Atletico Madrid President reveals timeline for handover of power to new investors

Atletico Madrid President Enrique Cerezo has revealed that a hand over of power at the club will occur in the next four years. Earlier this season it was confirmed that investment group Apollo Sports Capital (ASC) had become majority shareholders, but the power structure and leadership at the club was maintained.

ASC are believed to have spent more than €1b on becoming the majority shareholders at Atletico, reducing the shares of Cerezo and CEO Miguel Angel Gil Marin. The family of the latter, whose father was former owner Jesus Gil, has been in charge of the club for the last three decades. On announcing the takeover though, it was revealed that Cerezo and Gil Marin would be maintained in their positions, and would continue to run the club to all intents and purposes.

Cerezo reveals agreement to leave Atletico Madrid

During an interview with Cadena Cope, Cerezo has now revealed that there is an agreement in place for a handover of power, ‘within three or four years’. “We cease to be presidents and we leave, peacefully, after forty-odd years, I think that’s enough,” he explained.

“We are going to continue along the same path; we have a mandate to fulfill for the next three or four years, and I really believe that we are going to continue along the same lines, which have served us very well. [During that period, we will have] the same powers that we have up to this point.”

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