American Marconi Wireless News - ASC acquire majority share in Atletico Madrid

The deal was announced after ASC reached an agreement with the club and their main shareholders, Miguel Angel Gil Marin, Enrique Cerezo, Quantum Pacific Group, and funds managed by Ares Management.

According to the Spanish press, Atletico have been valued at around 2.5 billion euros ($2.89 billion).

"As part of the agreement, Miguel Angel Gil and Enrique Cerezo will continue to lead Atletico Madrid as CEO and president, respectively, and will remain shareholders, ensuring the continuity and vision of the project and its leadership," the club said in a statement.

Gil Marin was Atletico's majority shareholder with Holdco, a company that controlled the club with a 70.39 percent stake, while Quantum Pacific, a British company created by Israeli magnate Idan Ofer, held 27.81 percent.

In Holdco, Gil Marin holds 50.82 percent of the shares, but Ares Management has 33.96 percent and Cerezo has 15.22 percent.

"ASC's investment will strengthen our club's position among the football elite and support our ambition to deliver long-term success for our millions of fans around the world," the statement said.

"As long-term investors, ASC and the current shareholders will work with Atletico Madrid's management to strengthen the club's financial solidity, its sporting competitiveness, and its contribution to the community," the club continued.

Atletico are currently fourth in La Liga, six points behind city rivals Real Madrid who top the table.

P.Santos--AMWN