Leeds United investor buys stake in Spanish giants Atletico Madrid
Leeds United investor IDC Sports and Entertainment has expanded its multi-club portfolio by acquiring a stake in Atletico Madrid.
IDC has joined the ownership of Spain’s biggest privately-owned football club following the recent majority takeover by US fund Apollo Sports Capital.
IDC has taken a minority stake in Atletico Madrid, who sit fourth in Spanish football’s top division, LaLiga, and last month eliminated Tottenham Hotspur from the Champions League.
As well as Leeds United, in which it bought a minority stake last year, IDC has a majority holding in Colombian side Deportivo Cali.
IDC Sports is a branch of IDC Network, a multi-fund platform founded in Guatemala but with operations in the US and Europe.
Its sports arm has the stated aim of creating a portfolio of stakes of varying sizes across several clubs in Europe and the Americas.
IDC partnered with Ares Management on a joint venture to buy into Atletico Madrid in a deal that was confirmed on Monday.
It comes as Atleti prepare to host Barcelona in the second leg of their Champions League quarter-final on Tuesday evening. They lead 2-0 from the first match.
IDC Sports joins Ares and Apollo at Atleti
Apollo’s agreement to take control of Spain’s third biggest club was announced last year and reportedly valued the club at around €2.5bn (£2.2bn).
Atletico Madrid’s chief executive Miguel Angel Gil and chairman Enrique Cerezo are continuing in their respective roles following the takeover.
In addition to Atletico Madrid, Apollo has a minority stake in Wrexham and has loaned money to Nottingham Forest and football agent Kia Joorabchian’s Sports Invest Holdings.
Apollo Partner Robert Givone said of the takeover: “It is an honor for Apollo Sports Capital to become stewards of this storied franchise, partnering with Miguel Angel and the management team to back their long-term vision, investing in the club and the local community. ASC is committed to upholding the Atleti spirit and traditions in this exciting next phase.”
Gil added: “We are proud to officially welcome Apollo Sports Capital to Atlético de Madrid as a committed, long-term partner and one that will build on our great legacy on and off the pitch for our fans, our players, coaches and staff, and our community.
“I also want to thank Wanda Group, Quantum Pacific and Ares, who have supported us through pivotal moments to make this new chapter a reality.”