The Football Capital Tracker · Event date: 2 November 2026 · Event type: Fund raise · Last updated: 3 November 2026
What happened
Apollo Global Management launched European Credit Company (ECC) on 2 November. ECC lends only into European performing credit, both corporate and asset-backed, and starts with more than €10bn of lending capacity. Apollo funds and affiliates back it, alongside the Abu Dhabi Investment Council, Athora, Norinchukin Bank, Standard Chartered and Aranda Principal Strategies. ECC has offices in Frankfurt, Jersey, London, Luxembourg City and Milan. Giacomo Petrobelli is chief executive and Christian Meissner chairman. The release does not give ECC’s legal structure, its domicile or the size of each backer’s commitment, and it does not mention sport (Apollo press release).
Football exposure
- Atlético de Madrid: Apollo Sports Capital has been majority owner since March 2026. Ares, a former lender, exited its Atlético position during 2026.
- Nottingham Forest: Apollo’s first Premier League private credit deal was an £80m loan in 2025 (Private Equity Wire).
- Wrexham: Apollo Sports Capital took a minority stake in December 2025.
- Mubadala Capital: Apollo agreed a minority stake on 26 October. The Abu Dhabi Investment Council, an ECC backer, has been part of the Mubadala group since 2018. Mubadala’s chairman owns Manchester City.
Why it matters
ECC gives Apollo a standing European origination platform. Its asset-backed mandate covers the market where club receivables, media-rights and stadium deals are financed. Apollo can now compete directly with Ares, Sixth Street and Comvest for continental club refinancings, while already sitting in one club as owner and in another as lender. ECC also sets Mubadala-group capital alongside Apollo’s for the second time in a week, adding to the web of lender, co-investor and shareholder roles around state-linked money adjacent to football.
Open questions
- How much of the €10bn is equity and how much is leverage, and what is ECC’s regulatory wrapper?
- Will ECC lend to sports and media borrowers, or will that stay with Apollo Sports Capital?
- How will Apollo manage conflicts when ECC lends to a club that competes with Atlético in UEFA competitions?
Read the full analysis
The Analysis Series: Apollo’s minority stake in Mubadala Capital
Back to The Football Capital Tracker.