Idan Ofer buys Portuguese soccer club

Idan Ofer  photo: Tamar Matsafi

Ofer aims to develop players and send them to play on other teams around the world.

To his 32% holding in Spanish club Atletico Madrid, Israel Corporation (TASE: ILCO) controlling shareholder Idan Ofer is now adding a 51% stake in second-tier Portuguese club Famalicao. The deal includes an option to acquire 34% more of the club later. He paid the Famalicao municipality a few million euros in the deal.

The investment includes plans in the city for construction of a new stadium for the club and facilities for the youth team academy. Sources close to Ofer said that the goal of the acquisition is to develop Portuguese soccer players so that they will eventually be able to play on other teams around the world. The sources added that Ofer's aim is also to help Famalicao win promotion to the top league in Portugal.

Last February, Ofer increased his holdings in Spanish giants Atletico Madrid, one of Europe's leading clubs, becoming its second largest shareholder. He paid Chinese corporation Dalian Wanda Group €50 million for an additional 17% of the team, thereby reaching a 32% holding.

Atletico Madrid players can be seen in the current World Cup including Uruguayan defenders Diego Godin and Jose Maria Gimenez, Croatian defender Sime Vrsaljko, Brazilian player Filipe Luis Kasmirski, French players Antoine Griezmann, Lucas Hernandez, and Thomas Lemar, etc.

Associates of Ofer said that he would eventually seek to also connect the investment to Israel.

Published by Globes [online], Israel business news - www.globes-online.com - on July 1, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

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Idan Ofer  photo: Tamar Matsafi
Idan Ofer photo: Tamar Matsafi
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