The deal
US investment firm Apollo Global Management has finalized the purchase of a majority stake in Spanish soccer giants Atletico Madrid.
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Through a deal unveiled by both parties earlier this week, Apollo has bought what has been reported as a stake in the Madrid club of 55%, with the agreement reportedly (according to the Sportico publication) valuing Atletico – overall – at around €2.2 billion ($2.55 billion).
The agreement – mooted at various times over the last few months – will be completed and confirmed in the first quarter of 2026, it is expected.
The club's president and chief executive – Enrique Cerezo, and Miguel Ángel Gil – will remain in those positions post-takeover, the club have confirmed.
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By GlobalDataThe three main shareholders of the Atletico Holdco company (that owns around 70% of Atletico) are Miguel Ángel Gil, Cerezo, as well as the Ares Management group (a US fund that has held a stake in Atletico since mid-2021).
For Atletico, they are set to spend €800 million ($926.1 million) on a new sport and leisure project around their Metropolitano Stadium in Madrid and are seeking support to fund it.
It was reported in July – when Apollo's interest in the Spanish club was initially unveiled – that Atletico would cover €200 million of that figure, with the rest expected to come from private investors – at that point, Apollo were expected to be involved as such.
Talks between the LaLiga outfit and Apollo initially focused on financing for Atletico's infrastructure project, but the US firm then moved to express interest in a stake in Atletico Holdco, however.
In terms of the motivation for Apollo to invest in a LaLiga soccer club, John Lambros, head of the US Technology Group at the Houlihan Lokey investment bank, has commented: "Private equity now views sport not as a trophy, but as a scarce, IP-rich industry in an ecosystem of global audiences, contractual, recurring revenues, and a finite number of teams with potential worldwide brand value.
He added that "technology – from streaming and fan data to player-led content and digital merchandising, even technology driving turf management and venue automation – is unlocking new ways to monetise engagement and acting as a key value creation lever."
Lambros continued: "Funds are increasingly seeing sport as a distinct investment category, much like music and other creative industries, where underlying alpha in marketing, fan connectivity, and digital expansion remains largely untapped.
"The market is pricing in that potential, which is, in turn, part of the reason why valuations have moved so sharply.”
The details
Founded in 1990, Apollo has around $500 billion of assets under management and 17 offices around the world.
The company’s sports work includes financing for some of Europe’s biggest soccer teams, and major US leagues like the NFL, basketball’s NBA, and ice hockey’s NHL.
Apollo is making big moves in sports, and it was recently reported that it is looking to launch a sports-based investment venture worth $5 billion.
Atletico, meanwhile, currently sit fourth in LaLiga, having won seven of their 12 games played so far, while having won two and lost two of their four fixtures in the lucrative UEFA Champions League to this point.
Miguel Ángel Gil has now said: "Apollo Sports Capital is a powerful ally who respects the history, traditions, and defining identity of Atlético de Madrid and its fans, while bringing additional strength and enthusiasm to help maintain our growth and competitiveness. It was important to me to select a long-term investment partner who believes in our strategy and can enhance our activities off the pitch."
Robert Givone, an Apollo partner, also commented on the deal: "Atlético de Madrid is one of Europe's great sporting institutions and we are honored for Apollo Sports Capital to invest in this storied club and its more than 120-year heritage."
