Atletico Madrid Los Rojiblancos to issue 750,000 new shares

There is to be a new face around the Estadio Wanda Metropolitano as Israeli shipping and mining magnate Idan Ofer is set to take advantage of Atletico Madrid issuing almost 50 million euros worth of new shares.

On Wednesday, the LaLiga 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.

Club president Enrique Cerezo was recently accompanied by CEO Miguel Angel Gil Marin on a visit to China to communicate this news to Wanda owner Wang Jianlin, with the Chinese majority shareholders having put their name to the Spanish outfit's new stadium that opened in September.

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.

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

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