Asset manager Apollo Global Management (NYSE:APO) has acquired a majority stake in Spanish football team Atlético Madrid in its first move into European football.
The current owners of the 11 times La Liga champions, Miguel Ángel Gil, Enrique Cerezo, Quantum Pacific Group and Ares Management funds, have sold a majority stake to Apollo Sports Capital but retained minority positions.
For Apollo Sports Capital, which was formed by the New York-listed investment group to target opportunities across the live events sector and has made investments in the Madrid and Miami Open tennis tournaments, this is the first majority equity investment.
The deal is expected to be completed in the first quarter of 2026, subject to regulatory approvals. Financial terms were not disclosed.
Citi del Deporte – a planned new mixed-use sports and entertainment district adjacent to the stadium – is expected to be a central pillar of the new partnership.
Apollo said it would use its experience in sports, media and real estate to help develop the project.
Gil, who has been president since 2003, said the agreement would provide continuity of vision while supporting new investment in infrastructure and the squad.
Robert Givone, co-portfolio manager at Apollo Sports Capital, said: “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."
He said Gil had "done a tremendous job transforming Atlético and it was important to us that we invest behind his continued leadership, in addition to investing in the team and the local community".
Alongside the La Liga giants, the deal also includes majority ownership of affiliate clubs Atlético de San Luis in Mexico and Atlético Ottawa in Canada.
Apollo Sports said Atlético de Madrid will be is "flagship majority equity investment and is not part of a multi-club control ownership strategy".