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By Chineze Ogugua

Israeli shipping and mining magnate Idan Ofer is set to take advantage of Atletico Madrid issuing almost 50 million euros worth of new shares.

Idan Ofer

This comes after the club’s board of directors held a meeting in which they gave approval to additional investment from overseas ahead of a shareholders vote on the matter in December.

It is understood that Wanda have given their approval to this share issue, while they were also updated on Atletico’s financial outlook during the meeting.

Ofer’s purchase of 750,000 shares in Los Colchoneros, amounting to a total of 46,425,000 euros, is part of a three-fold fundraising exercise by the Madrid team following their large outlay in constructing the Wanda Metropolitano.

The land which contains the old Estadio Vicente Calderon will be sold before Christmas for around 150m to 200m euros while a player sale is also forecast for the January transfer window.

Ofer who is based in London is worth over 2.5 billion euros and is expected to take a 20 percent stake in the club, the same as Chinese investor Jianlin while Cerezo holds 17.9 percent among an array of minority shareholders.

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