July 17 – US investment heavyweight Apollo is in early talks to buy a stake in Atlético Madrid, potentially adding one of Spain’s biggest football clubs to its growing European portfolio. The move could mark Apollo’s first real swing into top-flight football—and it’s not just about what happens on the pitch.
The discussions, first sparked by Atlético’s hunt for backing on a sprawling €800 million real estate project beside their Metropolitano stadium, have evolved to include the possibility of Apollo taking a stake in Atlético Holdco, the company that controls the club. A source within the club confirmed the US firm floated the idea during early talks about the “Ciudad del Deporte”—a new sports complex set to include everything from padel courts and climbing walls to golf simulators.
While CEO Miguel Ángel Gil Marín (50.8%) and chairman Enrique Cerezo (15.2%) are reportedly not interested in selling their shares, they’re not shutting the door entirely. The club is said to be open to issuing new equity to let Apollo in, should the discussions progress.
Ares Management, which snapped up a 34% stake in 2021 for €182 million, may be considering selling all or part of its holding, according to reports. If Ares cashes in now, it could walk away with a tidy profit—Atlético’s current enterprise value is pegged at €1.9 billion, per Football Benchmark.
If Apollo does dive in, it would be a rare move for the Wall Street firm, which until now has largely sat out the recent US buying frenzy in European football. It previously explored financing a Manchester United bid and once struck a $1.25 billion deal with the Mexican league that ultimately fell apart.
Off the pitch, Apollo’s European spending has been far more bullish, including snapping up energy group OEG and lending £4.5 billion to support the UK’s Hinkley Point C nuclear project. Now, Atlético’s flashy new sports-meets-real-estate vision may finally tempt Apollo into the game.
For Atlético, the real estate project is more than a vanity build. It’s also a test of how top clubs can leverage their brands to unlock long-term revenue streams beyond matchdays. The club aims to raise €555 million of the €800 million through private investors by offering stakes in Parque Metropolitano, the company created to manage the project. An additional €120 million will come from LaLiga Group International, while the club will invest €125 million of its own cash.
On the footballing side, Atlético continues to punch above its financial weight, having qualified for the UEFA Champions League 12 years running and reached the final twice in that span. A longer run in FIFA’s highly-lucrative Club World Cup this summer could have given them even more financial muscle, but Simeone’s side was ultimately dumped out in the group stage.
With UEFA reporting a drop in club takeovers last year, a deal with Apollo could reignite momentum for big-club investments in Spain, where clubs have historically been more resistant to external ownership.
Contact the writer of this story, Harry Ewing, at moc.l1752765644labto1752765644ofdlr1752765644owedi1752765644sni@g1752765644niwe.1752765644yrrah1752765644