The Football Capital Tracker · Event date: 29 October 2026 · Event type: Fund raise · Last updated: 1 November 2026
What happened
Ares Management reported Q3 2026 results on 29 October: assets under management of about $691bn at 30 September and more than $31bn of gross capital commitments in the quarter. Management said a combined first close for its fourth US senior direct lending fund and its first institutional open-ended core product had raised more than $8bn of equity commitments, about 80% of target; press reports cite differing targets, suggesting the figures may cover different vehicles. US direct lending non-accruals eased to 1.8% from 1.9% (Ares IR; Q3 call transcript).
Ares Capital Corporation’s Q3 10-Q, filed 27 October, carries its 22 HoldCo (Chelsea) subordinated loan at par: $76.3m fair value on $73.9m cost, accruing 11.41% PIK. The Eagle Football Holdings BidCo debt, on non-accrual at year-end, has been replaced by common equity acquired in June 2026 and valued at $2.6m, after a $69m realised loss in the first half. Its Atlético de Madrid position was sold during 2026 for a $42m realised gain (Ares Capital 10-Q).
Football exposure
- Chelsea / BlueCo: Ares is a lender to Chelsea’s holding companies, including 22 Holdco Limited. Clearlake’s buy-out of the Boehly and Walter stakes has changed the ownership above those facilities.
- Eagle Football Holdings Bidco: Ares is the senior creditor whose enforcement led to the Bidco’s administration in June 2026, with exposure running through the Olympique Lyonnais sale and the Botafogo SAF shares. Ares Capital Corporation now holds common equity in the Bidco in place of its former subordinated loans.
- Atlético de Madrid: Ares Capital Corporation’s first-lien loan and redeemable shares, held through Storm Investment and Atletico Holdco since 2021, were exited in 2026 at a gain.
- Sports strategy: management said its sports, media and entertainment strategy is seeing strong market support. Bloomberg reported in February 2026 that Ares was planning a sports fund for wealthy European investors. No club was named in the results release or on the call.
Why it matters
Football is a rounding error in Ares’s book, and the quarter shows its investors are not penalising sports exposure. That means Ares can manage its Chelsea and Eagle positions on its own timetable rather than as a forced seller. The flip side is that football-specific stress, whether covenant headroom at BlueCo or recoveries at Eagle, will not surface in group-level disclosures. It has to be tracked through club and holding-company filings.
Open questions
- How do Ares’s other funds mark the same Chelsea and Eagle positions?
- Has the European sports fund reported by Bloomberg launched, and will it invest in football clubs?
- How much of the new direct lending capital is available for sports and media lending?
Read the full analysis
The Analysis Series: Ares Management Corporation, corporate update and sports exposure
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