Apollo Global in Exclusive Talks for €2.5B Atlético Madrid Deal
MADRID: Apollo Global Management is in exclusive talks to acquire a majority stake in Atlético de Madrid, valuing the Spanish football club at about €2.5 billion. The discussions cover holdings from CEO Miguel Ángel Gil Marín, chairman Enrique Cerezo, and minority investor Ares Management.
Atlético has approved a €60 million capital increase to strengthen liquidity and support operations. In parallel, the club is moving ahead with its €800 million “Ciudad del Deporte” development next to the Cívitas Metropolitano stadium, designed to expand match-day, hospitality, and commercial income.
The deal coincides with Apollo’s plans to launch a $5 billion sports-focused vehicle that combines equity with private credit. The strategy reflects the growing use of private debt in sports financing, as traditional banks remain cautious. By deploying capital from a dedicated private credit fund, Apollo aims to create flexible structures – ranging from revenue-backed loans to hybrid instruments – that can be replicated across other clubs.
Atlético’s revenues are anchored in broadcast rights, sponsorships, and ticket sales. Costs remain dominated by player wages and transfer amortization, with Champions League qualification key to cash flow stability. For Apollo, a controlling stake offers the potential to apply its private credit case study approach, linking lending and equity strategies, securing cash flows from long-term contracts.
The proposed investment highlights how apollo private credit is expanding beyond traditional corporate borrowers into high-profile sports assets. The firm has already been active across European and U.S. markets with structured private debt transactions, and the Atlético deal would position Apollo alongside Ares, Sixth Street, and CVC as leading investors in the sector.
If completed, the transaction would be one of the largest valuations recorded for a Spanish football club. It underscores the role of private credit funds in filling a financing gap, structuring bespoke debt solutions, and providing capital at scale to industries underserved by banks.
