Atletico Madrid, which has been controlled by the same family for nearly four decades, is in discussions with private equity investment firm Apollo Global Management over a potential €2.5bn capital raise, according to a report by Football España.
The deal would involve issuing additional shares, diluting existing stakes held by CEO Miguel Angel Gil Marin, PE form Ares Management, and club president Enrique Cerezo, though the exact dilution levels remain unclear.
Gil Marin, who succeeded his father Jesus Gil y Gil as CEO in 2003, remains the majority shareholder in Atletico Holdco with a 51% stake. Ares Management, which invested in 2021, owns 34% of Atletico Holdco. The club itself is held 70% by Atletico Holdco and 28% by Quantum Pacific.
The talks are driven primarily by the club’s ambitious Parque Metropolitano development project. Atletico has secured a significant land lease around the Metropolitano Stadium, partnering with Madrid Council to build a new 20,000-capacity concert venue recently approved alongside plans for a sports complex and an urban beach with surfing facilities.
To finance these plans, Atletico has tapped €120m from a La Liga deal with CVC Capital Partners and committed €240m of its own funds. However, the club still seeks an additional €500m from Apollo and up to three other external investors.
Apollo, one of the world’s largest private equity firms, has prior sports-sector experience, notably investing in Mexico’s Liga MX where it sought to influence commercial rights frameworks. According to industry insiders, Apollo’s approach could include acquiring shares directly from Ares, potentially limiting Ares’s strategic influence while collaborating closely with Atletico and retaining voting rights.
A significant new share issuance would bolster Atletico’s balance sheet and grant Apollo increased governance influence. However, as long as Gil Marin maintains majority control of Atletico Holdco, he is expected to retain ultimate decision-making authority.
