One of the biggest franchises in electronic music, Pacha Group, is up for sale and is apparently going for a whopping €500 million.
500 million! Which, in Australian dollars, equates to more that $740 million. Insane.
According to Cronica Global, the sale spurs from a shift in the landscape of Ibiza’s club culture. A source also revealed tensions between the Pacha Group and the Matutes family have further motivated the sale.
A spokesperson for Pacha – which has venues in Sydney, Macau, London, Tel-Aviv, as well as Ibiza resorts like Destino and Lio – said “It’s simple: Ricardo Urgell—founder—cannot stomach the Matutes family. Pacha does not believe in this new idea of a rich Ibiza as pushed forwards by Abel Matutes J. The founder cannot go on any more, and his children do not want to bear witness to the future. For this reason they are looking for an investor.”
Anyone have a spare 740 mill and want to own a giant clubbing franchise?
Read more here.
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