After 21 years of majority ownership and 32 years as the club’s chief executive — not to mention 38 years since his father, Jesús Gil y Gil, became president and stole the club from its fans — top shareholder Miguel Ángel Gil Marín reportedly is in advanced conversations to sell a majority of his shares in Club Atlético de Madrid to American venture capitalist firm Apollo Global Management.
Spanish business outlet Expansión reported Friday that Gil and president Enrique Cerezo — who, together, transferred
their shares into a holding company called Atlético HoldCo in 2021 — are in exclusive discussions with Apollo, the New York City-based management group with some $840 billion worth of assets under its umbrella.
Israeli shipping magnate Idan Ofer (through his Quantum Pacific Group) and Los Angeles-based investment firm Ares Management Group, the parties that own the rest of Atlético’s shares, are also in discussions with Apollo — which is planning to buy shares from each of the partners and inject €4 billion into the club.
Expansión, Reuters, and Rubén Uría report that Apollo, which values Atlético de Madrid at €2.5 billion, wants Gil and Cerezo to continue in front-facing roles managing the club once the sale is closed, though they would be minority shareholders. But according to Libertad Digital, this is merely one option under discussion.
Another possibility on the table is a “total restructuring” that would take place in summer 2026. This would entail Gil, Cerezo, and legendary coach Diego Simeone leaving the club entirely when Apollo takes control of all Atlético assets, including the €800 million-valued Ciudad del Deporte, tentatively slated to open in May 2027.
The Libertad Digital report claims that Apollo and Atlético’s current owners already have reached a verbal agreement on the ownership transfer, and Apollo wants to announce the agreement when the 2025/26 season ends. It would mark the first change in ownership status since the Gil family’s 1987 takeover, and the club’s enforced conversion into a public limited company called a sociedad anónima deportiva — the “S.A.D.” of Club Atlético de Madrid S.A.D. — in 1992.
If the deal goes through, Atlético would become the highest-valued privately-owned club in Spain (FC Barcelona and Real Madrid did not have to become SADs and are still owned by their members). Apollo’s arrival would mark the second major venture capital investment in Spanish football since 2021, when CVC Capital Partners invested €2 billion in LaLiga, allowing the 37 member clubs that voted for the measure (including Atlético) to use newly-provided funds to make infrastructure improvements. Atleti’s ability to build the Sports City comes in part from the CVC deal.
The possibility of Atlético being sold to a new ownership consortium has been floated over the past few years, and the Apollo acquisition would mark a significant turning point in the club’s history. It would correspond with a large capital injection that could see the club become a big spender in the transfer market. It is probable that a change in ownership would bring with it a new head coach, satisfying those who have called for Simeone’s departure in recent seasons amid a four-year trophy drought.
We’ll have to see what comes of negotiations in the coming weeks. Apollo’s exclusivity window expires in mid-October, though it seems as if the process is moving speedily along and the club’s ownership change is imminent.
