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Israeli multinational buys Atletico Madrid stake in €50 million deal

Sid Lowe explains why Antoine Griezmann can wind up being quite affordable to whomever lands his services.

Israeli multinational Quantum Pacific Group has bought 15 percent of Atletico Madrid shares in a €50 million (£44.6m) deal.

Atletico chief executive Miguel Angel Gil Marin will remain the majority shareholder, with just over 50 percent.

President Enrique Cerezo and the Wanda Group, which owns the naming rights to the Wanda Metropolitano stadium, hold around 17 percent.

Those holdings could possibly change when a new rights issue is completed later this year.

The Quantum Pacific Group investment was confirmed by Cerezo on Onda Cero radio on Friday.

He said: "We've spent almost a year speaking to investors who want to buy shares, and this morning the board approved the incorporation of 15 percent of an important company."

Atletico, the 2014 and 2016 Champions League finalists, confirmed details of the arrangement in a statement.

The statement said Quantum Pacific Group chief Idan Ofer had been personally involved in the deal and added that an AGM would be held to formalise the new ownership structure.

"Quantum Pacific Group will invest €50 million for a 15 percent share, with all of the money going to the club for its development, which will ultimately benefit all current shareholders," it said.

"Quantum Pacific Group has significant interests in various industries globally, including shipping, energy, natural resources, medical technology and automotive.

"The club's board of directors has made a decision to immediately propose in its annual meeting to increase Atletico Madrid's share capital by 15 percent to enable this investment."

Atletico had debts of €483m on June 30 last year and are under financial pressure to increase their capital after spending €310m on the 68,000-seat Wanda Metropolitano.

The team's former Vicente Calderon home is set to be sold for redevelopment, with reports saying the club were hopeful of raising €200m.

Meanwile, Atletico announced on Thursday that they had signed a three-year contract extension with Israeli trading platform Plus 500, their shirt sponsor since 2015, to run until 2021.

ESPN FC's Spain correspondent, Adriana Garcia, contributed to this report.

Dermot Corrigan is a Madrid-based football writer who covers La Liga and the Spain national team for ESPN FC. Follow him on Twitter @dermotmcorrigan

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