U.S. private equity firm Apollo Sports Capital, the sports investment arm of Apollo Global Management (APO.N), has reached an agreement to acquire a majority stake in Atlético Madrid, the Spanish La Liga club announced on Monday.
Although financial details were not disclosed, a source close to the deal told Reuters that it values the entire club at approximately €2.5 billion ($2.92 billion).
The investment marks another major move by private equity firms into the sports industry, drawn by the sector’s steady revenue streams and global commercial potential. Despite the ownership change, Atlético Madrid confirmed that CEO Miguel Ángel Gil Marín and President Enrique Cerezo will remain in their positions and retain shareholdings.
The transaction is expected to be finalised in the first quarter of 2026. Sources previously indicated that Apollo aimed to gain control of the club through the purchase of shares from Gil Marín, Cerezo, and possibly from Ares Management, another investment fund with stakes in Atlético.
A&O Shearman acted as legal counsel for Apollo Sports Capital, while ECIJA represented Gil Marín and Cerezo in the negotiations.
