COVID-19 has hit many businesses hard, and football hasn't been immune. Many of Europe's biggest clubs posted eye-watering losses as a result of stadium closures, decreased broadcast revenue, and other negative impacts to their bottom line.
Atletico Madrid, who recently won their first La Liga title since 2014, were among those who struggled to balance the books. According to varied sources, Los Rojiblancos ended up seeing their already significant debt balloon, with figures reported as high as $1.2 billion (€999 million) at the conclusion of the 2019/2020 campaign.
With that kind of burden weighing on their shoulders, it's no surprise that Atleti had to look for ways to get a quick injection of cash. And now, they may have gotten a major reprieve. As per Sports Pro Media, the capital-based club have now agreed a deal with Ares Management, a US-based investment firm. In exchange for a capital injection of $216.9 million (€181.8 million), Atletico Madrid have agreed to allow Ares to acquire 33.96 percent ownership of the club's holding company, Atletico HoldCo.
As part of this arrangement, Ares will also serve as a strategic investor and will have a representative on Atletico HoldCo's board of directors.
Atleti will be back in competitive action in just a few months' time, when La Liga resumes in August.
