Apollo Global Management (APO) is in advanced discussions to purchase a majority stake in Spanish soccer club Atletico Madrid, the Financial Times reported Friday, citing people familiar with the matter.

The US private equity firm is in exclusive talks with Atletico's chief executive officer Miguel Angel Gil Marin, club chair Enrique Cerezo, and US investment group Ares Management (ARES), the three shareholders of Atletico Holdco, which owns roughly 70% of the club, the report said.

Apollo is also in talks with London-based investment group Quantum Pacific, which owns slightly over 27% of the club, the report said.

All four shareholders were willing to sell some of their shareholding, but the parties were still negotiating the price and size of stake sales, the report said.

Apollo and Atletico Madrid did not immediately respond to MT Newswires' requests for comment.

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