Ibiza, the party capital of the world, is receiving quite the shake up this year. After Carl Cox announced his departure from Space, and the famed club announced the end of its own historic 27-year legacy, Pacha Group is now opening the floor for potential buyers.
Pacha is asking €500 million for all of its assets, which includes multiple franchises around the world in addition to the Ibiza headquarters. However, the decision to sell is not based on business, but rather some personal frustration from Pacha’s founder, Ricardo Urgell. Urgell “cannot stomach” the Matutes family, who now own Ibiza’s Ushuaïa, Ushuaïa Tower, Hard Rock Hotel, and will take over the former Space nightclub in 2017.
A source close to Pacha Group made the following statement depicting the reasoning behind the decision:
“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.”