US duo score roles on private capital's latest European football play

Latham and Gibson Dunn have landed lead roles on Apollo’s investment in Wrexham AFC - the latest sign that private capital’s surge into European football is becoming a major business line for Big Law.

Apollo Sports Capital is taking a minority stake in the Welsh club, which is majority-owned by Hollywood actors Rob McElhenney and Ryan Reynolds and has enjoyed three straight promotions since the pair bought it in 2021.

Financial terms were not disclosed, but Bloomberg previously reported Wrexham was looking to sell a stake at a valuation of up to £350 million. McElhenney and Reynolds paid around £2 million for the club when they bought it.

Apollo will also provide financing for upgrades to the club’s historic stadium, part of a wider redevelopment project in Wrexham.

Gibson Dunn is advising Wrexham, McElhenney and Reynolds, while Latham & Watkins is acting for Apollo.

Big Law piles into football’s private-capital era

The Wrexham deal is the latest sign of how big-name US investors are becoming increasingly entrenched in European football. Apollo itself has been one of the busiest players. In November it acquired a majority stake in La Liga club Atlético Madrid in a €2.5 billion deal that saw A&O Shearman advising.

Apollo Sports Capital is its dedicated sports investment arm launched in September along with a $5 billion sports-focused fund. Paul Weiss advised Apollo on the launch.

Latham has become a go-to adviser in the sector, working on the San Francisco 49ers’ investment arm’s takeover of Rangers FC earlier this year and on new minority investment in Premier League club Brentford.

Advising

Gibson Dunn’s team advising Wrexham and its owners is led by New York corporate partner Stefan dePozsgay, with support from partners across capital markets and finance. London-based partners Sean Tierney (corporate real estate) and Rob Dixon (private equity) are also involved.  

Latham’s Apollo team is led by New York M&A partners Justin Rosenberg, Salvatore Vanchieri and Tracey Zaccone alongside London sports partner Patrick Mitchell and corporate partner Hector Sants.

Premier League dream

Announcing the deal, Wrexham’s co-chairmen McElhenney and Reynolds said Apollo "shares our vision and ambition" and called the investment a step towards the club’s "dream" of reaching the Premier League.

Apollo will also fund the redevelopment of the Kop Stand and wider works under the Wrexham Gateway Project, a regeneration plan designed to support the city’s economic growth.