Israeli billionaire Idan Ofer is ready to buy into Atletico Madrid.

Marca says the shipping and mining magnate is set to take advantage of Atletico Madrid issuing almost 50 million euros worth of new shares.

On Wednesday, the LaLiga club's board of directors held a meeting in which they gave approval to additional investment from overseas ahead of a shareholders vote on the matter in December.

Ofer's purchase of 750,000 shares in Los Colchoneros, amounting to a total of 46,425,000 euros.

London-based Ofer is said to be worth over 2.5 billion euros and is expected to take a 20 percent stake in the club.