Private equity firm Apollo has reached an agreement to acquire a 55% stake in Atlético Madrid, in a deal that values the Spanish capital’s football club at €2.5 billion.

According to Spanish newspaper Expansión, the club’s four existing shareholders will sell part of their holdings to Apollo, while all will remain part of Atlético’s shareholder structure.

Miguel Ángel Gil, the club’s CEO and largest shareholder, will see his stake reduced to around 10%, while U.S.-based Ares Management will lower its holding to approximately 5%.

British firm Quantum Pacific, founded by Israeli billionaire Idan Ofer, will become the second-largest shareholder with a stake of roughly 25%. Club president Enrique Cerezo will retain about 3%, and minority shareholders will hold the remaining 1.5%.

Gil and Cerezo have committed to continue leading Atlético Madrid in the coming years—a common clause in private equity deals, as these funds typically do not manage the companies they invest in.

Currently, Miguel Ángel Gil controls the club through Atlético HoldCo, which owns 70.39% of Atlético Madrid, while Idan Ofer holds 27.81%. Gil owns 55% of Atlético HoldCo.

As part of the transaction, Atlético Madrid will carry out a capital increase, with all five shareholders—including Apollo—participating to provide the club with the necessary resources to fund its growth.

Key projects include Atlético Madrid’s Sports City, an urban development adjacent to the Metropolitano Stadium in San Blas.