Private equity giant Apollo Global Management is in advanced negotiations to acquire a majority stake in Spanish La Liga football club Atletico de Madrid, according to a report by Reuters citing unnamed people familiar with the matter.
The deal, which could value Atletico at around €2.5bn ($2.9bn), would see Apollo purchase holdings from CEO Miguel Angel Gil Marin, chairman Enrique Cerezo, and potentially investment fund Ares Management. While Apollo may not initially secure control, sources suggest the firm is expected to move to a majority position at a later stage.
The club’s management team is set to remain in place, with current owners likely to retain some of their shares. Atletico has already signalled plans for a €60m capital increase to strengthen its squad and develop sport and leisure projects around its Metropolitano Stadium in Madrid.
The move reflects private equity’s growing appetite for sports assets, seen as offering stable, recurring revenues. Apollo, which manages more than $800bn in assets, is also reportedly preparing a $5bn sports investment vehicle.
Atletico’s ownership is currently split between Gil Marin, Cerezo, and Ares – who collectively control about 70% of the club through Atletico Holco – with the remainder held by Quantum Pacific. Apollo is understood to hold a three-month exclusivity window, running until mid-October, to finalise its investment.
