Apollo Joins Rivals Buying Sports Teams in Atlético Madrid Deal

Apollo Global Management Inc. has bought a majority stake in Atlético de Madrid, joining a growing number of alternative asset managers taking control of famous football teams.

The takeover is the first major deal for the US investor’s new $5 billion sports fund. The financial terms weren’t disclosed in a statement announcing the news on Monday. The deal values the club at about €2.2 billion, according to people familiar with the matter who couldn’t speak publicly about the transaction.