Inquiry into sale of Lisbon’s Pavilhão Atlântico

news: Inquiry into sale of Lisbon’s Pavilhão Atlântico

A detailed investigation into the sale of the Pavilhão Atlântico to the Arena Atlântida consortium, led by Luis Montez, Ritmos & Blues music company and the former management team of the venue, is to be carried out by the fair trade and competition authority (Autoridade da Concorrência).

The probe may take more than 60 days if no further information is requested and the Arena Atlântida consortium has 10 days to dispute the decision.

The consortium, which has the financial backing of BES bank, won the public tender with a bid of €21.2 million, surpassing, among others, Álvaro Covões’ company Everything Is New.

“Obviously we are going to appeal against the decision. What is happening is shameful; it is a deplorable situation and I can only believe that there are people of bad faith in the competition authority,” the Arena Atlântida promoter Nuno Brancaamp told Lusa news agency.

The Pavilhão Atlântico deal also includes the sale of ticket line company Blueticket.