A new era is dawning at Atlético de Madrid.
Atlético on Monday confirmed that American venture capital firm Apollo Global Management is taking over majority ownership of the club. Through its Apollo Sports Capital vehicle (ASC), Apollo is expected to buy more than half of the club’s shares and exert majority control over Atlético from the first financial quarter of 2026.
“We are very proud to welcome a committed new partner to the club,” longtime CEO and majority stakeholder Miguel Ángel Gil said via statement. “Apollo Sports Capital is a powerful ally who respects the history, traditions and defining identity of Atlético de Madrid and its fans, while bringing additional strength and enthusiasm to help maintain our growth and competitiveness.”
Robert Givone, an Apollo Partner and the co-Portfolio Manager of ASC, confirmed earlier reporting that, despite a significant reduction in their shares, Gil and longtime president Enrique Cerezo will stay in front-facing management roles to lead this transition between ownership groups.
“Atlético de Madrid is one of Europe’s great sporting institutions and we are honored for Apollo Sports Capital to invest in this storied club and its more than 120-year heritage,” Givone said. “Miguel Ángel has done a tremendous job transforming Atlético and it was important to us that we invest behind his continued leadership, in addition to investing in the team and the local community.”
Apollo Global Management was founded in 1990; one of its co-founders, Josh Harris, is now a shareholder in Premier League side Crystal Palace, as well as the NFL’s Washington Commanders, the NBA’s Philadelphia 76ers, and the NHL’s New Jersey Devils. Headquartered in New York City, Apollo is the 26th-largest asset management firm in the world, with some $900 billion worth of assets in its investment portfolio.
The division of shares
According to the Spanish business outlet Expansión, Apollo is purchasing 55 percent of all shares in Atlético de Madrid, giving ASC the majority stake in a club that is being valued at €2.5 billion in all.
In response, Gil’s stake will drop to 10 percent from 50.8 percent, while Cerezo will own 3 percent of the club’s shares from 2026, having owned more than 15 percent previously. In 2021, Gil and Cerezo merged their shares into Atlético HoldCo, which was established during the COVID-19 pandemic; Atlético HoldCo will disappear as an entity once the club’s sale is completed.
Quantum Pacific, the London-based holding company that has had a stake in Atlético for years, will come out of the sale with a 25 percent controlling interest. Los Angeles-based asset management firm Ares, which previously owned more than one-third of the club’s shares, will hold 5 percent after the sale closes. Other minority shareholders make up the remaining 1.5 to 2 percent.
“We are equally excited to remain minority investors and continue providing strategic support as the club builds on its momentum,” Ares’ Jim Miller said via The Athletic.
Per Nacho Donado of Club Uría, Gil and Cerezo will continue to lead Atlético for the next “three or four seasons,” a period that will encompass the opening of the new €800 million Ciudad del Deporte on the grounds around the Riyadh Air Metropolitano in the spring of 2027.
So, to summarize:
- Apollo Sports Capital: 55 percent
- Quantum Pacific Group: 25 percent
- Miguel Ángel Gil Marin: 10 percent
- Ares Management Group: 5 percent
- Enrique Cerezo: 3 percent
- Others: 1.5 to 2 percent
What are Apollo’s plans for Atlético?
Apollo’s arrival at Atlético brings with it a sense of uncertainty. The club has been in the Gil family since 1987, when Jesús Gil became president; the Gil family has owned Atleti outright since 1992. Though Miguel Ángel’s ownership (and his father’s before him) has been unpopular with many fans, the board’s behavior — especially with respect to sports planning — has been largely predictable. Plus, the economic leap in recent years shows management has played its cards right in expanding the club’s reach and consolidating its position as one of Europe’s biggest sporting institutions.
Given the nature of its business, Apollo’s focus is on one thing: consistent growth in its investment. Thus, a significant financial injection is anticipated upon ASC’s ascendance to majority ownership next spring. According to Libertad Digital’s David Vinuesa Malbec, the promise of this investment is what convinced Mateu Alemany to join Atlético as the club’s new sporting director last month, a move which has pushed director of football Carlos Bucero out of the picture.
Speaking Monday on Rubén Uría’s YouTube channel, Vinuesa said that Apollo is “crystal clear” over the future of star player Julián Alvarez, who continues to be linked tenuously with a move away from Atlético. Alvarez gave an interview to L’Equipe last week and upset some supporters when he said “evaluations” about his future will take place when the season ends — which has convinced some that, unless Atleti win a major title this season, the 25-year-old will demand to leave.
However, Apollo has no plans to sell Alvarez, and ASC is expected to supply Alemany with the funds necessary to add more quality players around La Araña — whom they understand is crucial if Atlético are to win the UEFA Champions League for the first time in its history.
There is also the matter of longtime head coach Diego Simeone and his future under new ownership. Simeone, the most successful coach in club history, is under contract until 2027. He has maintained a close relationship with Gil, who has previously stated “I hope I won’t be there” when someone other than El Cholo is leading the first team.
Gil’s continued presence in and around the club could see Simeone sign another contract, but that is pending results and whether the 55-year-old himself wants to keep going after nearly 14 calendar years on the touchline. In addition, through their own achievements, Fernando Torres (managing Atlético Madrileño) and Filipe Luís (coaching Flamengo) have been positioning themselves in the background as potential successors to Simeone when his contract expires after next season.
