ECIJA, mergers and acquisitions advisor of the quarter: the largest investment in the history of Spanish football
The merger and acquisition (M&A) operation of the quarter in the Iberian Peninsula was in the sports sector. TTR Data has selected Apollo Sports Capital's acquisition of a 57% stake in Atlético Madrid —valued at 2.5 billion euros— as the standout transaction of the first quarter of 2026, in a market that recorded a deal value of 36.219 billion euros, representing a year-on-year increase of 64%. ECIJA advised Miguel Ángel Gil and Enrique Cerezo, and led the due diligence of the transaction.
ECIJA participated in this historic transaction in a dual capacity: as legal advisor to Miguel Ángel Gil and Enrique Cerezo —CEO and president of the club— and as the main due diligence advisor, alongside PwC. The advisory firms’ board included A&O Shearman, Pérez-Llorca, Linklaters, Uría Menéndez, and PwC Tax & Legal.
The transaction turns Atlético Madrid into the largest Spanish sports asset acquired by a global alternative investment fund. Apollo Sports Capital —a subsidiary of Apollo Global Management— becomes the majority shareholder of the club, while Gil Marín, Cerezo, Quantum Pacific Group, and the funds managed by Ares Management remain minority shareholders.
The complexity of the mandate is exceptional: valuing an asset that includes components of global brand, broadcasting rights, infrastructure —the Riyadh Air Metropolitano stadium and the future Sports City— and player registrations; compliance with LaLiga, UEFA, and FIFA regulations; structuring the investment vehicle; and a comprehensive due diligence on one of the most competitive clubs in Europe.
ECIJA's Corporate Law and Mergers and Acquisitions team was led by Pablo Jiménez de Parga, partner and vice president of the firm, with support from Magdalena Bertram (partner in Corporate Law and Mergers and Acquisitions), Alfonso Juliani (legal advisor), and Álvaro Gallego (senior associate).
Beyond this transaction, ECIJA is the usual legal advisor for Atlético Madrid.
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