Broadcaster TV Azteca and Grupo Orlegi, the Mexican sports company, have reached a deal where the latter company will acquire the soccer team Atlas that is based in Guadalajara. The two groups publicly announced the deal on Monday.
TV Azteca is one of the most prominent commercial broadcasters in Mexico which owns and control other entities apart from broadcasting units.
Atlas plays in Liga MX which is the top flight league in Mexico.
However, the broadcaster will still have some stake on the team; it has not completely dissociated itself from the soccer team. Azteca, which is part of the Grupo Salinas, said that the terms of the deal gives the broadcaster an equity stake of 33% but under the Orlegi Unit. The negotiations were led by Alejandro Irarragorri who is in charge of the majority of the firm’s operations and Jose Riestra, the football manager of Group Orlegi.
In the build-up to the deal, the football manager of Grupo Orlegi had said that the firm sees great talent in Atlas with amazing potential in basic forces and that the market in Guadalajara is an area of opportunity. Riestra also said that the firm had fallen in love with the history of Atlas, which further pushed the firm in search of a deal to acquire control of the Liga MX soccer team.
Grupo Orlegi is well known for its focus on sports, entertainment, and development of business projects.
The new Atlas owners said in a statement that they will now take over full control of the team’s administrative and operational duties and all of the business and sports strategies.
The value of the deal was not disclosed by either of the two firms.
Grupo Orlegi is also in charge of operations in other teams such as Club Santos Laguna and TM Futbol Club.