Atlético Madrid are one of Spain’s biggest soccer clubs.

Getty Images

The American private equity firm Apollo Global Management is negoatiating to complete the acquisition of a majority stake in Spanish soccer club Atlético Madrid, Spanish financial newspaper Expansión reports.

At present, Atlético Holdco controls 70.39% of the club’s shares, consisting of CEO Miguel Ángel Gil Marín (who owns 50.82% of shares at present) and president Enrique Cerezo (15.22%).

The deal would see the organization buy shares from current shareholders Atlético Holdco, as well as Quantum Pacific (27.81%) and Ares Management (33.96%). They would all remain as minority stakeholders.

Talks are ongoing as the parties agree the capital increase which will come alongside the acquisition of shares, with investment into the club’s projects off the field expected to follow the financial maneuver.

Apollo value the club at €2.5 billion ($2.94 billion)

Apollo is believed to value a 100% stake in the club at €2.5 billion ($2.94 billion), with their investment set to be just over half of that total in order to acquire a majority stake and have control of the club.

The acquisition would be the first step in Apollo’s plans for the club, according to the report, which would then see a capital increase which will be required to finance the club’s project to build a Ciudad del Deporte site which will include the club’s training ground, swimming facilities and commercial site.

Developing the project will have an estimated cost in total $5 billion, which will enable the soccer club to generate significant revenues beyond their usual remit on the sports field. It will require an investment of €800 million ($941.7 million), with the club contributing €200 million ($235.4 million) from the funds they received from La Liga’s agreement with another private equity firm, CVC.

It will be located alongside their stadium, the Estadio Riyadh Air Metropolitano, which was opened in 2017 after a move from their historic home at the Estadio Vicente Calderón. The new site, close to Adolfo Suárez Madrid-Barajas airport, is set to expand with the project.

Apollo not considering changes to club’s leadership

The report states that Apollo plan to maintain current CEO Miguel Ángel Gil and president Enrique Cerezo in their positions as Atlético Madrid becomes the most highly-valued privately-owned soccer club in Spain.

At present, Real Madrid, FC Barcelona and Athletic Club remain owned by fan members with no private ownership. Atlético Madrid is set to become the most highly-valued privately-owned club, ahead of other Spanish soccer sides including Villarreal, owned by Spànish biollionaire Fernando Roig, and Valencia, owned by Singaporean investor Peter Lim.

Atlético has had a rough start to the campaign on the field, winning only one of their first five matches in La Liga and the UEFA Champions League, with coach Diego Simeone coming in for criticism. Simeone has been at the club for 14 years and is under contract until 2027.

This summer, the club spent an estimated €176 million ($207 million) on transfer fees, while bringing in €68 million ($80 million) in player sales. Among the most high profile were the arrivals of USMNT player Johnny Cardoso, who joined from La Liga rivals Real Betis, and 2024 Olympic gold medal winner Álex Baena.