line up, all you elites.

“It’s very simple. Ricardo Urgell can’t stomach the Matutes family”, an unnamed source tells Cronica Global. “Pacha does not share their new concept of a high-level economic Ibiza driven by Abel Matutes. [Urgell] cannot continue [like this], and his children do not want to take over. Therefore he is seeking an investor”.

The Matutes are involved in the Ushuaia club and hotel, among others, and recently announced that they will take over Space from the end of this season.

In a statement, Pacha Group said: “Pacha Group regularly receives many offers from potential investors and their team of professionals analyses and evaluates each closely. In the event of a financial operation with enough informative relevance, Pacha Group will notify promptly that information to the media according with their transparency principle and the good governance management which governs in this company”.