UPDATE 1-Soccer-Mexico's Grupo Orlegi takes control of Atlas from TV Azteca

(Adds details from Grupo Orlegi)

MEXICO CITY, May 20 (Reuters) - Mexican sports company Grupo Orlegi has reached a deal to acquire Guadalajara-based soccer team Atlas from broadcaster TV Azteca, the two firms said on Monday.

Azteca, a unit of Grupo Salinas, said in a statement that under the terms of the deal, the broadcaster will obtain a 33 percent equity stake in a unit of Orlegi.

Orlegi describes itself as a company focused on sports and entertainment, as well as business project development.

The deal will give Orlegi complete control of the soccer team’s administration and operations, as well as sports and business strategy, Orlegi said in a statement.

Neither company disclosed the value of the deal for Atlas, which plays in Mexico’s top-flight Liga MX.

Orlegi, which is chaired by Mexican businessman Alejandro Irarragorri, also runs operations for the Club Santos Laguna and TM Futbol Club soccer teams. (Reporting by Dave Graham and Daina Beth Solomon, editing by Pritha Sarkar)