Pacha Group had been hoping to sell their vast catalogue of assets for a whopping €500 million, but they’ve just closed a deal for €350 million. Pacha has long been a staple of the world’s club scene, and of course its famed Ibiza venue will be sorely missed after hosting countless residencies and wild extravagancies over its 40+ year legacy.
News of Pacha’s impending sale came in September, when the chain’s Founder, Ricardo Urgell, exclaimed that he could no longer stand the business practices of Ushuaïa’s ownership, the Matutes.
“I feel like an honest person trying to do the best possible. We have to want more for the island, invest in it, appreciate it and love her, so that we’re not only benefitting ourselves. People need to promote projects to improve Ibiza. It’s important that the island does not lose the magic.”
Even with such advice, Urgell isn’t too hopeful for the future of the island, saying that the rapid expansion and irresponsible partying has begun to take its toll on the natural environment.
“The island has spoiled areas that will be difficult to recover. If we continue at this pace, it will eventually move to the north of the island. Music should be controlled [in its legal space]. We cannot have music everywhere.”
But fear not, this won’t be the last endeavor of the Pacha visionary. He says he’s got several projects underway, including an investment in a nameless Cuban venture.