U.S. fund Apollo’s sports investment arm, Apollo Sports Capital, has agreed to become the majority shareholder in Spanish football club Atlético Madrid, the La Liga side announced on Monday. Financial details of the deal were not disclosed.

A source familiar with the transaction said the agreement values the club at around €2.5 billion.

The move marks Apollo’s latest push into the global sports sector, as private equity firms continue to be drawn by the industry’s steady and predictable revenue streams.

Atlético confirmed that CEO Miguel Ángel Gil Marín and President Enrique Cerezo will remain in their positions and as shareholders, with the investment expected to close in the first quarter of 2026.

Sources told Reuters in September that Apollo had been seeking control of the club by purchasing portions of shares held by Gil Marín, Cerezo, and potentially from investment fund Ares Management.

Prior to the deal, Atlético HoldCo owned roughly 70% of the club, with Gil Marín, Ares, and Cerezo holding 50.8%, 34%, and 15.2%, respectively. Quantum Pacific held a separate 27.8% stake.

“We are equally excited to remain minority investors and continue providing strategic support as the club builds on its momentum,” said Jim Miller, co-head of Ares Sports and director on Atlético HoldCo’s board.

A&O Shearman acted as legal counsel to Apollo Sports Capital, while ECIJA advised Gil Marín and Cerezo.