Spanish giant Atletico Madrid to come under American ownership after deal with Apollo Sports Capital

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MADRID (AP) — Atletico Madrid is about to come under American ownership.

The Spanish giant announced Monday that Apollo Sports Capital, an asset management company, will become the club’s majority shareholder early next year. No financial details were disclosed.

As part of the agreement, current chief executive Miguel Angel Gil Marin and president Enrique Cerezo will stay in their positions to ensure “continuity of vision and leadership,” the two parties said in a joint statement.

The statement also said the deal for Atletico “is not part of a multi-club control ownership strategy.”

“The investment by ASC will reinforce the club’s position among football’s elite and support its ambition to deliver long-term success for millions of fans worldwide,” Atletico and Apollo said. “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.”

Apollo Sports Capital has also invested in the Madrid Open and Miami Open tennis tournaments.

The company said it “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” including the development of the Ciudad del Deporte, a sports and entertainment district adjacent to its Metropolitano stadium home.

Atletico, coached by Diego Simeone since 2011 and currently fourth in the league, is an 11-time Spanish champion — most recently in the 2020-21 season. The team reached the Champions League final in 2014 and 2016, losing to Real Madrid both times.

Rob Givone, portfolio manager at ASC, described Atletico — founded in 1903 — as “one of Europe’s great sporting institutions.”

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AP soccer: https://apnews.com/hub/soccer