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Initial reports suggested otherwise…

Pacha Group, the nightclub franchise headquartered in Ibiza, was reported to be for sale for €500 million earlier this week. But now a statement issued by club giant has confirmed that the business is not on the market.

Initial reports suggested the asking price for the Pacha Group took into account their venues, including Destino and Lio, as well as the fees paid for Pacha’s global franchise nightclubs.

“Pacha Group is not for sale,” read the press release. “[We] regularly receives offers from potential investors and their team of professionals analyses and evaluates each closely.”

It’s been a huge year of change on the White Isle, with Space Ibiza closing next month (October), as owner Pepe Rosello comes to the end of his 27-year reign at the Balearic venue when he hands over the keys to the Ushuaïa group at the end of the summer.

Last week, Space Ibiza added a raft of names for its last ever closing party, which is set to take place on Sunday 2nd October. That was before we revealed that the Playa D’en Bossa club could be moving to a new location in San Antonio.

Rob McCallum is DJ Mag’s deputy digital editor. Follow him on Twitter here.