Financialization, Governance and Real Estate Valuation in European Football: The Cases of AC Milan and Atlético Madrid (Amministrativ@mente - Rivista di ateneo dell’Università degli Studi di Roma “Foro Italico”)

Summary

• RedBird Capital Partners acquired AC Milan in August 2022 via Dutch vehicle Acm Bidco B.V. using €650 million in direct equity alongside a vendor loan of about €550 million from Elliott Management Corporation.p.10
• Elliott Management Corporation realized an estimated net gain close to €550–570 million over approximately a decade through leveraged debt structuring and future asset appreciation.p.11
• Apollo Global Management acquired approximately 55% of Atlético Madrid in an operation valuing the club at around €2.5 billion.p.24
• Apollo's investment in Atlético Madrid supports the Ciudad del Deporte project, an urban real estate and sports district valued at approximately €800 million.p.25
• Institutional investor presence in top European football has reached 36.5% of clubs across the main leagues receiving private equity, venture capital, or private debt.p.16
• Multi-club ownership structures currently involve 47.9% of top European football clubs to diversify sporting risk and generate operational economies of scale.p.24

Key insights

1. Private equity funds are transforming European football clubs from traditional sporting entities into multi-asset financial platforms focused on leverage and real estate development.p.3
2. The primary focus of legal protection in contemporary football enterprises has shifted from maintaining sporting titles to commercializing real estate assets.p.9
3. Vendor loans and sophisticated debt covenants create a creditor-oriented governance structure that shifts strategic influence away from traditional equity holders.p.14
4. Comvest Credit Partners organized a new institutional financing in early 2026 to replace AC Milan's vendor loan debt originally held by Elliott-related entities.p.11
5. Almost 40% of clubs in Europe's Big Five leagues include US investors who introduce North American sport business management models.p.16
6. Apollo Sports Capital operates as a permanent capital vehicle, avoiding fixed-term fund exit constraints to support long-term infrastructure projects at Atlético Madrid.p.26
7. Municipal planning approvals and institutional de-risking mechanisms act as essential regulatory steps to convert real estate proposals into bankable financial assets.p.28
8. Separating the legal ownership of a stadium from the football club insulates real estate value from on-field performance volatility.p.21