Apollo is in discussions to acquire a significant stake in Spanish football club Atletico de Madrid, according to a report by Expansion.

The investment firm could value the club at approximately €2.5 billion, the newspaper reported, citing unidentified sources.

Apollo would reportedly obtain its stake through a capital increase of Atletico Holdco, the main shareholder vehicle of the club.

Currently, Ares Management (NYSE:ARES) holds around 34% of Atletico Holdco.