Apollo Global Management has agreed to buy a majority stake in Spain’s Atlético de Madrid, marking the first investment from its newly established $5 billion sports fund.
The deal—which, according to reports, values the Spanish soccer club at €2.5 billion including debt—is the latest in a string of sports agreements involving Apollo. However, it is the firm’s first equity control deal via Apollo Sports Capital, the new sports vehicle that the firm launched in September.
Alongside existing investors, Apollo also plans to invest in Ciudad del Deporte, a mixed-use sports and entertainment district next to the Riyadh Air Metropolitano Stadium in Madrid. The project will feature training facilities, commercial and leisure spaces, and community infrastructure—highlighting PE’s increasing focus on the real estate and infrastructure value supporting major sports assets.
Other recent Apollo sports deals include an £80 million loan to English Premier League side Nottingham Forest in July, and minority investments in the Mutua Madrid Open and Miami Open tennis tournaments in partnership with Mari, a global events venture launched by TKO Group CEO Ari Emanuel.
Apollo aims to use the deal to establish a foothold in Madrid’s urban redevelopment—mirroring RedBird Capital’s stadium-led strategy at Italy’s AC Milan and CVC’s infrastructure-related investments following its purchase of a stake in the top-tier Spanish football league, La Liga.
Under the agreement, Atlético’s current shareholders—Ares Management, Quantum Pacific Group, CEO Miguel Ángel Gil and club president Enrique Cerezo—will retain stakes. Gil and Cerezo will also remain in their posts..
The deal, which still needs regulatory approval, is expected to close in early 2026.
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