Apollo General Management Full year results 2025
Central to the financial evolution across European football is the emergence of alternative asset managers, with Apollo Global Management, Inc. (NYSE: APO) positioning itself as a primary player in this lucrative market.
Apollo’s entry into the sporting sector is not merely a pursuit of prestige; it represents a calculated extension of its broader credit-led strategy, leveraging the relative scarcity and predictable cash-flow characteristics of elite sports to generate yield and capital appreciation.
Through the launch of Apollo Sports Capital, the firm has committed to a dedicated $5 – $6 billion investment vehicle designed to bridge the financing gap in sports, a niche traditionally under-served by risk-averse commercial banks.
The deployment of capital across the capital stack, ranging from high-yield senior secured loans to majority equity stakes, illustrates Apollo’s flexibility and its ability to capitalise on market inefficiencies. This report looks at the intricacies of Apollo’s involvement in European football, detailing known financial transactions, analysing the flagship acquisition of Atlético de Madrid, and exploring the firm’s underlying business model and its historical penchant for distressed-to-control investing.
Apollo Global Management’s structure
Apollo’s presence in the footballing world is underpinned by a massive global investment platform that, as of December 31, 2025, managed approximately $938 billion in assets. The firm’s business model has evolved from its roots in distressed private equity to an integrated asset management and retirement services powerhouse. The cornerstone of this model is the integration of Athene, Apollo’s retirement services business, which provides long-dated, recurring liabilities that can be matched against private credit originations. This structure creates a permanent capital advantage, allowing Apollo to act as a patient lender and investor even during periods of broader market volatility.
Private credit as the strategic entry point
Within the Apollo range of products and services, private credit has emerged as the primary vehicle for sports exposure. The firm identifies a $2.5 trillion opportunity in the global sports landscape, driven by the decoupling of sports valuations from broader macroeconomic cycles. Apollo’s credit platform, which accounts for the largest segment of its assets under management, focuses on direct lending, asset-backed finance, and hybrid solutions that sit between traditional debt and equity.
In the context of European football, Apollo’s private credit strategies are particularly well-suited to the industry’s current regulatory and financial environment. UEFA’s Financial Sustainability Regulations and the Premier League’s Profit and Sustainability Rules (PSR) have forced clubs to formalise their cash flows and manage wage-to-revenue ratios.
For a lender like Apollo, these regulations act as a form of governance that makes football cash flows more predictable and bankable, functioning effectively as debt covenants.
| Fund or Legal Entity | Strategic Focus | Primary Instruments | Reported Performance (ITD) |
| Apollo European Private Credit (AEPC) | Upper middle-market and large-cap European issuers | First-lien senior secured direct lending | 9.63% ITD Return |
| Apollo Debt Solutions BDC | Large-cap private corporate direct origination | Senior secured private loans | 8.34% ITD Return |
| Apollo Sports Capital (ASC) | Global sports and live events ecosystem | Credit, hybrid, and majority equity | Flagship at €2.5 billion valuation |
Launched in September 2025, Apollo Sports Capital (ASC) is led by a specialised team of industry veterans, including CEO Al Tylis, whose background includes ownership stakes in Club Necaxa and DC United. The ASC mandate is broad, covering franchises, leagues, venues, media, and events.
Unlike traditional private equity funds that may have a five-to-seven-year exit horizon, ASC is designed as a permanent capital holding company. This long-term orientation is critical in sports, where value creation often depends on multi-year infrastructure projects, such as stadium redevelopments or the commercialisation of mixed-use districts surrounding venues.
Apollo’s football deal flow
Apollo’s deployment in European football has progressed from opportunistic lending to strategic equity ownership. Each transaction reflects a specific facet of the firm’s broader investment thesis: the use of assets (stadiums, media rights) as collateral and the identification of brands with significant untapped commercial potential.
Nottingham Forest:
In July 2025, Apollo executed its first direct move into English Premier League football by providing an £80 million high-yield debt facility to Nottingham Forest Football Club. This deal serves as a textbook example of how private credit is filling the void left by traditional commercial lenders. The transaction was structured as a three-year term loan with a fixed annual interest rate of 8.75%. The use of proceeds was split into two primary components: £55 million to refinance existing floating-rate debt held by Rights and Media Funding Group and £25 million in new working capital to support operational liquidity.
