A&O Shearman steers Apollo's €2.5bn Atlético Madrid deal

A&O Shearman is advising Apollo on its acquisition of a majority stake in La Liga club Atlético Madrid, in one of the largest private capital investments in European sport to date.

The deal, announced on Monday (10 November), reportedly values the club at €2.5 billion. Apollo is investing through its new $5 billion sports fund, Apollo Sports Capital, which it launched in September with advice from Paul Weiss.

Private capital in football

The investment will see Apollo take control of Atlético Madrid from its shareholders - including alternative asset manager Ares Management - who will remain minority investors in the club.

The deal marks another major step by private capital into elite European football, with firms increasingly viewing top-flight clubs as long-term commercial and infrastructure plays.

Apollo said its investment would support Atlético’s long-term plans and fund new infrastructure projects, including a proposed sports and entertainment district next to the club’s 70,000-seater Metropolitano Stadium.

A growing market for law firms

The move continues a growing trend of US private capital entering European sport - and law firms capitalising on the work.

Deals this year include Latham & Watkins advising a consortium led by the San Francisco 49ers’ investment arm on its takeover of Rangers FC, and Clifford Chance acting for Velocity Sports Partners on its acquisition of fellow La Liga club Espanyol.

A&O Shearman also previously advised Oaktree on its 2024 takeover of Inter Milan, one of the most high-profile football transactions in Europe, which also saw Milbank and Sidley Austin enlisted as the US private capital giant seized control of the club after its former Chinese owner defaulted on a loan.

That deal followed Clearlake Capital’s £2.5 billion acquisition of Chelsea FC in 2022 - led by Paul Weiss, Latham and Sidley Austin - which set the tone for a wave of private equity investment into elite European football.

Advising

A&O Shearman is fielding a cross-border team led by Madrid-based litigation and M&A partners Antonio Vázquez-Guillén, Bosco de Checa, Íñigo del Val, and London-based Paul Dunbar, with support from partners across tax and antitrust.