A&O Shearman is advising Apollo Sports Capital (ASC) on the acquisition of a majority stake in Atlético de Madrid, announced on November 10, 2025.
Apollo Sports Capital (ASC), the global sports investment company of Apollo, has reached an agreement with Atlético de Madrid and its major shareholders—Miguel Ángel Gil, Enrique Cerezo, Quantum Pacific Group and Ares Management funds—to become the club's majority shareholder.
The investment by ASC will reinforce the club's position among football's elite and support its ambition to deliver long-term success for its millions of fans worldwide. As long-term investors, ASC and the existing shareholders will partner with Atlético de Madrid's management to enhance the club's financial strength, sporting competitiveness and community impact. Financial terms of the deal were not disclosed.
The shareholder group intends to invest additional capital to support the club's long-term plans, including further investment in Atlético de Madrid's teams and in 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 designed to serve as a world-class destination for sport, leisure, culture, and community activity. Drawing on Apollo's deep expertise across the sports, media and entertainment ecosystem, ASC aims to create a vibrant, transformative, multi-use urban hub serving the wider Madrid community.
The investment by Apollo Sports Capital is subject to customary closing conditions, including regulatory approvals and is expected to be completed in Q1 2026. Upon close, Atlético de Madrid, including Atlético de San Luis and Atlético Ottawa, will be majority owned by Apollo Sports Capital alongside Mr. Gil, Mr. Cerezo, Quantum Pacific Group, and Ares Management funds, as minority shareholders.
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.
The official announcement can be viewed here.