The expensive but flexible nature of this capital is reflected in the security package; the loan is collateralised against the club’s primary tangible assets, including the historic City Ground stadium.
For Nottingham Forest, owned by Evangelos Marinakis, the deal provided immediate balance-sheet stability at a time when the club was navigating a four-point reduction for breaching PSR rules and reporting significant operating losses.
For Apollo, the loan represents a high-yield, asset-backed exposure with substantial downside protection. If the club defaults, Apollo’s position as a senior secured lender provides a pathway to either a restructuring or, in a worst-case scenario, the seizure of underlying assets.
Wrexham AFC: Leveraging global media and minority stakes
In December 2025, Apollo Sports Capital acquired a minority stake in Wrexham AFC, the Welsh club brought to global prominence by Hollywood owners Ryan Reynolds and Rob McElhenney. While the financial terms were not officially disclosed, industry reports suggested the deal valued the club at approximately £350 million, a staggering figure for a side then competing in the English Championship.
The Wrexham investment highlights Apollo’s interest in content businesses disguised as football clubs. Wrexham’s value is driven less by matchday revenue and more by its global media profile and the success of the Welcome to Wrexham documentary. Apollo’s capital is specifically earmarked for the redevelopment of the Racecourse Ground, including the construction of the new Kop stand, which is essential for the club’s ambition to achieve Premier League status. This deal demonstrates how Apollo uses minority equity to participate in the celebrity leverage model, where the financial risk is mitigated by the brand’s explosive growth in global sponsorship and digital engagement.
Kia Joorabchian and Sports Invest Holdings
Broadening its exposure to the adjacent services sector of football, Apollo provided a £40 million loan to Sports Invest Holdings, the management group led by prominent football agent Kia Joorabchian.
This facility carried a 10.25% interest rate and was secured against Joorabchian’s diverse interests, including AMO Racing and Sports Invest UK. By lending to an agency that facilitates player transfers and manages talent, Apollo gains a different vantage point on the footballing economy, capturing yield from the transactional velocity of the transfer market without owning a specific team.
The acquisition of Atlético de Madrid
The most significant transaction in Apollo’s sports history, and arguably one of the most consequential in European football this decade, is the majority acquisition of Atlético de Madrid. Announced in November 2025 and completed in the first quarter of 2026, the deal saw Apollo Sports Capital acquire a majority stake of more than 51% in the club.
The catalyst for Apollo’s involvement was Atlético’s dual need for capital injection and strategic expertise to realise its real estate ambitions. For over a decade, the club had been building the foundations of a modern sports enterprise, centred on the move to the Riyadh Air Metropolitano in 2017. However, the transition from a traditional club to a real estate and entertainment powerhouse created significant financial strain.
In 2019, the club had already begun liquidating land plots at its former Vicente Calderón stadium, generating approximately €100 million in revenue to manage its debt load. Despite this, the club remained constrained by Financial Fair Play limits and the rising costs of competing with the global financial might of Real Madrid and FC Barcelona.
The project that ultimately drew Apollo in was the Ciudad del Deporte (City of Sport), a large €800 million mixed-use development adjacent to the Metropolitano. Initially, talks between Apollo and the club’s leadership focused on a potential financing deal for this project; however, the discussions evolved into a broader equity partnership.
The deal valued Atlético de Madrid at approximately €2.5 billion (including debt). Apollo acquired shares from the existing major shareholders, although the transaction was structured to ensure management continuity, a key requirement for maintaining the club’s identity and fan stability.
| Entity or Individual | Pre-Transaction Stake (Estimated) | Post-Transaction Status |
| Apollo Sports Capital | 0% | Majority Shareholder (51-55%) |
| Quantum Pacific Group | ~28-32% | Second-largest shareholder |
| Miguel Ángel Gil | ~51% of Atletico Holdco | Remaining Minority Shareholder & CEO |
| Enrique Cerezo | ~15% of Atletico Holdco | Remaining Minority Shareholder & Chairman |
| Ares Management | ~34% of Atletico Holdco | Remaining Minority Shareholder |
A critical component of the closing was the approval of a €100 million equity and strategic capital increase. These funds are explicitly earmarked for two purposes: strengthening the competitive quality of the men’s and women’s teams and accelerating the infrastructure projects within Ciudad del Deporte.
