Apollo Global Management is preparing to launch a $5bn sports-focused investment vehicle, that will target both credit and equity opportunities in the sector according to a report by the Financial Times citing unnamed sources familiar with the matter.
The fund will look to lend to sports leagues and teams as well as taking minority stakes in clubs, the FT said, and will mark the first time Apollo has committed permanent capital to the space.
Apollo has already made its mark in European football. Last year, it provided an £80m loan to Nottingham Forest, secured against the club’s stadium and other assets – the firm’s first known Premier League deal. More recently, it extended a £40m loan to Sports Invest Holdings, the agency led by Kia Joorabchian, at a rate of 10.25%, secured against businesses spanning racing and player management.
The firm has also been exploring larger equity pportunities, including talks with Atlético Madrid, and previously considered backing bids for Manchester United and agreed a $1.25bn deal with Mexico’s football league, which ultimately fell through.
Apollo declined to comment on the report.
