The 38-year era of the Hill family comes to an end as Atlético Madrid embarks on a new chapter under American ownership.

By Han Bing On November 10th, Atlético Madrid confirmed a deal with American Apollo Sports Capital (ASC), which will take over as the new majority owner of the red and white team. This is the first top-tier La Liga club to be controlled by American capital, ending Atlético’s 38-year period under the Hill family. Following Mallorca and Espanyol, Atlético becomes the third La Liga club owned by Americans, with expectations of more to come.

Apollo Sports Capital, which is acquiring Atlético, manages a $5 billion fund and is a newly established sports investment fund under the global Apollo Group (AGM). The firm previously lent £80 million to Nottingham Forest, and co-founder Harris holds an 18% stake in Crystal Palace. Previously, Atlético was controlled by Atlético Holdco, holding 70.39% of shares; its three main shareholders were Hill Marlin (50.82%, son of the late Hill), long-time club president Cerezo (15.22%), and the American Ares private equity fund (33.96%), which joined in 2021. British-Israeli billionaire Ofer’s Quantum Pacific Group owns another 27.81% of shares.

Apollo will purchase stakes from the current four major shareholders. After the acquisition, Atlético’s ownership will be Apollo (55%), Quantum Pacific (25%), Hill Marlin (10%), Ares (5%), Cerezo (3%), and other minor shareholders (2%). As the controlling shareholder, Apollo will hold final decision-making power over club affairs but will not engage in daily management. The four major shareholders will remain on the board, with Hill Marlin and Cerezo continuing as CEO and president, respectively, at least until summer 2028 to oversee the completion of the new stadium project.

Under Apollo’s control, Atlético’s new sports city project will have its construction costs fully resolved. The sports city complex, adjacent to Atlético’s home stadium, the Metropolitano, includes a new training base, public sports facilities such as golf, paddle tennis, ice skating, and an inland surfing center, as well as commercial and retail spaces. The project costs €800 million, with €555 million opened for crowdfunding by funds including Apollo Global and three others. The new sports city is expected to be completed by summer 2027, serving as a “gift” when the Metropolitano hosts the Champions League final.

Apollo valued Atlético at €2.5 billion, implying that this acquisition is at least €1.375 billion. In the global football club acquisition rankings, this ranks just behind North American billionaire Boehly and Clearlake Capital’s purchase of Chelsea (€2.935 billion in 2022) and Sir Jim Ratcliffe’s acquisition of 25% of Manchester United (€1.45 billion in 2023), surpassing RedBird Capital’s acquisition of AC Milan (€1.2 billion in 2022). The entire acquisition process is expected to conclude in Q1 2026, marking the definitive end of the Hill family’s 38-year control of Atlético.

Since the late Hill acquired 95% of Atlético in 1987, the Hill family invested over €2.1 billion in the club over 38 years. From Menotti to Simeone, they appointed as many as 50 coaches, winning 15 trophies including three La Liga titles, three Europa League trophies, and three UEFA Super Cups, and reaching the Champions League final twice. After the elder Hill passed away in 2003, his son Hill Marlin and president Cerezo took charge, transforming Atlético. They brought in the legendary coach Simeone, moved into the new Metropolitano stadium with over 70,000 capacity, and increased the club’s season revenue nearly fivefold to over €400 million, securing Atlético’s position as La Liga’s third powerhouse.

Now, with the Hill family stepping away from Atlético’s history, the club’s future is entrusted to an American private equity fund.

Having already taken over clubs in the Premier League and Serie A, American investors are now fully entering La Liga by acquiring the third biggest club, Atlético Madrid. Fans are familiar with American ownership in the top five European leagues: besides Atlético, Premier League giants like Manchester United, Liverpool, Arsenal, Chelsea, and Tottenham, Serie A’s Milan duo and Roma, and Ligue 1’s Marseille and Lyon are all under American control. Nearly half of the clubs in the Premier League and Serie A are American-owned, and with Espanyol and Atlético acquired this summer, La Liga is poised to be the next major league dominated by American capital.

This summer, Espanyol was acquired by American ALK Capital for €135 million. After taking control of Atlético, the next target in La Liga for American investors is Real Madrid. At the end of November, Real Madrid will hold a members’ meeting to vote on changing the club’s ownership structure. If approved to convert into a joint-stock company, President Florentino Pérez has promised that members will retain at least 51% of voting rights, but some shares will inevitably be sold to American investors to inject more competitive capital into Real Madrid. If even Real Madrid becomes heavily influenced by American capital, could Barcelona be next?