The entry of the American fund Apollo into Atlético de Madrid, of which it will control 57%, is among the three major operations signed in the history of European football.
This is the case if the transaction price is taken into account. As confirmed by sources close to this newspaper, Apollo values 100% of Atlético de Madrid at 2,500 million euros, which raises the value of the share package that will control the fund to 1,425 million, in the absence of more details on how it will make its investment. That is, what will be articulated through a capital increase, which would be carried out once the operation is formalized in the first quarter of 2026; and as to the direct purchase and sale of securities to its current shareholders.
Taking those 1,425 million at face value, the sale of Atlético de Madrid becomes the third most important operation in European football in terms of amount, together with the second, the acquisition of 27.7% of Manchester United by the British entrepreneur Jim Ratcliffe. Last year he paid 1,250 million pounds, which at current exchange rates amount to 1,425 million, valuing 100% of the club, controlled by the Glazer family, at over 5,100 million.
Above them is the 2022 sale of Chelsea FC, also from the English Premier League, to a consortium of American investors led by Todd Boehly for 2.5 billion pounds, 2.85 billion euros at current exchange rates. An operation completed in 2022, after the Russian invasion of Ukraine forced its previous owner, Roman Abramovich, to get rid of the club. Added to that price is the commitment of the new shareholders to contribute almost 2 billion euros more in direct investments.
Under the figures of the sale of Atlético de Madrid there is another of the great operations signed in recent years: the acquisition of 100% of the Italian Milan by another American fund, RedBird Capital Partners, for 1,200 million euros in 2022. As an operation it is similar to that of the red and white club, but the valuation of the latter is more than double that of the historic transalpine team, winner of seven Champions Leagues.
American investors have been involved in some of the most notable recent deals in European football. In 2018, entrepreneur Stan Kroenke acquired practically all of Arsenal FC, of which he had previously held 67%. That year it paid £550 million for a further 30% package, valuing the entity at £1.8 billion. A price that exceeded that paid in previous years due to the percentage it already had.
The funds that entered the two big clubs controlled by petrodollars were also American: PSG, owned by the sovereign wealth fund of Qatar; and Manchester City, controlled by Emirati Sheikh Mansour bin Zayed Al Nahayan.
In the first case, the Arctos fund acquired 12.5% of the French club in 2023 for just over 500 million euros, valuing it 100% at 4,250 million. Similarly, the American fund Silverlake purchased 10% of the City Football Group in 2019, the conglomerate which, in addition to Manchester City, controls Girona and other teams, for 444 million euros. Its shareholding currently stands at 18%. Both PSG and City were modest ownership investments: the former cost €100 million between 2011 and 2012; the second, 228 million in 2008.
In the last five years other major European teams have changed hands, but for more modest sums. The Oaktree fund, also American, came to control Inter in 2024 for just 395 million, due to the defaults of its previous owner, the Chinese Suning group. Dan Friedkin, also originally from the United States, has completed two purchases: in 2020 that of Roma, for 591 million; and a year ago that of the English Everton, for 456. And one of the most popular, that of Newcastle of the Saudi fund PIF, envisaged just the outlay of 400 million euros.
Valuations rising
The value of football clubs continues to grow. According to data from the specialized analysis company Sportico, the team with the highest value today is Real Madrid, with 6.53 billion dollars, approximately 5.6 billion euros, 11.7% more than two years ago. Manchester United is second, with 5.27 billion euros; and FC Barcelona is third, with 4,950 million.
They are all far from American football franchises: the Dallas Cowboys, the Los Angeles Rams and the New York Giants exceed a valuation of 10 billion dollars. And they are also far from the largest operation carried out in the history of world sport: the sale of the Los Angeles Lakers for 10 billion dollars.
