Mexico City: Club America will become the first Mexican soccer club to be listed on the stock exchange on Tuesday with some of the money raised going towards the renovation of its famous Azteca Stadium ahead of the 2026 World Cup.
The Mexico City-based team will be listed on the Mexican Stock Exchange (BMV) under the name of the Ollamani company that manages operations of the club, the stadium and other businesses owned by media company Grupo Televisa.
Shares will have an initial price of 2.59 Mexican pesos ($0.15), one of the lowest in the stock market, according to the BMV, in a strategy by Grupo Televisa to finance the $150-160 million renovation of the Azteca Stadium.
America, Mexico's most successful club and reigning champions, are the 10th most valuable soccer team in Latin America, according to last year's Forbes list, with a value of $256.1 million including the stadium.
The 83,264-capacity venue was the first stadium to host two World Cup finals, with Pele's Brazil winning the first in 1970 and Diego Maradona's Argentina the second in 1986.
The 2026 World Cup will be co-hosted by the United States, Canada and Mexico with the final being held in East Rutherford, New Jersey.
The Azteca Stadium will stage the tournament opener, two other group-stage matches, one in the first knockout round and one in the round of 16. ($1 = 17.0409 Mexican pesos)
Published 20 February 2024, 04:33 IST