Another blow has been dealt to the dance music industry. Apparently Ibiza: Pacha Group is now up for sale at the high price of €500 Million.
The sale of Ibiza: Pacha Group would include the Destino, Lio and a number of other global franchises.
According to Cronica Global, Pacha spoke on the reason for selling. He 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.”