The entry of Apollo Global Management into the capital of Atlético de Madrid once again highlights the growing presence of major financial asset managers in European football. The U.S. fund, which on Thursday acquired 55% of the Spanish club and manages more than $900 billion in assets, joins an increasingly broad map of institutional investors that have found in sport a new opportunity for expansion. Through Apollo Sports Capital, its sports-focused division, the firm already had a presence in projects such as Wrexham AFC, the Mutua Madrid Open, and the Miami Open, now expanding its footprint within continental football.

The arrival of these asset managers represents a second stage in the evolution of capital in football. Before them came magnates and members of royal families who viewed the sport as a global platform. Today, however, investment is structured in a more complex and professionalized way, with publicly traded funds and private equity firms seeking to multiply the value of their stakes within five- to ten-year horizons. Within this ecosystem operate actors such as Oaktree Capital, KKR, Silver Lake, and Clearlake Capital, which are already part of the shareholding structures of some of the continent’s most influential clubs.

From Manchester City to Inter: the expansion of institutional capital

One of the most visible examples of the financial transformation of football is Manchester City, whose owner since 2008 has been City Football Group, a corporate structure that has developed a global network of clubs. The group fully controls the English side and holds stakes in organizations such as Girona FC, New York City FC, and Melbourne City FC. Although 81% of the company belongs to Sheikh Mansour bin Zayed Al Nahyan, the investment fund Silver Lake holds a significant share in the conglomerate’s corporate structure.

Italy offers another portrait of this evolution. Inter Milan is controlled 99.6% by Oaktree Capital, owned by Brookfield Corporation, after executing the guarantees of a €270 million loan granted to the club’s previous ownership. In the same city, AC Milan belongs to the fund RedBird Capital Partners, which has consolidated an investment strategy focused on sport and also controls Toulouse FC while holding a stake in Liverpool FC.

An increasingly global ecosystem of shareholders

The movement of capital in European football is also reflected in the emergence of new minority shareholders within clubs. In 2023, Arctos Partners acquired a 12.5% stake in Paris Saint-Germain, although control of the club remains in the hands of the Qatar sovereign wealth fund. Months later, Arctos itself was acquired by KKR in a deal valued at around $1 billion, further expanding the presence of major asset managers in the sports industry.

Other investors have chosen to develop multi-club ownership strategies across different countries. 777 Partners once controlled a stake in Sevilla FC before selling its shares, although it still holds positions in clubs such as Standard de Liège, Genoa CFC, Hertha BSC, and CR Vasco da Gama. In Spain, another relevant deal was the acquisition of RCD Espanyol by ALK Capital, a group that also owns Burnley FC in England.

Liga F also enters the investors’ radar

The growing interest in football is not limited to the men’s game. Liga F has begun to attract the attention of investors who see in women’s football a long-term growth opportunity. Last week, the investment group Mercury13 acquired a majority stake in FC Badalona Women, in a deal that reflects the increasing interest in the Spanish competition.

According to the league’s chief executive Pablo Vilches, several clubs are exploring the possibility of opening their capital to new financial partners. The executive had previously indicated in interviews that external capital would eventually enter the competition. For Vilches, the league’s attractiveness lies in its development potential: women’s football is still in an early stage of expansion, allowing investors to anticipate future growth in audiences, sponsorship, and brand value.

A business under construction within women’s football

Investor interest is also supported by the economic evolution of the competition. In the 2024–2025 season, Liga F quintupled its profit, rising from just over €30,000 to more than €156,000. Revenue reached nearly €16 million, while the organization distributed around €17 million among participating clubs, averaging more than €1 million per team.

Even so, the championship’s growth coexists with structural challenges. The competition is seeking to expand its fan base and strengthen its media exposure through broadcasting agreements that include free-to-air matches on RTVE and 3CAT, while preparing the next audiovisual cycle that will replace the current contract with DAZN in 2027. At the same time, league officials are working with clubs on fan engagement programs and matchday experiences aimed at increasing average stadium attendance and consolidating an increasingly attractive sporting product for the market.