Mubadala takes control of Maracana stadium manager IMX

Abu Dhabi strategic investor Mubadala Development has taken control of the firm that manages Rio’s iconic Maracana stadium, the venue for last year’s World Cup final.

According to an emailed statement seen by Bloomberg News, Mubadala has acquired a stake in IMX from the former Brazilian billionaire Eike Batista’s EBX Group making it the majority shareholder in South America’s largest sports and entertainment management company.

IMX was a joint venture between EBX and IMG Worldwide, the talent agency in which Mubadala is already minority shareholder. IMG, based in New York, also manages fashion and sports events such as Wimbledon, as well as the capital’s Abu Dhabi HSBC Golf Championship and Mubadala World Tennis Championship.

IMX also manages the Volvo Ocean Race and Cirque de Soleil, according to its website.

Mubadala invested US$2 billion with Mr Batista’s EBX Group in 2012, when it valued the former boat-racing champion’s empire of logistics and commodities companies at more than $35bn.

The deal soured later that year when missed targets, mounting debt and accumulating losses forced the former billionaire to cancel projects and sell assets amid a share price slump.

In August, Mubadala said it had clawed back a “substantial” part of the investment.

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