Atlético Madrid’s US takeover Sparks Debate Over Club Identity

Spanish powerhouse Atlético Madrid has agreed to a major deal under which Apollo Global Management, via its $5 billion sports investment vehicle, Apollo Sports Capital, will acquire a majority stake in the club early in 2026. The deal values Atlético at approximately €2 billion to €2.5 billion, including debt, making it one of the largest private-equity investments in European sport to date.

Despite the ownership shift, long-time club figures such as CEO Miguel Ángel Gil Marín and Chairman Enrique Cerezo will retain roles—an arrangement designed to provide continuity with Atlético’s culture and operations. The move is said to support the club’s ambition of developing its new “Ciudad del Deporte” complex and boosting global sporting performance.

However, the announcement has already triggered controversy among fans and local stakeholders. Critics argue that bringing in large US investment could threaten the club’s Spanish identity and democratic governance traditions. Some sections of the fanbase fear a repeat of “foreign takeovers” found elsewhere in football, where commercial interests supersede sporting heritage. Others point to a possible dilution of local influence as boardroom power shifts.

From a sporting perspective, Atlético’s recent run — consistent Champions League qualification and strong La Liga finishes — makes them an attractive target. The club’s revenue in 2024 reportedly reached €410 million, with major sponsors including Nike, Riyadh Air, and Kraken. The influx of capital is intended to fund both infrastructure and squad investment.

For Apollo, the deal marks its first major club purchase in football. The firm sees an opportunity to capitalise on media rights growth, global fan-engagement and commercial expansion. But the timing comes at a politically sensitive moment: with Spanish football grappling with questions of ownership, fan governance and league revenue sharing, Atlético’s move is likely to reignite debates over the “soul” of a club in the modern era.