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America Movil reaches deal to sell stake in soccer clubs

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America Movil reaches deal to sell stake in soccer clubs

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MEXICO CITY (Reuters) – America Movil, the largest mobile phone operator in Latin America, chaired by Mexico’s Carlos Slim, said on Wednesday that it had reached an agreement to sell its 30 percent stake in a group of Mexican soccer clubs. In 2012, the company bought stakes in the Pachuca soccer club, the nation’s oldest team, as well as the Leon club. Both teams play in Mexico’s top flight soccer league. The clubs’ ownership will retake control of America Movil’s stakes. As part of the transaction, America Movil will retain certain broadcasting rights for the national clubs in Pachuca, Leon and Mineros de Zacatecas, the company said. The terms of the deal were not disclosed. The purchase of the stakes in 2012 marked Slim’s first direct participation in soccer teams. The structure of the new agreement will allow America Movil to continue offering sports content across its platforms, the company said.

(Reporting by Julia Love)
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