Idan Ofer buys stake in Atletico Madrid

Idan Ofer

The Israeli businessman is buying 10%-15% at a valuation of $700-750 million for the Spanish soccer club.

Israeli businessman Idan Ofer has signed an agreement to buy an estimated 10%-15% stake in Spanish soccer team Atletico Madrid. Idan Ofer is the controlling shareholder in Israel holding companies Israel Corp. and Kenon Holdings. The Spanish club is expected to officially announce the investments in the coming few days. Ofer's investment values the Spanish club at $700-750 million.

Atletico Madrid already has a strong Israeli connection - its main shirt sponsor is Haifa-based online financial trading company Plus500.

Atletico Madrid are one of Europe's top teams and have twice reached the final of the Uefa Champions League in recent seasons in 2013/2014 and 2015/2016 - both times losing to cross city rivals Real Madrid. Atletico Madrid have won Spain's La Liga title ten times including most recently in 2013/2014 and they are always the team most likely to break Real Madrid and Barcelona's stranglehold on the Spanish league.

At the start of this season, Atletico opened its new 68,000 seat Wanda Metropolitano stadium.

Published by Globes [online], Israel business news - www.globes-online.com - on November 16, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

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