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As Art Basel’s parent company MCH Group struggles to raise capital in the face of multiple fair cancellations,
a number of investors have reportedly expressed interest in buying
large shares of the company— foremost among them being billionaire media
mogul Rupert Murdoch. According to The Art Newspaper, the Swiss newspaper Finanz Und Wirtschaft
reported that MCH Group is in “advanced negotiations” with Murdoch via
his son, James Rupert Murdoch, with the pair looking to stake up to
CHF100 million ($105 million), equivalent to a 30 percent share in the
company. In a statement
on its website, MCH Group announced that the canton of Basel-Stadt,
currently the company’s majority stakeholder with a 33.3 percent share,
approved MCH’s pursuit of increased capital, and has waived its
subscription right to equal percentage ownership as majority
shareholder. It has also approved that a loan of CHF30 million (around
$31 million) be converted into share capital for the company. The statement goes on to say:The
Canton of Basel-Stadt is thus making it possible for a new investor to
acquire a significant minority holding in the event of a capital
increase. At the same time, the Canton is ensuring that the public
sector maintains a stake of more than 33.3%, enabling it to prevent
changes to the Statutes. Despite
Basel-Stadt’s intention to preserve public ownership of more than 33.3
percent, Swiss investor Annette Schömmel has reportedly expressed
interest in purchasing a majority share of MCH. According to The Art Newspaper, Schömmel has put together a consortium to buy a 70 percent stake for CHF350 million (about $369 million).
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