Change is in the air for one of Spanish football’s most storied clubs, as Atlético de Madrid stands on the verge of a seismic ownership shift that could reshape its future both on and off the pitch. The club’s majority shareholders—Miguel Ángel Gil Marín and Enrique Cerezo—are in advanced, exclusive talks to sell a controlling stake to Apollo Global Management, the New York-based private equity powerhouse. With negotiations heating up and a potential deal valued at a jaw-dropping 2.5 billion euros ($2.9 billion), the eyes of the football world are squarely fixed on Madrid.
Sources close to the matter confirm that Apollo’s interest is more than just a passing flirtation. The firm, which managed $840 billion in assets as of June 2025, has been in discussions with Atlético and its investors throughout the summer, seeking to finance a major redevelopment project and, crucially, take a majority stake in Spain’s third-biggest football club. The exclusivity window for Apollo’s negotiations runs through mid-October, giving the firm a clear runway to hammer out the details before the autumn leaves fall in the Spanish capital.
So how did we get here? For over two decades, Gil Marín and Cerezo have been the faces of Atlético, steering the club through highs, lows, and everything in between. Their control began in earnest in 1987, when the Gil family took over, and was cemented in 1992 when Atlético was transformed into a sociedad anónima deportiva (S.A.D.), a public limited sports company. In 2021, they consolidated their holdings in Atlético HoldCo, which, along with stakes held by Quantum Pacific Group and Ares Management Group, controls roughly 70% of the club. The remainder belongs to Quantum Pacific, the shipping and energy conglomerate led by Israeli magnate Idan Ofer.
Apollo’s approach is multifaceted. According to multiple sources, the firm could acquire shares from Gil Marín, Cerezo, Ares Management, and potentially Quantum Pacific. While Apollo might not immediately secure a majority stake, the expectation is that it will do so in subsequent phases of the transaction. Management continuity is a key theme: "Management is expected to stay and the owners may only sell part of their holdings," one source familiar with the negotiations told Reuters. Still, the door remains open for a more sweeping restructuring down the line. Libertad Digital reports that a scenario is on the table for summer 2026 in which Gil, Cerezo, and even legendary coach Diego Simeone could exit, paving the way for a new era at the club.
What’s driving this high-stakes dance? For Atlético, the answer lies in ambition and necessity. The club has announced plans for a capital increase of at least 60 million euros to invest in the squad and develop sport and leisure projects around its Metropolitano Stadium. The jewel in the crown is the Ciudad del Deporte, a sprawling sports city valued at 800 million euros, tentatively set to open in May 2027. Funding such grand designs requires deep pockets and a willingness to play the long game—qualities Apollo brings in abundance.
The potential deal comes at a time of surging global interest in sports investment. Private equity firms, lured by the stable and predictable revenue streams of elite clubs, are increasingly making their presence felt. Apollo itself is preparing to launch a $5 billion sports investment vehicle, according to the Financial Times, signaling its intent to become a major player in the sector. And the numbers are staggering: consultancy PwC projects the global sports sponsorship market will hit $115 billion in 2025, soaring past $160 billion by 2030. For Atlético, tapping into this financial muscle could mean a return to the days of big spending in the transfer market and an end to the recent four-year trophy drought that has tested the patience of fans and pundits alike.
But as with any blockbuster move, uncertainty lingers. While Apollo’s exclusivity period suggests confidence on both sides, sources caution that a deal is not guaranteed and negotiations could still collapse. Gil Marín, Cerezo, and representatives for Apollo and Ares have all declined to comment publicly, reinforcing the high-stakes, hush-hush nature of the talks. Yet, reports from Expansion, Reuters, and other outlets paint a picture of a process that is moving swiftly toward a historic conclusion.
If the transaction goes through, it will mark the first change in Atlético’s ownership status since the Gil family’s transformative takeover nearly four decades ago. It would also make Atlético the highest-valued privately-owned football club in Spain—a remarkable feat given that giants like FC Barcelona and Real Madrid remain member-owned and are not subject to S.A.D. regulations. The sale would follow in the footsteps of CVC Capital Partners’ €2 billion investment in LaLiga in 2021, which enabled clubs like Atlético to undertake ambitious infrastructure improvements, including the Sports City project now underway.
For fans, the prospect of fresh investment brings mixed emotions. On one hand, the promise of new capital could mean marquee signings and a renewed push for silverware. On the other, the potential departure of stalwarts like Gil Marín, Cerezo, and especially Diego Simeone—whose contract runs until 2027—could signal the end of an era. Simeone, a beloved but sometimes polarizing figure, has faced mounting criticism in recent seasons, and a new ownership group might opt for a change in the dugout to satisfy calls for a fresh approach.
Meanwhile, the business of football continues apace. Atlético’s current owners have reportedly reached a verbal agreement with Apollo, with the intention to announce the deal at the close of the 2025/26 season. Should the transaction proceed as expected, it will usher in a new chapter for a club that has, for better or worse, always found itself at the center of drama and intrigue.
As the clock ticks down on Apollo’s exclusivity period, the football world waits with bated breath. Will the deal go through? Will Atlético’s iconic leaders stay or go? And what does this mean for the future of Spanish football, where tradition and modernity so often collide? For now, all eyes are on Madrid, where the beautiful game’s next power play is unfolding in real time.
The coming weeks promise to be pivotal. Whether the negotiations yield a new dawn or fall apart at the eleventh hour, one thing is certain: Atlético de Madrid is at a crossroads, and the decisions made now will echo for years to come.