Apollo has clarified that Atlético is its flagship investment and is not part of a multi-club ownership strategy, distinguishing its approach from entities like City Football Group or BlueCo.
Subsequent developments and value creation
Under Apollo’s majority ownership, Atlético is being re-positioned as a multi-channel revenue engine. The club’s strategy focuses on monetising attention through both its physical assets and its digital brand. The Ciudad del Deporte district is intended to become a year-round destination for leisure, culture, and community activity, reducing the club’s reliance on matchday income.
The involvement of high-profile advisors, including former Spanish international David Villa joining the board of directors, signals an intent to bridge the gap between financial rigour and sporting heritage. For Apollo, the successful scaling of Atlético’s valuation from €2.5 billion to a targeted €3.5 billion within five years represents a core performance milestone.
This appreciation is expected to stem from enhanced global sponsorship deals (such as the €300 million Riyadh Air stadium naming rights), improved digital fan engagement, and the appreciation of the real estate assets tied to the stadium district.
Comparative analysis of private credit strategies
The rise of Apollo in European football occurs alongside several other major private credit and equity players, each employing distinct methodologies. Understanding these differences provides clarity on Apollo’s risk profile and strategic intent.
Hybrid capital vs. traditional debt
The financing provided by Apollo often falls into the category of hybrid capital, sitting between senior debt and pure equity. This is notably different from the approach taken by firms like Macquarie, which focus heavily on transfer fee factoring, essentially selling clubs immediate cash in exchange for future transfer installment payments.
Apollo’s strategy bears a closer resemblance to that of Ares Management, which provided a £410.2 million facility to Chelsea FC structured as redeemable preferred equity. This instrument carries a high Payment-In-Kind (PIK) interest rate (greater than 12%) but is classified as equity for regulatory purposes, offering the borrower balance-sheet relief while providing the lender with debt-like security.
Apollo’s ambition to create a permanent capital vehicle allows it to be even more flexible, acting as a lender today and converting that position into an equity stake if a club enters financial distress or requires a deeper partnership.
The Serie A bid and media rights monetisation
Apollo’s ambitions are not limited to club ownership; they extend to the league level. In early 2026, Apollo was identified alongside Ares, CVC, and Sixth Street as a potential bidder for a minority stake (up to 49%) in Serie A’s international media rights business. This unit, which manages broadcasting and commercial activities for Italian football outside of Italy, generates approximately €250 million annually, significantly less than its English or Spanish counterparts.
The rationale for this investment is the belief that institutional expertise can unlock the dormant value of the Serie A brand. By injecting upfront capital and restructuring the commercial operations, Apollo and its peers aim to triple international media revenue by 2030. This move mirrors the CVC model seen in La Liga and Ligue 1, where a private equity firm takes a slice of future revenues in perpetuity (or a long duration) in exchange for current investment.
Evaluating critiques of predatory lending and loan-to-own schemes
The influx of private credit into football has been met with increasing scrutiny, albeit from a low base. Scrutiny has focused particularly on the historical reputation of firms like Apollo as distressed investors. The term loan-to-own describes a strategy where a lender provides capital to a troubled company with the underlying expectation that the company will default, allowing the lender to seize equity control at a discount.
The distressed-to-control doctrine
Apollo was founded in 1990 in the wake of the Drexel Burnham Lambert collapse, specifically to target distressed assets. Its early reputation was built on embracing complexity and using high-yield bonds as footholds to take over companies like Vail Resorts and Samsonite through restructurings. The firm’s investment in LyondellBasell during the 2008 crisis, where it bought debt in bankruptcy and exited with nearly $10 billion in profit, remains a hallmark of this opportunistic approach.
