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US investor takes stake in Atletico Madrid

US investment manager Ares Management Corporation has acquired a 34 per cent stake in the holding company and majority shareholder of Atletico Madrid.

The move was unanimously confirmed as part of a €181.8 million capital increase of which the firm that owns 66 per cent of Atletico Madrid will contribute about €120 million.

The injection of capital is designed to help shore up Atletico’s finances, mitigating what the club described as ‘the adverse economic effects’ on income caused by Covid-19.

The La Liga holders also said the funds will ‘reduce the level of indebtedness derived from both the investment in the new stadium and the acquisition of players’.

In November 2020, digital soccer outlet Goal reported the club's debt had reached just short of €1billion  following the 2019/20 season.

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