With the Guadalajara club struggling to pay its staff and facing mounting debts, a sale is likely to go through next month.
Atlas is actively looking for buyers after the club’s 124 owners voted in favor of selling on Monday, with debts stacking up and the club regularly struggling to pay staff wages.
The sale is likely to go through Nov. 18 when any proposals received will be put forward to be voted on by the owners in an extraordinary general meeting.
Only the soccer side of the organization – estimated to be worth around $60 million USD - will be sold, with the various social clubs around Guadalajara to remain in the hands of the current owners.
The conditions for the sale include proof of economic solvency from any prospective new owner, as well as a guarantee that the club will remain in Guadalajara, will keep its crest, and will continue to play in red and black.
Atlas – finalists in the Copa MX - currently have debts rising above $20 million USD, according to various reports in local media outlets.
The Guadalajara-based team has one of the most lauded youth academies in Mexico and has produced players like Rafa Marquez, Andres Guardado and Pavel Pardo, but its 1951 league title is the only one it has to its name.
Los Rojinegros were founded in 1916, play in Estadio Jalisco and have a strong local fan base known as La Fiel – The Faithful – because of continuing substantial support despite the lack of trophies.