Mexico-based broadcaster TV Azteca acquired the troubled Atlas soccer club on Monday. The transaction is valued at USD50 million. The said acquisition was announced by the soccer club's president, Eugenio Ruiz, during a press conference. This was according to a report published by Reuters today.

The soccer club was reportedly behind on payments to its managers and players. The transaction with Azteca will ease the club's financial troubles, the report said.

TV Azteca is the second-biggest broadcaster in Mexico. The media firm is owned by billionaire tycoon Ricardo Salinas. The businessman is the owner of another soccer team, the Monarcas Morelia, the report stated.

The Atlas soccer club was founded in 1916. The team has won the league championship once, in 1951. The club is presently based in Guadalajara, Mexico, the report added.

Ruiz said of the TV Azteca: "A company with these characteristics guarantees that Atlas can continue being a top-level team that aspires to the championship."