Pacha founder Ricardo Urgell revealed the news himself in a detailed interview with the ‘Diario de Ibiza’ confirming the sale which also confirms that Ibiza has gone through a seismic shift in a little over 5 years.
In an emotional interview 79 year old Urgell, one of the most respected club owners in the world, painted a picture of a weary man who has had grown tired of the ‘new’ Ibiza : “it is important that the island does not lose the magic. If we do not take prompt action, it will die of success”, ironic really then that he is selling to a private equity company.
Trilantic Capital Partners by definition is a profit driven company who will be looking to make money on behalf of investors so it will be interesting to see whether there is a clear change of dynamic for the group. Pacha almost singlehandedly invented the VIP table phenomenon in Ibiza but without Urgell as its soul the bean counters will be calling the shots.
For all his verbal bluster and political denouements Urgell has his heart on the island and also understands Pacha’s position and what makes it tick so without him at the centre it will be interesting to see the direction that the newly owned group will take. Time will only tell but expect Pacha bars in every major town in the world and maybe a festival or 2 as the new owners try to cash in on the name.
Coming so soon after Space in Playa den Bossa closed its doors for the very last time this is also a worrying period for the ‘normal’ clubbers out there who don’t want to spend 1000’s of euros on a small wooden table and champagne but want a few beers, a Bacardi and coke and to just dance the night away.
Space made its name by being all about the music whereas Pacha was more about style and being seen, 2 completely different clubbing experiences but both uniquely Ibiza.
With the Space building looking like it will be turned into ‘Ushuaia by night’ the normal clubbers feel they are being marginalised by the VIP culture. This could be an ideal opportunity for other clubs to fill the gap, Sankeys has done a great job so far with organic growth and maybe Eden and Es Paradis can also be part of giving the clubs back to the clubbers.
So with a couple of hundred million in his back pocket Ricardo Urgell will concentrate on projects close to his heart whilst Pepe Rosello may or may not open a hotel in San Antonio to carry on his presence on the island.
These 2 men have done so much for the island but are both now handing over to a new generation of club owners whose priorities will be different to theirs. Whether ‘normal’ clubbers figure in their new business plans remains to be seen.