Apollo acquires 55% stake in Atlético de Madrid: Advisors
Atlético de Madrid and its main shareholders, Miguel Ángel Gil, Enrique Cerezo, Quantum Pacific Group and Ares Management funds, have reached an agreement for Apollo Sports Capital, Apollo’s global sports investment company, to become the club’s majority shareholder.
As part of the agreement, Gil and Cerezo will continue to lead Atlético de Madrid as chief executive and chairman, respectively, and will remain shareholders.
The shareholder group plans to invest additional capital to support the Club’s long-term plans, including new investments in Atlético de Madrid’s teams and major infrastructure projects. This includes the development of the Ciudad del Deporte, a new sports and entertainment district adjacent to the Riyadh Air Metropolitano stadium.
Apollo Sports Capital’s investment is subject to customary closing conditions, including regulatory approvals, and is expected to be completed in the first quarter of 2026. Upon closing, Atlético de Madrid, which includes Atlético de San Luis and Atlético Ottawa, will be majority owned by Apollo Sports Capital alongside Gil, Cerezo, Quantum Pacific Group and Ares Management funds as shareholders. The financial terms of the transaction have not been disclosed.
Advisors
A&O Shearman acted as legal advisor to Apollo Sports Capital on the transaction, while Ecija worked alongside Atlético de Madrid. Pérez-Llorca acted as advisor to Ares Management, while Uría Menéndez worked alongside Quantum.
The A&O Shearman team was led by litigation and M&A partners Antonio Vázquez-Guillén, Bosco de Checa, Inigo del Val, and Paul Dunbar, supported by senior associates Gadea Mato and Soyeon Lim, and associates Juan Gomez Carus, Cristina Palau, and Harriet Steel. Moreover, tax and antitrust partners Ishtar Sancho and Antonio Martínez have been involved in the transaction alongside counsel Jaime Rodríguez and Mario García, senior associate Juan José Sánchez, and associate Eduardo de la Paz.
Ecija advised Miguel Ángel Gil and Enrique Cerezo with a corporate/M&A team led by Pablo Jiménez de Parga (partner and vice president of Ecija), with the support of Magdalena Bertram (partner, Corporate/M&A), Alfonso Juliani (counsel), and Álvaro Gallego (senior associate).
The Pérez-Llorca team was composed of Corporate partners Alfredo Lafita and Javier Carvajal, together with Corporate lawyers Raquel Pérez and Ignacio Buil.
