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PACHA GROUP SOLD FOR €350 MILLION

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Pacha Group, the nightclub franchise headquartered in Ibiza, was reported to be up for sale for €500 million in September, before a statement issued by the club giant confirmed the business was not on the market shortly after.

Now, it has been reported that Pacha Group has been sold for €350 million, according to Diario de Ibiza.

Little is currently known about the deal, but original reports in September suggested the asking price took into account their venues, including Destino and Lio, as well as the fees paid for Pacha’s global franchise nightclubs.

Barcelona-based website Cronica Global also said at the time that the reason behind the sale was because Pacha owner Ricardo Urgell “cannot stomach” the Matutes family, who own a number of clubs and hotels in Ibiza, including Ushuaïa, Ushuaïa Tower and Hard Rock Hotel.

“It hurts a lot to sell Pacha in such a sweet moment,” Urgell said in a recent interview speaking about the sale with Diario de Ibiza. “I feel like an honest person trying to do the best possible. We have to want more for the island, invest in it, appreciate it and love her, so that we’re not only benefitting ourselves. People need to promote projects to improve Ibiza. It’s important that the island does not lose the magic.

“The island has spoiled areas that will be difficult to recover. If we continue at this pace, it will eventually move to the north of the island. Music should be controlled. We cannot have music everywhere.”

Last month (September) Spanish police said they found millions of euros in cash during raids at Ibiza superclubs Ushuaïa and Pacha, but in the interview with Diario de Ibiza, Urgell confirmed the club’s finances were in check.

Source

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