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Atlético Madrid in Early-Stage Talks with Apollo Global Management for Potential Stake Acquisition
Apollo Global Management is in early-stage discussions to acquire a significant stake in Atlético Madrid, with the football club reportedly valued at around €2.5 billion to €3 billion. Initially, Apollo approached to finance Atlético's real estate project, the "Parque Metropolitano" (also known as "Ciudad del Deporte"), an €800 million sport and leisure development adjacent to the stadium.
However, Apollo has shifted focus toward acquiring shares in Atlético HoldCo, the holding company that operates the club, seeking a majority stake that would give it control of the team. The club’s main shareholders, including CEO Miguel Ángel Gil Marín and president Enrique Cerezo, appear unwilling to sell their existing shares but may consider issuing new equity to allow Apollo’s entry.
The "Ciudad del Deporte" project is expected to raise around €600 million from private investors, with Apollo initially showing interest primarily as a financer.
Meanwhile, Froneri International, a UK-based ice cream group co-owned by PAI Partners and Nestlé, is also exploring strategic options. PAI Partners is preparing to roll its 50% stake in Froneri into a continuation vehicle, and the company is considering other listing venues, including the US.
These moves reflect a broader private equity trend of using recapitalisations and secondaries to return capital to investors during a sluggish M&A environment.
As of mid-July 2025, no formal offer or finalized negotiations have occurred, and the deal is not certain to materialize.
Key Points as of July 2025:
- Apollo's stake acquisition talks are in early stages, with no formal offer or finalized negotiations.
- Atlético Madrid is valued at around €2.5 billion to €3 billion.
- The "Ciudad del Deporte" project is an €800 million sport and leisure development, with €600 million to be raised from private investors.
- The club’s main shareholders are reluctant to sell their existing shares but open to new equity issuance.
- Froneri International is preparing to roll its 50% stake into a continuation vehicle and considering other listing venues, including the US.
Sources: [1], [2], [3], [4], [5]
- Apollo Global Management is considering acquiring a majority stake in Atlético Madrid's holding company, Atlético HoldCo, through the issuance of new equity.
- The potential deal between Apollo and Atlético Madrid is not yet certain, as no formal offer or finalized negotiations have occurred as of mid-July 2025.
- The "Ciudad del Deporte" project, an €800 million sport and leisure development adjacent to Atlético Madrid's stadium, is expected to raise €600 million from private investors.
- In a separate matter, Froneri International, a UK-based ice cream group, is preparing for a recapitalisation by rolling its 50% stake into a continuation vehicle and exploring potential listing venues, including the US.