In the context of European football, several high-profile examples of this mechanic have recently surfaced. Oaktree Capital Management took control of Inter Milan after the club’s majority shareholder defaulted on a loan. Similarly, the failure of 777 Partners at Everton, where the firm provided over £200 million in loans during a failed takeover bid, demonstrated how a creditor relationship can create significant leverage and complex financial entanglement that bypasses traditional regulatory tests. It should be noted that the actions of a rogue firm such as 777 partners proved challenging for regulators in both the footballing and financial services sectors. A different subject, but the lack of proper due diligence contributed hugely to the near demise of one of England’s most storied and recognisable football clubs.
Apollo’s defense and stewardship narrative
While critics argue that high-interest loans like the 8.75% facility to Nottingham Forest are designed to extract value from fragile institutions, Apollo has re-framed its role as one that matches claims of stewardship and capital solutions. The firm argues that its capital is patient and that its interests are aligned with the long-term sustainability of the assets.
Examination of alignment of interests between lenders, hybrid lenders and equity holders is, in my opinion, a key indicator as to the health (or otherwise) of the relationship and the likely impact on the host club.
The Atlético de Madrid deal is presented as a long-term collaboration, not a restructuring. By retaining the existing leadership of Miguel Ángel Gil and Enrique Cerezo, Apollo attempts to signal that it is not looking to strip and flip the club, but rather to build a durable platform.
Alternatively, however, the collateralisation of the City Ground stadium in Nottingham and the high interest rates charged to Sports Invest Holdings (10.25%) indicate that Apollo remains a disciplined lender with significant protections in place should the human element of the business, on-field performance or player trading (for example), falter.
Performance and valuation: SEC disclosures
For a publicly traded entity like Apollo (NYSE: APO), financial transparency is mandated through SEC filings, though the granular details of individual private credit deals are often obscured within broader fund disclosures.
However, an analysis of recent 10-K and 8-K filings, alongside fund prospectuses, reveals the scale and performance of the vehicles driving these football investments.
Apollo’s total assets under management have seen exponential growth, rising from $269 billion in 2018 to over $930 billion by the end of 2025. This growth is largely driven by the Credit segment, which constitutes the majority of the firm’s fee-generating assets under management.
| Fiscal Period Ending | Total AUM (Billion US$) | Credit Segment AUM (Billion US$) | Primary Growth Driver |
| June 30, 2018 | $269 | $183 | Institutional managed accounts |
| June 30, 2025 | $840 | $392 | Launch of ASC and specialised retail products |
| Dec 31, 2025 | $938 | $500+ (Est) | Majority stake in Atlético Madrid and Athene integration |
Fund-level analysis
The funds most likely to hold the senior secured debt associated with European football, such as the Nottingham Forest facility, are the Apollo European Private Credit (AEPC) and its associated European Long-Term Investment Fund (ELTIF). As of January 31, 2026, AEPC reported an Inception-to-Date (ITD) total return of 9.63%. The fund is structured as an evergreen vehicle, allowing it to recycle capital and maintain persistent exposure to the European direct lending market.
The AEPC ELTIF is a perpetual, semi-liquid fund specifically targeted at the growing European private credit opportunity set. Its strategy emphasises capital preservation through first lien senior secured positions with low loan-to-value ratios, a philosophy that aligns with the stadium-collateralised lending seen in the Nottingham Forest deal.
Legal and regulatory scrutiny
SEC filings also highlight the risks and controversies that have shadowed Apollo’s growth.
The firm paid $52.7 million in 2016 to settle SEC charges regarding improper charging of personal expenses to fund investors. Furthermore, the leadership transition from co-founder Leon Black to Marc Rowan in 2021 was accelerated by disclosures regarding Black’s financial ties to Jeffrey Epstein, which led to significant reputational and legal pressure.
While these issues are not directly related to football, they underscore the complex governance environment that Apollo navigates. For football regulators, the transition of Apollo from a black-box alternative manager to a steward of national heritage assets like Atlético Madrid requires careful vetting of these historical and ongoing legal exposures.
Institutionalisation and permanent capital
The integration of insurance and asset management has become the defining differentiator for Apollo in the sports financing landscape. Through Athene, Apollo has pioneered a model that utilises recurring, long-dated pension and annuity liabilities to fund private equity and credit activities.
In 2025, Athene’s €6.7 billion acquisition of Pension Insurance Corporation (PIC) significantly expanded this capacity, providing a stable pool of capital that is perfectly matched for the long-duration nature of sports infrastructure projects.
