Pacha Group is now up for sale

Electronic music's haven of Ibiza has experienced quite a year of change so far in 2016.

Earlier this year, one of the biggest talking points was the impending closure of Space Ibiza, the iconic nightclub that sees its 27-year run come to an end as founder Pepe Rosello closes its doors at the end of the season. It was then announced that the owners of Ushuaïa would take hold of the (former) Space venue starting in 2017 while Space Ibiza might see its own rebirth elsewhere on the island in as soon as two years.

Now, yet another ground-shifting move has been made by a major player on the island in lieu of the changes Ibiza has experienced this year.

Pacha Group is reportedly now up for sale for the lofty price of €500 million. Though the price tag is high, the conglomerate's asking price includes not only the notable Destino and Lio locations, but also multiple franchises located around the world.

Sadly, the reason behind Pacha's choice to sell seems to come down to frustration about the island's monopolization. Pacha's founder Ricardo Urgell "cannot stomach" the Matutes family, who owns Ushuaïa, Ushuaïa Tower and Hard Rock Hotel in Ibiza.

"Pacha does not believe in this new idea of a rich Ibiza as pushed forwards by Abel Matutes J," a source close to Pacha Group said. "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."

Pacha's Ibiza branch opened in 1973 and was the first expansion of the Pacha brand from its original venue in Sitges, Spain. Pacha includes multiple venues in Spain, Brazil, Buenos Aires, Dubai, Tel-Aviv, Macau and more.

[Via: Resident Advisor and Cronica Global]

*****Valerie Lee is Mixmag's US Digital Editor. Follow her on Twitter here*****