James Murdoch's Lupa Systems to acquire major stake in MCH Group, parent company of Art Basel

James Murdoch's investment firm Lupa Systems will acquire a 30 to 44 percent stake in MCH Group, becoming the anchor shareholder with at least one-third of shares. The deal includes a 15-year agreement with a five-year lock-in period, requiring MCH Group to maintain its headquarters in Basel and continue operating Art Basel in Basel. Murdoch will join MCH Group's board of directors following shareholder approval at a general meeting scheduled for August 3. MCH Group, which organizes Art Basel fairs, has faced significant challenges due to COVID-19, forcing cancellations of the Hong Kong and Basel editions this year. The company had already undergone restructuring in September 2019, scaling back live event production services before the pandemic exacerbated its difficulties. Murdoch brings art world experience from his board positions at Dia Art Foundation and former role at Sotheby's. His investment vehicle Lupa Systems, founded last year, also holds a majority stake in Vice Media among other high-profile investments. Art Basel Miami Beach remains scheduled to open December 3, contingent on circumstances allowing, according to fair director Noah Horowitz.