Apollo will acquire the majority of Atlético Madrid’s shares

The top-tier Spanish soccer team Atlético de Madrid announced on Monday that its sports investment division, Apollo Sports Capital, has agreed to become the majority stakeholder. The club did not reveal any financial information.

According to a person with knowledge of the transaction, Apollo would purchase roughly 55% of the club’s current stockholders, valued at about $2.9 billion.

In September, sources told Reuters that the US company was attempting to take over the club by purchasing a portion of the shares held by Cerezo, Gil Marín, and maybe the investment group Ares Management.

Up till now, Gil Marín, Ares, and Cerezo held 50.8%, 34%, and 15.2% of the club, respectively, while Atlético HoldCo owned almost 70%. Outside the group, Quantum Pacific held a 27.8% share.

Jim Miller, co-head of Ares Sport and director of the Atlético HoldCo board, told Reuters, «We are equally excited to remain minority investors and continue to provide strategic support as the club builds on its momentum.»

Apollo Sports Capital received legal counsel from A&O Shearman. Gil Marín and Cerezo received legal advice from ECIJA.