This permanent capital advantage allows Apollo to transcend the cyclicality that often plagues football clubs. Traditional lenders, such as banks, often retrench during economic downturns or when a club faces sporting failure (e.g., relegation). Apollo, however, has the ability to remain invested through these cycles, positioning itself as a capital solutions provider that can offer liquidity when it is most scarce.
This structural resilience is what enabled Apollo to execute the Atlético de Madrid deal at a €2.5 billion valuation despite the club’s historical debt issues.
Perhaps, a word of caution more generally, across the US insurance and reinsurance sectors is the growing concerns over the levels of exposure to private equity, private credit and other associated investment products. Regulatory changes, or a sectoral switch/asset reallocation might reduce future capital flows and in extremis reduce already committed capital
Convergence of sports, real estate, and content
Apollo’s strategy reflects a broader thesis that the future of football lies at the intersection of three industries: live sports, urban real estate, and digital content. The Ciudad del Deporte project at Atlético is the clearest embodiment of this. By transforming the area surrounding the Metropolitano stadium into a year-round destination for leisure, culture, and community activity, Apollo is effectively creating a mini-city where the football club serves as the primary anchor tenant and brand driver.
This platform approach to football ownership is also evident in the Wrexham investment. By backing a club with a newly formed massive global media following, Apollo is not just betting on sporting promotion, but on the continued monetisation of content through documentaries, digital engagement, and international sponsorship. The club’s rumored valuation of £350 million is a testament to the premium that institutional investors are willing to pay for content-heavy sports brands.
Future of private credit in European football
Not withstanding some concerns over the levels of exposure across institutional portfolios, in my opinion, the role of firms like Apollo will only grow more central to the sport’s future financial requirements. UEFA’s new Financial Sustainability Regulations, which mandate that squad costs be kept to 70% of revenue, are turning football cash flows into something more predictable and bankable, although much more progress is required on this front. Profitability, or more precisely, a lack of profitability and a general inability to be self sustaining will, without doubt, offer future investment opportunities
For lenders, these rules could function as standard corporate covenants, allowing them to price risk with greater confidence and provide the middle-of-the-stack financing that clubs need for stadium developments and working capital.
However, the Ares-Apollo duopoly in European sport also presents risks. The collateralisation of historic stadiums and the use of high-interest debt could lead to a scenario where more clubs fall under the control of their creditors. For the beautiful game, the trade-off for institutional stability may be a loss of the localised, community-driven identity that defined the sport for over a century.
Apollo’s claimed ability to balance ambition with authenticity at Atlético de Madrid will be the ultimate test of whether this bold investment becomes the template for the next generation of sports ownership.
Summary of deal flow
To provide a comprehensive view of Apollo’s footprint, the following table presents every confirmed financial engagement within the European football industry as of March 2026.
| Asset or Counterparty | Role | Capital Deployed | Key Terms or Valuation | Status |
| Atlético de Madrid | Majority Shareholder | €1.3 billion (Est) | €2.5 billion enterprise value; 55% stake | Completed Q1 2026 |
| Nottingham Forest FC | Senior Lender | £80 million | 8.75% interest; City Ground collateral | Active |
| Wrexham AFC | Minority Investor | Undisclosed | £350 million club valuation; Kop stand funding | Active |
| Sports Invest Holdings | Lender to Agent | £40 million | 10.25% interest; Secured by agent assets | Active |
| Serie A Media Rights | Potential Stakeholder | TBD | Up to 49% stake in international unit | Bid Process |
| Manchester United | Strategic Advisor | N/A | Explored financing for potential bidders | Exploratory |
| Liga MX (Mexico) | Project Financier | $1.25 billion | Proposed league-wide investment | Abandoned |
This analysis demonstrates that Apollo Global Management is no longer an outsider to European football. Through a combination of high-yield debt, strategic equity, and infrastructure-focused real estate development, Apollo has integrated itself into the fabric of the sport’s financial future.
Whether this institutionalisation preserves or erodes the spirit of the game and its interests as a capital provider align with other stakeholders remains the defining question for fans, regulators, and investors alike.